Your Guide to Funeral Planning | 06.12.2023

Adequate Insurance Coverage: Pre-Planning Your Funeral

Adequate Insurance Coverage: Pre-Planning Your Funeral

Reviewed By: Elizabeth Siegel

Cross Checked By: William Prout

Funeral preplanning for the inevitable is an essential aspect of securing financial stability and peace of mind for ourselves and our loved ones. While many individuals diligently invest in life insurance, there is another crucial area that often goes overlooked – funeral expenses. Preplanning your funeral and obtaining adequate insurance coverage can help alleviate the financial burden on your family during an already difficult time. This article aims to emphasize the importance of funeral preplanning, including pre-ordering a casket, and highlight how funeral insurance can fill any gaps in coverage, ensuring a dignified farewell without adding to your family's financial stress.

Understanding Funeral Planning and Costs 

Funeral planning involves making arrangements for your funeral service, burial or cremation, and related expenses. It provides an opportunity to outline your wishes, easing the decision-making process for your family. Funeral costs can include funeral home services, casket or urn, transportation, burial plot, headstone, flowers, and other miscellaneous expenses. Without adequate planning, these costs can quickly accumulate, potentially burdening your loved ones with unexpected financial obligations.
Filling Gaps in Coverage:
Even if you already have life insurance, it may not be sufficient to cover all funeral expenses. Funeral insurance can complement your existing coverage by filling any gaps. By assessing your estimated funeral costs and considering inflation, you can determine the appropriate amount of funeral insurance coverage needed to alleviate the financial burden on your loved ones.
Understanding Funeral Insurance:
Funeral insurance, also known as burial insurance or final expense insurance, is designed specifically to cover funeral expenses. It provides a financial safety net for your family, ensuring they can afford the funeral arrangements you have planned. Funeral insurance cover policies come in various types, such as term life insurance, whole life insurance, or specialized burial insurance policies. These policies offer different coverage amounts and premium options, allowing you to choose the one that best suits your needs. Funeral insurance types are mainly divided into three major categories.

Exploring Types Of Burial Insurance

Simplified Issue: This type of burial insurance involves an evaluation of your health through a series of medical history questions without requiring a medical exam. However, certain factors, such as pre-existing conditions, smoking, or risky activities, may lead to policy denial.
Guaranteed Issue: With guaranteed issue burial insurance, there is no need to answer medical questions or undergo an exam. However, due to the higher risk involved for the insurer, the cost of this policy is typically significantly higher. It may also have a provision for modified benefits, where the full death benefit is available only after a specific waiting period (usually 24 or 36 months). In case of death from natural causes during this waiting period, beneficiaries would receive a limited portion of the payout. Full benefits are usually paid in the event of accidental death.
Pre-Need Insurance: This type of burial insurance involves a contract with your chosen funeral service provider. The agreement includes selecting specific products and services directly through the funeral provider, and the policy's payout goes now to them instead of the individual beneficiaries you would choose.

Minimize The Financial Strain On The Family Through Funeral planning.

Funeral preplanning and adequate insurance coverage are crucial aspects of financial planning that should not be overlooked. By preplanning your funeral and obtaining funeral insurance, you can ensure your wishes are respected, minimize the financial strain on your family, and provide them with the support they need during a difficult time. Take proactive steps today to secure your future and leave a lasting legacy of care and consideration for your loved ones.
Take control of your future and pre-order a casket today with Titan Casket. With this proactive step, not only can you lock in today's price, but you can also benefit from a generous 50% discount from the funeral home. By making this decision in advance, you can alleviate the burden that would otherwise fall on your family during a time of grief and ensure that your wishes are respected and carried out precisely as you desire. Preplan a casket that will be safely stored until the day it is needed, providing you with peace of mind and allowing your loved ones to focus on honoring your memory without the added stress of making such a significant choice with Titan Casket.