It’s the very last thing you want to think about, but it’s also extremely important. What is it? Funeral or cremation insurance. Buy end-of-life insurance in order to protect your family when you pass away.
There’s a difference between insurance plans that leave a large sum of money to the beneficiary at the time of death and those policies that only cover the cost of the final expenses, i.e. burial, casket, funeral, etc. In the case of this article, we will be talking about the latter policies that are meant to cover just the costs of final expenses.
“Funeral insurance” is a term often used to describe this type of policy.
How much does funeral insurance cost?
It’s also known as burial insurance and it costs about $50 per month for a policy. The average face amount for these policies is about $10,000. Age, gender, health, and how much coverage you purchase can all affect your premium.
Burial insurance is an incredibly useful tool that can help to protect family members and loved ones in the event of the death of a family member. This money helps the departed pay for the headstone, memorial service, urn, funeral, and any other final expenses.
Essentially, these types of policies function much like life insurance, but with a much smaller beneficiary amount (traditionally speaking). Typically, this type of insurance is purchased to cover the end-of-life expenses, it can also be used towards the deceased’s medical and credit card bills, mortgages, debts, and personal loans.
However, you don’t have to pay that much for final expense insurance if you look at cremation insurance instead.
How much does cremation insurance cost?
Cremation has recently taken over in terms of popularity vs burial in recent years. In fact, for a few years consecutively, they have now ranked more popular than burials with the first year to see the flip being 2015.
As such, there has been a rise in the demand for plans to cover these final expenses. Because the amount of the average cremation is around $3,000 – these policies are usually only for a couple of thousand dollars.
Because it’s a smaller policy than life insurance plans, there are many options when it comes to these offerings. From various payment plans to the different providers for these local services, consumers looking to buy this type of coverage will be met with alternative, affordable plans that cover just the cost of cremation.
Are there cremation insurance plans that cover other expenses?
Yes. Just as burial policies can have additional expenses covered, cremation plans can also be scaled up. However, that’s not to say that all providers will allow the additional coverage for other items that may not be included in a very basic cremation plan, such as the cost for a memorial or funeral service.
Much of the time, these plans have some customized add-ons that allow the individual that is taking out the cremation policy to specify their very specific wishes of how the money is meant to be used. This allows the person who is taking out the policy to experience peace of mind knowing that what they want to be done with their remains happens, such as having their ashes scattered in a sentimental place or even having their cremains turned into diamonds.
How much does it cost to turn ashes into diamonds?
Maybe you are thinking to yourself, “Hold up. This is supposed to be the cheap option, so why in the world did the word “diamonds” come up?”
This might blow your mind. Did you know that diamonds can be grown from either the ashes or hair of a loved one? What’s even more surprising, perhaps, is that it’s so affordable.
Gemstones from Heart in Diamond (a leading world-renowned lab diamond distributor) start out as low as $750 for a 0.03-carat orange-yellow diamond and sets of minis starting at just $950 for a set of two and $1180 for a set of four mini diamonds.
In other words, you could buy a cremation, memorial service, everything that goes with that, and a diamond for less than the average funeral/burial.
Can you use a funeral plan to tell the family what to do with your ashes?
Yes. You can. In fact, that is exactly where you want to make your wishes very plainly stated. However, I say this in a very “tongue in cheek” kind of way because the requests that you make are not legally binding. In other words, the funeral home is not required by law to see to it that what you want to be done with your final remains happens or not.
Nonetheless, as you work with a funeral home director or representative to create your policy, you want to be direct with them. If you want to be turned into a diamond when you die, make sure that the wording in your cremation plan states that you want to have some of your ashes sent to Heart in Diamond to be grown into an authentic diamond.
Also, keep in mind, that does not mean there are no legal ways to have other end-of-life choices made before you die. A living will is a legal document that you can have made with your specifications on the medical care level and degree of intervention that you desire. This document is also called an advance directive or directive to physicians. Within that framework, an individual can specify what their wishes are for end-of-life medical care just in case there is a day they are unable to verbally communicate their wishes.
So you might be wondering if you can include the ashes be turned into a diamond request within your living will. Well, the answer to that question is no. A living will is only binding until the point of death and has no bearing on what you want to have done with your body. It has no power after death.
Check on cremation insurance instead of funeral policies
Regardless if you want your ashes shot out into outer space, grown into cremation diamonds, or even just scattered in a specific location – you should still check out cremation insurance rates compared to funeral policy rates. It’s better for the environment and your budget.
If saving money on insurance to cover your end-of-life expenses is important to you, you may want to take a closer look at taking out a cremation policy. Or, if you have nothing in place currently and can’t afford to take out a burial plan – consider this as you are weighing your options.