When Is the Best Time to Buy Burial Insurance?

Timing is crucial when considering burial insurance. You never know when something might happen, so helping yourself or your family to be financially prepared for the unexpected is a valuable investment.

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When my family had to deal with an unexpected death a few years ago, we were caught in a difficult financial situation. We had to balance a set of final wishes with the practicality of what we could afford.

With burial insurance, you can cover these final expenses with your policy.

What Is Burial Insurance?

Burial insurance is an option provided by many companies that offer life insurance products. It is specifically designed to cover funeral and other final expenses.

Unlike a traditional life policy, burial insurance usually has lower coverage amounts. That makes it more affordable when your budget is already tight.

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Its primary purpose is to relieve your family from the financial burden of your final expenses.

There is no “best” time to purchase this coverage. However, if you’re young and healthy, it might not be a priority compared to a person over 40 with children in their home.

Factors That Influence When to Purchase Burial Insurance

Generally, the younger and healthier you are, the lower your premiums will be. If you wait too long to get a policy, your age or diagnosis could impact the rate quote you receive.

Here is a closer look at some factors that play a possible role in pricing if you’re considering burial insurance right now.

Your Age

As you get older, your risk of developing multiple health issues increases. Insurers take this factor into account when setting premiums. If you buy a policy at a younger age, you can lock that rate in for the rest of your life.

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Waiting until you’re older or have a medical emergency could result in a significantly higher premium estimate.

Unexpected Circumstances

None of us can predict when our time will come. That’s why it’s crucial to plan for the unexpected. Purchasing burial insurance early provides your family with financial security when needed.

It is a thoughtful way to ensure your final expenses will not be a burden, even if there is little room in your budget.

Health Conditions

If you have pre-existing health conditions, it’s essential to consider purchasing burial insurance as soon as possible. Some issues make it challenging to get coverage if you wait too long.

Knowing that you have burial insurance in place can provide peace of mind. It’s one less thing to worry about, allowing you to focus on enjoying life.

Inflation and Rate Increases

Insurance premiums tend to increase as time passes because living costs continue to rise. By getting burial insurance early, you can avoid steep premium hikes, even if you have excellent health. Your premium remains stable throughout the policy’s life when it remains active.

Tailored Coverage

You can have a burial insurance policy tailored to specific needs. That includes choosing how much coverage you want for your expected final expenses. This flexibility impacts pricing based on the amount you ultimately choose.