Funeral insurance quotes are available providing funeral insurance benefit cover for you and usually members of your family, so that when one dies, cash is paid out quickly by the insurance company to cover the costs of the funeral. Most funeral insurance companies try to settle claims within 48 hours of receiving a death certificate and claim form. Funeral insurance is useful for many people as it means that the grieving family does not have to worry about money during the difficult time after a loved one has died.
How Much Does Funeral Insurance Cost?
Premiums vary according to your age, the number of people for whom you want to cover and the kind of cover you want. The more expensive the funeral you want, the more you will have to pay in insurance. Costs include the price of a coffin, hiring a hearse, mortuary fees and a basic undertaker’s fee. Additional costs of a funeral would include the grave, the funeral service, food for the mourners if you are providing a meal, flowers and possibly transport for the mourners.
Funeral insurance is usually cheaper to buy as part of a group. The premiums you pay are lower because the insurance company can spread the risk over the whole group. Funeral insurance is often offered by employers as part of the group benefits you get through your retirement fund. Trade unions and professional societies can also offer funeral insurance, which you pay through deductions from your salary or as part of your union membership fees. If the benefits you are getting in this way do not seem sufficient you can top them up by approaching one of the life assurance companies directly, joining a burial society or contacting an undertaker.
Whatever kind of funeral insurance quotes you get or cover you choose, you will need to re-evaluate the benefits every few years, as funeral costs rise, to make sure your premiums will still cover the kind of funeral you would like. If your premiums are not kept up to date with rising costs, you or your family could be in for bitter disappointment. Policies are available that can be escalated automatically every year to take account of rising costs.
Funeral insurance companies generally offer you choices. A policy can be issued just to cover you, for you and your immediate family, for your parents and parents-in-law, or for your brothers and sisters. It is cheaper for you to insure your parents-in-law than for them to do it themselves as older people pay more for funeral insurance and quotes will be higher. Sometimes the cover comes as part of a package including life and disability insurance.