Making End of Life Decisions When it Counts: Burial insurance- is it for you?

Making arrangements for one’s death can be daunting, dismal and expensive, however quite necessary. It is a person’s responsibility to have end of life decisions thought out and planned, even pre-paid to minimise the burden on loved ones.

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Having burial insurance in place can alleviate many of the concerns that come along with making such preparations. Securing burial insurance ensures that funds in the estate or payable from life insurance policies are not absorbed into the end of life expenses leaving resources available for the family, it is also beneficial in ensuring the costs can be met in a situation where financial resources may not be readily available. Read on to find our buyers guide to burial insurance.

Knowing what you’re looking for

Burial insurance is a great option for many people including those who may be uninsurable for a life insurance policy due to their age or health status. Before purchasing, it is very important to educate yourself on the details and take a well thought approach.

Start first with determining your needs. Meeting with a funeral director and researching online will help you determine which policies options and providers will best suit your needs, as well as make you aware of various costs to consider. Knowing what you want is important because the type of arrangements you want can affect the cost greatly. Consider factors like whether you wish to be cremated or buried. Burial has costs associated with it that cremation doesn't, like for a plot and liner, casket, embalming and more.

Once you have navigated your way through the decision making process it is time to choose and purchase your burial insurance.

What burial insurance can offer

General services that all providers offer include car and transportation of the body, arrangement and organisation of the services and confidential advice on the documentation, registration and certification of the death.

What burial insurance doesn’t cover

None of the plans available afford for a headstone, burial plot or memorial so it is important to explore these options and costs. Often for considerable extra fees select providers will be able to accommodate these aspects of the planning as well. Some policies come with third party coverage to assist with burial or cremation costs. Prepaying for items not covered may be wise as it ensures the price will be fixed, allows you to choose yourself and alleviates your loved ones from deciding what you may have wanted.

Selecting and purchasing the proper coverage

Before purchasing burial insurance it is important to look into several providers before choosing one. Make sure the plan chosen is going to cover all the details important to you and make sure you are dealing with a company that is a member of the Funeral Planning Authority to ensure you are making safe decisions for your money. Also be sure to choose a reputable funeral home that is likely to still be in business at a time when you would require their services.

After selecting your policy you must then decide how best to pay for it. Options include a lump sum payment that makes the entire value of the benefit immediately available to beneficiaries, or paying it off in monthly instalments, which might be better, suited depending on age, health and financial status. When paying monthly it is important to be aware that benefits may be paid out on a graded scale, and if you should pass before the premium is paid in full only a portion of the benefits may be paid out towards your final expenses.

Some reputable companies offering benefits are Age UK, Golden Leaves, The Co Operative Funeral Care, and Family Funerals Trust, with prices on policies ranging from £3000 and up depending on coverage provided. Many policies not only cover the costs of viewings, funeral procession and transportation of the body they can have a monetary contribution to the cost of burial or cremation. With the average price of a funeral £4000, and climbing with some far exceeding that estimate burial insurance can provide you the peace of mind in knowing your affairs are handled and you will leave no burden on your loved ones.

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