What is Burial Insurance?

What is a burial insurance policy? And why do most people generally need to get it now? 

Most people get a burial insurance policy to cover funeral expenses as the cost for a funeral has skyrocketed over the last 30 years. The average funeral cost in 2017 was between $7000 to $10,000 (depending which state you live in and the preference on the funeral). That cost will continue to rise as the baby boomer generation will be the biggest market for this type of planning.

A burial insurance policy would pay for the funeneral and any cost associated to it, the plan itself is a life insurance policy and it would pay out a lump sum of money to your beneficiary (who you designate)  when you pass. The money is received tax-free and you are in control on the amount that you want to buy.  

The earlier you get the coverage, the less expensive the plans are as coverage is based on age (and sometimes your health plays a factor). There are many good and affordable coverage on the marketplace now and plan coverage can be as high as $100,000. Having a plan avoids leaving your family or loved ones with thousands of dollars of debt and money issues within the family.