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Guide to Burial Insurance
In these tough times, being born and dying comes with a huge cost. Sometimes, the cost of death becomes so heavy on the shoulders of the departed soul’s loved ones that they cannot even mourn him. They have to arrange funds for a decent burial that their loved one deserves. Luckily, ‘Burial Insurance’ saves you from this hassle.
What is Burial Insurance?
Burial Insurance is an insurance policy that helps the beneficiary of the deceased by paying off his/her expenses for funeral and burial. It is different from life insurance as it does not cover big expenses for beneficiaries of the deceased (for example, mortgages and college fees).
How Much Does Burial Insurance Pay to The Beneficiaries?
Burial insurance comes in different packages, typically ranging from $5,000 to $50,000. The insured individual can choose from a variety of options and monthly premiums.
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Benefits of Burial Insurance
Burial Insurance can help you finance your final expenses and give your loved ones wouldn’t have to worry about those expenses. You just have to put a few bucks aside every month, that wouldn’t be a burden for you and would pay off in the future.
Terms of Burial Insurance
Sometimes, the terms and conditions of burial insurance of certain insurance companies are unfair and are not worth your money. For example, an XYZ insurance company may agree to pay $5,000 in the case of death but mention in the terms that the beneficiary may only receive the amount in case of ‘an accidental death’ or the insurance is just for 2 years. You need to read all the terms and conditions of your insurance policy.
Good Burial Insurance Companies
There are many burial insurance companies. But a few of the best in the industry are highlighted below:
- Mutual of Omaha
- Royal Neighbors
We help you with choices.