There’s no gentle way to put it, but death is inevitable for everyone. However, funeral or burial insurance exists for those who don’t want to burden their loved ones with the financial stress of paying for a funeral and associated burial expenses.

The average U.S. funeral costs upwards of $10,000 if you take the following costs into consideration:

• Embalming services: $500
• Grave plot and digging services (including liner): $2,600
• Personalized headstone: $1,500
• Casket: $2,500
• Funeral director led services: $2,000
• Flowers: $300
• Obituary in the newspaper: $200

Insurance policies list burial insurance as term or permanent life policies listed under several names, including end of life insurance, memorial insurance, final expenses, and even pre-need insurance, however all policies exist as a way for policyholders to pre-pay their burial and funeral services upon death.

Here are the key details to know before putting a funeral or burial insurance policy in place:

1. Prepaying end of life costs

Many insurance providers list burial insurance life insurance as “term life” policies. This means that the insurance holder can prepay in full for all of their end of life wishes before they pass away. The policy is then held in effect by the insurer until the policy holder dies.

2. Funeral insurance vs. burial insurance

The insurance benefit offered as “preneed funeral insurance” is then paid out to an assignee (usually a funeral home or funeral provider) of the policy holder’s discretion at the point of death. Burial insurance benefits offered as a “term policy” are rather paid out to a beneficiary (i.e., usually a loved one) upon death.

3. Financial burden

Both pre-need funeral insurance and burial insurance aim to protect loved ones from the financial stress of paying for loved ones funeral and associated costs, including a embalming costs, casket or urn, cemetery plot or vault, tombstone, cremation, embalming, flowers, hearse, funeral home services, an obituary, and ect.

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