Final expense, or burial policies, are promoted heavily to seniors and those in low income area's. But does everyone need a burial insurance policy? These are nothing more than small face amount life insurance policies, usually $10,000 or less in death benefit, that come with a relatively high premium.
Sometimes the high premium is justified, especially when the individual applying for life insurance has health issues. But many people would be better off by joining a funeral society than paying hundreds or thousands of dollars on a life insurance policy.
Funeral Society may eliminate need for burial insurance
The Funeral Consumer Alliance is a society that offers low cost funerals on a prepaid basis. The Georgia affiliate is the Memorial Society of Georgia.
According to their website, prices for cremation or a simple funeral is as follows.
Simple Cremation……………………………………No greater than $1095.00 Includes transportation of the body to the funeral home, a simple cremation container and filing of paper work.
Simple Burial…………………………………….No greater than $2,050.00 Simple Burial includes removal of body; care, dressing and casketing of body; filing of paper work; transportation to cemetery. A cloth covered casket is included.
Before you buy a final expense or burial insurance policy, we encourage you to review options through a funeral society.
Do I need a testamentary will?
Some question if they need a last will and testament. They feel their estate is so small, a testamentary will is unnecessary. If you would like to get an idea of "who get's what" when you die, check out this intestacy calculator.
