Burial Insurance – Top Tips for Buying Burial Insurance
BY MELANIE WALTERS

The subject of burial insurance is not a pleasant one by any means, but death is something we will all eventually face, and consequently such subjects must be considered at some point in our lives. Preparing for the inevitable and considering things such as burial insurance will involve putting aside our fears and tackling the reality of life. There is a benefit to doing so however, as once we’ve confronted and overcome our fears, the resultant peace of mind that follows paves the way for a better future. The following tips will help you to overcome any hesitancy you may have about considering burial insurance.

What Exactly is Burial Insurance?

Burial insurance is actually a basic life insurance policy which is used to cover a person’s expenses at death. It is issued to people of any age (up to 100 years), and is a respected means of paying your funeral expenses in advance so that those you love won’t be saddled with the extra financial burden that death brings. Usually the premiums are paid weekly or monthly, but semi-annual and annual terms can be arranged. The premiums are often guaranteed to remain the same throughout a person’s life, and a beneficiary can be chosen by the insured.

Burial insurance can be purchased from a funeral director who is specifically licensed to sell it, or from a traditional insurance company. Exactly what the policy will cover is more or less up to you, and the specifics can be discussed with your broker. Things you might want to consider having your burial insurance policy cover are:

• Cost of your casket
• Transportation (Hearse, shuttles if needed)
• Funeral service
• Burial plot or vault
• Headstone
• Labor (digging and filling grave)
• Flowers
• Additional expenses (taxes, bills)

Tips for When You Decide to Buy Burial Insurance

Calculate your Costs. Write down everything you would like to be covered by your burial insurance policy and get quotations from several funeral directors and insurance companies. Remember to factor in a cost of living increase so that the value of your policy allows for inflation. For the most accurate estimate it is best to consult with a burial insurance agent in person. This way you can address any questions or issues that may not be covered in an online questionnaire.

Prepare and Submit the Required Documentation – Once you’ve made the decision to purchase burial insurance there is certain documentation that you’ll need to prepare and submit. Depending on the exact policy you acquire this could include:

• Proof of Identity and Address (Passport, Driver’s license, PAN card)
• Source of Income Document (Salary slip, Tax return)
• Nomination Form (Designates your beneficiary)
• Declaration of Health

Keep in mind that the above are just some of the items you will need to obtain burial insurance. Different companies will have different requirements; your insurance provider will be able to inform you of exactly what is needed to obtain burial insurance from them. Make sure that you submit the documentation as soon as possible, as you never know when death may occur.

Make Copies of Everything – As soon as you have been approved for burial insurance it is a good idea to make copies of all your documentation. This will include copies of everything you submitted to or received from your burial insurance provider, including the policy itself. Keep them in a secure place, and inform your family where they are stored so that they can access them quickly and easily when needed.

Don’t be Forced into Purchasing Extras – Some insurance providers, especially funeral homes, will attempt to get you to purchase extras. Don’t feel obligated to buy these extra services or items unless they appeal to you. Remember, your policy can and should cover only what you want it to.