How much does burial insurance typically cost and what is the coverage amount for expenses?

The cost of burial insurance can vary widely depending on factors such as the age of the person being insured, their health status, and the amount of coverage they are seeking.

In general, burial insurance policies are less expensive than traditional life insurance policies because they typically have lower death benefits. Average monthly premium costs can vary from about $20 to $200 per month, and this range mostly depends on age. It is best to purchase burial insurance as early as possible to lock in a lower rate for the rest of your life.

The coverage amount for expenses can also vary widely depending on the policy, with some policies providing benefits of up to $50,000 or more. However, most policies offer coverage between $5,000 and $25,000. The benefit can also be paid directly to the funeral home of your choice and it is usually paid tax-free to the beneficiary.

It is important to note that the coverage amount will also depend on other factors such as your age, health status, lifestyle, and the insurance company issuing the policy. It is important to shop around and compare different policies and coverage options to find one that meets your needs and budget.

Additionally, you can choose the term of the policy. If you prefer a shorter term, it will be cheaper than longer one but keep in mind the trade-off for the term. A shorter term means less coverage and less protection over time.

Last updated: January 10, 2023