Edna Navarro
Yes, you read it right...Burial insurance is one of the costliest insurance there is.
Here's why:
1
If you buy at the funeral home, you lock
the price at today’s cost. Take for
example Mrs. R. She was a young mom at 39 when she planned and purchased her funeral arrangement at Oak Hill
Memorial Park. In 1978, she paid about
$1600. Her family could have paid $7,500.00 to get the same arrangement she
picked when she passed away in 2013.
2
If you
buy at the funeral home, you don’t pay whole of your life. Burial insurance are typically whole life
insurance- meaning you pay until you die or until its maturity date at your 100th
plus years! See my own scenario. I
planned and purchased my funeral arrangement on a five-year payment plan. That’s it.
I will pay Five years, I am done . There’s an option of paying it off as a
single payment, a three-year payment, or a five-year payment.
If you
buy at the funeral home, you are protected from inflation. Again, you lock the price at today’s
cost. Take Girlie C, for example. Ten years earlier, she purchased a $10K
burial expense for her mom. But at the
time of her mom’s passing, she was short $10K.
As the years went by, due to inflation the $10K coverage she got was
really really short. Again, if she went directly to the funeral home, this
could not have happened.
4
Burial
Insurance other than those purchased at a funeral may be more expensive. Do the math. If you are 50 years old and
have the average life span of 80, and if a burial arrangement is purchased other the funeral home, you may be paying upto 30
years. But that is not the case if you purchase it directly from the funeral
home. Burial insurance could be very
very expensive if not done correctly.
© Copyright 2014 Edna Navarro.All Rights Reserved
