With rising funeral costs many people are considering types of life insurance that cover their final expenses
. Many people do not consider all of the costs associated with a funeral. There is the casket, embalming, grave marker, burial vault, hearse rental, the digging of the grave, the cost of the plot and many more expenses that can quickly add up and become a burden to the ones you leave behind. To eliminate this burden many people buy some type of insurance. But there are some things to be taken into account when looking for burial insurance quotes.
Burial or final expense insurance is a type of whole life insurance that can usually be purchased with no medical exam. Some facts to consider while looking for burial insurance quotes are that the benefits of these types of plans can usually be used for anything the beneficiary decides but are mainly intended for the costs of a funeral and burial. With these types of plans often benefits never decrease while premiums should remain the same. These policies should not be canceled because of age or infirmity. Like other types of insurance these can build cash values which can be borrowed against.
If you do decide to look for burial insurance quotes it is good to consider carefully how much insurance is needed. The Federal Trade Commission requires that funeral homes provide you with a written list of prices for services. While a lot of funeral homes offer no guarantee that these prices will not go up it can give you an idea of what types of expenses to expect. You should check out any state laws related to funerals and burials as well to see if there are any additional costs pertinent to your own state. Many states have a "free look" law which allows you to check the details of a contract beforehand.
It is also important to check with the policy you are considering when shopping for burial insurance quotes. The policy value and what you receive may not always be the same. Be sure that any documents you sign are filled out and signed in your presence. It is important that you get a statement at least once a year that details the status of your policy. You should review cancellation terms of your policy as well as any contracts that you consider with a funeral home or a graveyard for plot reservation.