How Much Does Burial Insurance Cost on Average

Corey —  May 4, 2015

On average when a loved one passes away the family can expect to need about $10,000. This number does vary based on the specific situation, however regardless of the number you do not want to leave your loved ones with financial burdens. You probably have considered investing in burial insurance yet you do not know how much burial insurance costs on average. Today, we will be discussing the average cost of burial insurance.

How Burial Insurance Works

Burial Insurance is the coverage that you get to cover your funeral. It is a whole life insurance because no one can predict when he or she will die. When looking for burial insurance you have to ask yourself three questions:

1.       Will my premiums change over time?

2.       Is there a waiting period before the insurance can be used?

3.       Do I qualify for this insurance?

4.       Is there a policy on preexisting conditions?

How Much Coverage Do You Need?

The amount of coverage that you need is what determines how much you are going to pay for your policy. Funerals are expensive and you have to factor in other costs, so the amount that you pay is specific to you. You have to factor in what type of funeral you want and all of your final wishes when coming up with the coverage amount. Once you have the amount, you then have to research different companies to see which ones you qualify for and how much their plans are.

What the Average American Pays

Keep in mind that the quote you receive is based upon your unique situation. For example, one 50 year old may pay $1 per $1000 of coverage while a different 50 year old has to pay $30 per $1000 of coverage. However, on average it is said that the average American pay $30-$40 per month for their burial insurance.

Closing Thoughts

There is a debate on whether or not burial insurance is needed. Some feel as though if you do not think you are going to die soon, you should save your money. Others feel as no one can predict when they will die so it is better to have it than be without it and something happens.

Burial insurance is a useful insurance to have and the money that you pay out each month guarantees that your loved ones will not find themselves in a bad situation when you pass away.



Corey is currently pursuing a Master of Arts degree in religion. While he enjoys learning and writing about Christianity, another one of his new passions is writing about personal finances in order to help others make wise decisions with their money.