Burial insurance to cover the cost of funerals ??

[DelfinaManotas]

Hello there,

I'm trying to be proactive in family matters and ran across the idea of burial insurance to cover the cost of funerals, that awful inevitability. Does anyone have experience with such a thing? I'd never heard of it until I started running numbers for family members and looked to figure out the best investment. An active policy now would relieve me of the worry that savings haven't accrued enough. Is this type of insurance reputable? Is it reliable? I thought to simply manage finances to make certain at least $10K apiece in savings was available, but I figured with estate tax issues it might just be better to take out policies to cover costs instead.

Thanks in advance.

[woofgang]

you can prepay your funeral which might be a better idea, there is no worry then about whether the payout will cover the cost.

http://www.google.co....37b2&biw=1440&bih=780

[puternut]

One thing to remember is that if you should, unfortunately, pass before you have paid for your funeral completely, then the outstanding amount is still due from your estate.

As such I would not consider it an insurance, simply a prepayment plan that you can pay for now or over the next 2, 5 or in some cases 10 years.

Average cost of a funeral (cremation + 1 limo) works out to about 2 and a half thousand as afar as I know but assume different areas might be cheaper/more expensive.

[Johnblor]

My father took out a funeral plan with Dignity Funerals about 15 years before he passed away.
He just included 1 Limo and Cremation.
At the time he took it out we thought 3 Limo's would be required but sadly a lot of our younger relations passed away before him so only 1 was required. I would say just go for the basic 1 Limo and cremation / burial and pay for more if required.
The funeral director just asked for the plan number and did all of the other work.
I had to pay for the Order of Service and the flowers.
We went for a meal at a local restaurant after. As there were only 19 people at his funeral I costed it out and it worked out about the same as renting a hall and just having sanwages.
The total uncovered costs amounted to about £500.

John