Burial insurance policies are so individualized that there is almost nothing that you cannot include. The only way you can be limited is if you have a policy that is capped at a specific dollar amount. The largest player in the burial insurance market, Forethought Life Insurance Co., refuses to cover more than $25,000 worth of funeral expenses.

Below is a checklist of things you need to consider before you purchase burial insurance:

  • You need to research your own state laws on preneed insurance.
  • Before deciding on a burial insurance policy, make sure to discuss all of your options with your lawyer and your family to make sure that it lines up with your estate planning and will.
  • Find out what percentage of the total plan value that you will actually received in benefits.
  • Make sure to verify the license of everyone that you work with before signing a policy.
  • Take advantage of “free look” laws that your state may have that allows you to review your policy before you are locked in.
  • Make sure you get a written price list of available goods and services, as required by the Federal Trade Commission.
  • Make sure you have a friend or family member with you to help you look through the paperwork.
  • Never accept any documents that have been fully filled out and signed while you are not present.
  • Just in case you move, make sure that your funeral arrangements can
    be moved to any funeral home.
  • Ask if your particular state requires that you be able to cash out your burial benefits at any time.
  • Your grave site should already be located by section, row, and plot number.
  • The policy should specifically state the type of outer burial container that you have purchases. It will either be a grave liner or a vault. Also, as what it is made out of.
  • The policy should also clearly state what kind of marker you purchased including size, material, and style. If you can, get a sketch,
  • Find out what recourse you have if the cemetery runs out of cash and then defaults on your policy.
  • Ask about what happens if your cemetery runs out of burial plots.
  • Make sure you get at least one statement a year that details the status of you account.
  • Find out what happens if you cancel your burial insurance. You maybe be reimbursed for products and services, but still be stuck with the burial plot.

Now that you have this information, use it to make sure you get the policy that is best for you.

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