The death of a loved one always comes with mixed emotions, with a larger portion of it being sadness. It is never an easy thing, and more often than not, everyone has to come to terms with the finances required to bury such a person. Therefore, this subject is a discussion that needs to be held soonest. However, with the right insurance, you can rest assured that it covers such expenses, leaving your family to focus on other things. Funeral expenses insurance is just what you need, and this article brings to your doorsteps, everything you should know.
What is funeral expenses insurance?
Funeral expenses insurance is simply insurance that functions by setting aside funds for your funeral ahead of time. Essentially, you purchase it to protect your family from the burdensome cost that comes with funeral responsibilities. In addition, funeral expenses insurance covers activities like funeral merchandise, church and burial services, and standard home funeral services. There are also policies that can protect funeral finances against inflation.
Just like normal insurance, funeral insurance policy could be in form of a permanent or term life policy. However, it differs in the sense that the payout goes to the funeral service provider when you die, instead of your beneficiary. Also, the permanent and term life policy covers you for your entire life once the policy is paid in full.
On the flip side, you can also purchase funeral expenses insurance on behalf of someone else in your family. It is not limited to when someone purchases such insurance for himself.
Is it worth getting funeral expenses insurance?
Yes, it is worth it. This holds especially if you are the breadwinner of your family and know they would struggle financially without you. Therefore, the wise thing to do is to free them from financial burdens in case anything happens to you. Funeral expenses insurance does just that, as it provides money to cover all funeral expenses as agreed in your policy.
Also, funeral expenses insurance should be a very good consideration if you work a risky job. For example, jobs that daily expose you to high risks. Therefore, with this insurance, you can work with a clear heart and peace of mind.
Is burial insurance different from funeral expenses insurance?
Yes, it is. Although they practically imply the same thing, burial insurance is very different from funeral expenses insurance. Essentially, burial insurance is a type of funeral expenses insurance. It sits under the category, along with the pre-need funeral insurance. Burial insurance differs from pre-need funeral insurance such that it covers your funeral expenses and pays up what’s left to your beneficiary. Furthermore, he or she can use it in whatever way they want.
What is the best way to pay for funeral expenses?
The best way to pay for funeral expenses is by having an insurance body cover it. Although underrated, this is why funeral expenses insurance is very important. In addition, most people do not realize that funerals cost hundreds and thousands of Naira. They only do so after a person dies, which is too late by then.
Funeral expenses insurance offers you a way to prevent the financial burden that accompanies funerals. Therefore, it is a very wise step to take. As long as you are still within the age range limit, you should opt for funeral expenses insurance.