Preplanning your funeral and paying for everything in advance is one way to ensure that your family doesn't have to cover the cost of the service upon your death, but this isn't the only route that you can take to achieve this goal. Another option to explore is funeral insurance, which often goes by the term "burial insurance," too. This type of insurance plan covers your funeral expenses. Generally, you'll set up the policy with a financial provider, which will then release the money to the appropriate funeral home upon being informed of your death. Here are some advantages of buying funeral insurance.
The Payments Are Low
There are lots of advantages of pre-planning your funeral service, but covering this bill can be a challenge for some people. Just as it's difficult for many people to pay for a car in a lump sum, paying for your funeral in one installment can be a challenge. However, doing so in installments makes the expense much more affordable. With funeral insurance, you'll pay a small installment every month. If you're still young and theoretically will be living for many more years, the payments will be extremely low, thus making them highly affordable.
You'll Have Peace Of Mind
When you're on the younger side, it's easy to think that you'll have enough money to pay for your funeral expenses by the time you die. However, this isn't always the case — perhaps you lose a lot of money in the stock market or have unexpected expenses that leave your savings short. It's highly stressful to think of passing away and knowing that your family might struggle to pay for your funeral expenses. When you're making funeral insurance payments over time, you'll have peace of mind about this topic.
There's Still Lots Of Flexibility
Perhaps you're 50 years of age and plan on living for another 35 years. It can feel daunting to plan your funeral at 50, but you don't have to generally worry about these small details when you buy funeral insurance. Instead, this policy will set aside the money that will likely be needed for your funeral. As the years go by, you have the ability to think about what type of service you want, as well as evaluate the other decisions that are important. You can always change your mind, too, knowing that the money will be there because of your insurance policy.