When we are young, our parents take care of us. They bathe us, feed us, clothe us, and make sure that we don’t have to worry about the basic things in life, like how we can afford to pay for the lifestyle we live. As we get older, we start to do more things for our parents. We help them around the house and help them with logistical issues. We may even need to help them make arrangements for the day when they are no longer with us. It is in that spirit that many people choose to purchase burial insurance for seniors.
Funerals are expensive. In addition to having to pay for a burial plot and the funeral service, there may be other costs involved, including embalming or cremation, transportation of the remains, a casket or urn to hold the remains, and a grave marker or monument. Many people do not have enough money in their savings to pay for these expenses, and if their parents are retired, they may not be able to afford to buy their own insurance. Burial insurance provides a way for a child to make sure that the money to give their parents a decent burial will be available when the time comes.
Burial insurance is essentially a form of life insurance that is tweaked a bit to account for a lower death benefit and a higher risk of payout. Policies typically run from $2,500 to $25,000, depending on the need. You should sit down with your parents to discuss their expectations for the end of their lives and then evaluate your own finances to see how much of an insurance premium you can afford to pay. This way, you can make sure that you will have enough money to pay for a funeral.
Losing a parent is a painful and tragic experience, no matter how old you are or how long you have had to get used to the idea. But the pain of this experience can be compounded if you also have to worry about paying for the funeral on top of everything else. While buying burial insurance for parents is a great way to help them, it will help you, too. It will make sure that, when your parents pass, you will be able to mourn for them without the distraction of finances getting in the way.