Burial Life Insurance

The term burial insurance can mean different things to different people. The U.S. Social Security Administration defines burial insurance as a policy whose "terms preclude the use of its proceeds for anything other than payment of the insured's burial expenses." Examples of burial expenses include transportation of the body, embalming, cremation, flowers, clothing, and the services of the funeral director.

Burial insurance policies like these are basically used to lock in today's prices. Not a bad idea, when you consider that the average funeral price has risen 20 percent in the last ten years. The downside of prepaying for your funeral expenses is that a policy purchased today might not cover all of your expenses, when that day eventually comes.

As an alternative to the aforementioned form of burial insurance, you might consider purchasing a burial life insurance policy. With a burial life insurance policy, the funds go directly to your family. They in turn have the option of spending it as they see fit.

This type of policy gives your family unlimited flexibility. It also allows them to pay whatever debts are most pressing at your demise. In addition, a burial life insurance policy accumulates cash value over time, so you can borrow against it.

If you're interested in learning more about all the benefits of burial life insurance, we'd love to help. The Burial Insurance Center specializes in providing people with quick quotes on burial life insurance policies. To find out more, you can browse our website and fill out our Burial Insurance Quote Form on the Home Page.