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Yes, burial insurance is worth buying! However, burial insurance works best for those with very specific needs.

If you want your family to receive a small sum of money immediately after your death, burial insurance is a great option. The burial insurance money is intended to be used to pay funeral costs, but another reason it’s worth buying is because the payout can be used to cover a number of unforeseen expenses your family might face after your death.

Burial insurance also works best for those who need smaller plans. While life insurance can offer hundreds of thousands of dollars’ worth of coverage, if you only need to pay for your funeral, you can get burial insurance. Typically, burial insurance policies some in smaller amounts.

Finally, burial insurance is worth buying if you want a policy without taking a medical exam. The majority of life insurance policies require exams, while most burial insurance plans only ask a few health questions. For those with pre-existing conditions, the flexibility of burial insurance makes it very worth purchasing.

A typical burial insurance policy can be anywhere from $5,000 up to $50,000, though this will depend on your needs. Due to the nature of these policies, burial insurance pays out smaller amounts than life insurance, but enough to help cover the cost of a funeral and all the expenses surrounding a death.

If you’re wanting a larger payout to cover every day expenses in the time following a death, you should consider life insurance. Though there are a few similarities between life and burial insurance, they’re used for different things and have vastly different payout amounts.

One of the biggest benefits of burial insurance is that the policies cover whatever your loved ones need after your passing. Of course, the main function of burial insurance is to cover the cost of your funeral. The average funeral in 2019 cost about $7,360 and the average cremation was $6,260. As you can imagine, these costs add up and having those expenses covered can be a great relief to loved ones.

However, a burial insurance benefit can be used to cover other expenses as well. For example, if you have a policy of $20,000 and your funeral costs $10,000, your family can use the extra money to cover other expenses. These expenses could be anything from medical bills to travel and accommodations for family.

Burial insurance is like a financial safety net for the planned and unexpected expenses that inevitably occur after a loss.

A great reason to consider burial insurance is it’s what’s known as a ‘guaranteed issue’. This means the coverage offered by burial insurance can’t be denied and it can’t be canceled if you develop medical issues in the future.

There are a few caveats to guaranteed issue burial insurance, though.

While burial insurance typically doesn’t require a medical exam to qualify, most applications do ask a few questions about your health. The answers you give won’t keep you from coverage for the majority of insurance providers, though it can affect how much you’ll pay for that coverage.

Another aspect of burial insurance you should keep in mind is that some plans, called term life, expire after a certain number of years. In other words, you could make all your payments, but if your plan was only for 15 years and you live longer, your insurance won’t pay your claim. When shopping for burial insurance, you’ll want to get a whole life plan, which will cover you for the length of your life, rather than a term life plan.

The exact costs for a funeral will depend on where you live and what specific services you want. However, there are a few average costs the National Funeral Directors Association puts together every year, as well as general services.