How Can Reduce Funeral Insurance Costs

Thinking of buying funeral insurance? Good step. You would save your loved ones from much trouble later on when you make it easier for you to cover your funeral expenses. But, here is the thing: a majority of you regard funeral coverage to be an added expense on your current budget, mainly because of the costs involved. Well, you are wrong. Funeral insurance is highly recommended if you want to save your family from financial pain.

Funeral insurance is like any other insurance policy and compares as you compare life insurance policy out there; you pay a monthly premium the value of which depends on your age, and chosen coverage level. Coverage levels vary between $5,000 and $15,000.  As long as you are between 18 and 79, you can apply for funeral insurance.

As for the costs, plan it right, and it would nicely fall under your budget.  How so? Follow this guide!

What kind of funeral do you want to have?

Believe it or not, it all starts right here. What kind of funeral do you want? Something simple, something highly extravagant, or something in between? Which casket would you want? Decide all of these things, and then come up with estimated costs. Funeral costs can go up to $15,000 and even more.

So, how much would be spent on you funeral? We’ll ask you to think about two things now. Is it fair for your family to pay this money? No, which is why you should buy a funeral insurance policy. Secondly, this amount is actually the coverage that you want from an insurance provider. Obviously, if this is on the higher side, you would be paying bigger premiums. But, if it’s low, then you would be able to manage them quite well.

If your costs are too high, then maybe you should think about having a somewhat simpler funeral. You don’t have to strip it off, but do bring down the scale so that your premiums become affordable.

Get a quote

Get several quotes from funeral insurance providers. You should also get quotes for different coverage levels. Freedom Insurance can offer you cheap insurance policy quote that wouldn’t turn out to be a financial burden on you.

Understand stepped and levelled premiums

As the name implies, stepped premiums increase as you age. You start with smaller amounts, and later on, they rise. In some cases, the premium can increase too much, and you might not be able to afford them later on. But yes, in the short term, they are quite economical. So, if you are older, you may want to go with this choice.

The level premiums remain the same throughout. Yes, you pay more initially than with stepped premiums, but from what we have seen, the differences do tend to average out. Level premiums are preferred if your age isn’t that much; they also assure that your insurance continues to stay affordable throughout.

Apply with your spouse

If both you and your spouse apply for funeral insurance together in the form of a joint policy, then some insurance providers may offer you 20% lower premium rates.

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