Funerals can be expensive. However, some families still find it necessary to take additional steps in order to prepare themselves financially for the passing of a loved one. In these cases, burial insurance is an option that is worth considering.

Traditionally, families purchased burial insurance because they couldn’t afford the high premiums of life insurance. If a family had life insurance, the payout would cover the essential costs of the funeral. Burial insurance covers those costs, but little else. A century ago, burial insurance was far more popular because there were fewer life insurance options available. Now that families have more policies from which to choose, the popularity of burial insurance has waned.

That doesn’t necessarily mean it’s not worth your money. If you’re not in a financial position to purchase life insurance, and you’re worried about the potential costs of a funeral, burial insurance premiums are very low. With that said, they’re usually collected on a weekly basis. Even so, they’re still less expensive than life insurance premiums.

Keep in mind that some burial insurance policies come with a waiting period—benefits won’t be paid out until after a certain amount of time has elapsed. For some families, this defeats the purpose of having insurance. Be sure to thoroughly review a policy before buying it to avoid any confusion. 

If you can afford a term life insurance policy, it’s probably the more financially-sound option. Death benefits for life insurance policies are generally greater than the benefits offered by burial insurance policies. Discuss this topic with an expert to determine the best choice for your family and needs.

At Adzima Funeral Home in Stratford, CT, they’ll work with you to plan a funeral that fits your budget. The primary goal of these professionals is to make the funeral planning process as stress-free as possible for families. Visit them online to learn more about what they can do for you, or call (203) 375-2200 to speak with a member of their team today.