Who needs Burial Insurance?
When searching for Life insurance, people often ask themselves, "Who needs Burial Insurance when I have Life insurance?"
A common mistake is the assumption that Burial Insurance and Life Insurance are the same thing and that there is no need for both. Wrong! Burial insurance is used to control cost and protect against overspending for end of life matters.
Most people who are sold Life Insurance with intentions to cover burial costs, have found out they didn't have enough coverage to cover all final expenses.
What happened and how did they end up with less coverage than they needed?
Well, in 1950 people only needed and purchased $500 - $1000 in Life insurance to find out that 50 years later the Life Insurance policy was not enough for the present day cost of burials (the present day cost of burials ranges between $5,000 - $10,000). In order to keep up with inflation, the death benefit of those old Life insurance policies should have been increasing.
So, too many people end up stuck without sufficient coverage. However, Burial insurance is the solution because it increases in death benefit. Over the years as inflation raises the cost of burial, the policy grows to meet that demand.
We recommend you consider a burial whole life insurance policy for your end of life matters in order to prevent that problem, as well as, reducing premium payments to only 10 years.
Our Ensure Financial Group Trusted Advisors offer Weekly Seminars to educate the community and answer various questions concerning Burial insurance, Term & Whole Life Insurance, 401K Rollovers, and Final Expense policies.