Burial insurance What is burial insurance?

Its a type of life insurance policy that can provide the money needed to pay for your final expenses, such as, your burial, funeral and other related costs. Among the most common costs associated with a burial are the burial plot, casket, headstone, flowers, and memorial service. The National Funeral Directors Association performed a survey of final expenses and found the average cost of a funeral and burial expenses to be $7,555, including a vault. The average cost without a vault was $6,560 based on their 2009 survey. The NFDA is the world's leading funeral service association, serving 18,500 individual members who represent more than 9,900 funeral homes in the United States and internationally. The lump-sum death benefit of $255 is payable upon the death of a person who has worked long enough to be insured under Social Security. The one-time lump-sum death payment of $255 is payable to: A surviving spouse if he or she was living with the deceased; or, if living apart, was receiving certain Social Security benefits on the deceased person's record; or 2. If there is no surviving spouse, a child who is eligible for benefits on the deceased person's record in the month of death.
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So, how can you pay for the cost of your own funeral and burial? Either you save up enough money to pay for your own burial, pre-pay the burial, or you can choose to buy a burial insurance plan. There are several insurance companies that offer a burial insurance type of policy, including Globe Life, Mutual of Omaha, Colonial Penn, and AARP/NewYork Life, among others. Usually, a burial policy will provide a limited amount of life insurance coverage, a simplified application proves, and there is usually no medical examination required; however, there may be some health questions for you to answer when you apply for a policy. Some plans may even provide up to $30,000 or more of life insurance coverage that can be used to pay for the burial costs and provide money left over for your beneficiary to use as he or she chooses.

To learn more please visit http://www.term-life-online.com/burial-insurancecoverage.html