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Funeral Insurance

Funeral Insurance Plans, Cost, and Benefits

As you age, thinking about your financial future and well-being of your family is something that naturally and regularly comes up.  Throughout middle age, many people purchase life insurance policies, health plans, supplemental insurance policies, and retirement plans.  Oftentimes, however, expenses can occur even after somebody passes away, which leaves cost out of their control and it often becomes a burden to surviving family members.

What is a Funeral Insurance Plan?

The term funeral insurance can be misleading.  It is impossible to purchase an insurance policy that will specifically cover all of the expenses related to your death, but it is possible to purchase a small policy that will help alleviate the cost of your funeral once you pass away.  Because of this, funeral insurance plans are a small life insurance policy that will leave some money to those who will eventually be responsible for the costs of your final expenses.

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You many also hear a funeral insurance plan commonly referred to as burial insurance, final expense insurance, or pre-need insurance.  Although different people will refer to it with different names, it is the same product.  There are different kinds of policies available, however.

Funeral Insurance Plans and Coverage Types

While burial and funeral insurance plans are always small life insurance policies, there are three main options when it comes to who receives the money or who provides the policy.

  1. Family Member as the Beneficiary: This type of plan will directly benefit whichever member of your family you name as the beneficiary, or person who receives the payout amount of your insurance policy. Typically, beneficiaries are spouses, children, or another close relative.  This person will likely be responsible for arranging your funeral and using the funds to pay for your burial.  If you already have a life insurance policy with a named beneficiary, it is likely very easy to increase the policy amount to include enough money to cover the cost of your burial.
  2. Funeral Director as the Beneficiary: This is similar to a plan where a family member is the beneficiary, except that upon your death the funeral home that will prepare your burial will receive the funds.  This ensures that the money goes to pay for your final expenses, in the case you think your family might misuse the funds.
  3. Pre-paid Burial Plans with a Funeral Home: Some funeral homes offer the option of pre-purchasing your final expenses so that you don’t have to pay more if prices go up when you pass away.  This locks in your expenses but does not allow you to get any money out of the deal.  This is an option for you to pay for your expenses ahead of time, but is not a great option if you are looking for a life insurance or burial insurance policy.

How to Buy a Funeral Insurance Plan

As you consider purchasing a final expense insurance policy, remember to purchase a plan that best suits your needs.  Determine which aspects of your final expenses you will want to have covered, and decide how much you will need to pay for your arrangements.  These are some good points to consider:

  • Consider the costs of your burial plot, headstone, casket, physical preparations, flowers, cost of service, and other costs related to your actual funeral service. These costs often make up the bulk of the cost of a funeral.
  • Consider any debts, outstanding loans, medical expenses, or other costs that you may be leaving behind for your children or relatives.  If you have any ongoing debts it would be wise to consider a policy that will help your relatives pay off these expenses.
  • Review any laws in your state pertaining to final expense insurance to make sure that your policy conforms to the particular rules in your area.
  • Compare rates and plans from different companies.  We have made it easy for you to compare rates and receive a free quote by simply filling out the form.

Once you have determined your specific insurance needs, you will be able to contact different policy providers to discuss policy amounts and pricing.  We have made the shopping process simple by helping compare rates for you.  Simply fill out the form and we will help provide you with a free quote for a burial insurance policy.

Preparing for your Final Expenses

As you shop for a funeral insurance policy, be sure to keep in mind your exact needs and don’t purchase a plan that provides coverage you don’t want or won’t need.  This policy is meant to bring peace of mind to your family as well as yourself and should help alleviate any financial burden or stress.  Fill out the form or call (888) 953-9816 to speak with a licensed insurance professional who can help you asses your needs and build a custom policy that will work for you. is owned and operated by Future Media LLC