The global cremation rate was over 1.9 million in 2020, and it is expected to rise. So far today, four countries have had an 80% cremation rate. Nevada, Washington, Oregon, and Maine all have those figures.
With it becoming more common, the thought of a loved one choosing the method of disposition is certainly something to consider by other family members. Read on to learn more about cremation insurance and what it means for you.
What Is Cremation Insurance?
Knowing what is cremation insurance can help you become knowledgeable. Cremation or burial insurance is a form of life insurance that covers funeral and cremation expenses. It is designed to relieve families of the financial burden associated with the death of a loved one.
The policy pays a predetermined amount to the policyholder upon the insured’s death. It is generally quick and easy to obtain, and it is not nearly as expensive as a traditional life insurance policy.
This type of insurance does not require a medical exam or physicals and is typically available to individuals who have been declined traditional life insurance. It can also be used to cover the following, such as:
- Funeral services
- Burial and casket
- Other burial-related costs
How Does Cremation Insurance Works?
Usually, the insurer will require a copy of the death certificate and proof of cremation to receive payment, after which the beneficiary can use the money to pay for funeral costs.
It is important to bear in mind that there may be additional costs that exceed the policy limits, and in those cases, the family will have to cover those out-of-pocket.
Furthermore, the cost of premiums will often vary based on the specific type of policy chosen, making it important for individuals to assess their needs and budget to ensure the right plan is chosen.
How Much Does It Cost?
Most policies are priced according to the age of the insured, in addition to the type of policy, policy limits, and the benefits it provides. Generally, it costs between $150 and $600 per year to secure it.
This fee could change depending on the insured’s health and lifestyle. A person with a higher health risk might pay more, while a younger and healthier individual might pay less.
Furthermore, this cost also varies greatly depending on the policy limits and other add-ons available. There are the also other measures, such as:
- Additional coverage
- Quick-pay premium
- Accelerated death benefit
All of it may also affect the overall cost, and you will need it. You may want to go through the burial insurance Colonial Penn Review and see if it is the best choice for your needs.
The review will provide information on the average cost of each type of policy and will also compare the benefits and features of various plans. Additionally, it will provide important information about any restrictions or exclusions that may apply.
Consider Cremation Insurance Today
Choosing the right cremation insurance plan today promises you and your family peace of mind in the future. Shopping around for quotes allows you to find the most accurate and affordable coverage, ensuring your finances are taken care of when the time comes. Don’t wait; make sure your final arrangements are made with the best policy. Get started now with an online quote – it’s fast, easy, and secure!