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Frank Said:

Funeral directors &/or insurers - is there a plan that would cover multiple family members for burial cost.?

We Answered:

You have recieved some really BAD answers to this one.

I'm assuming your family has low funds and doesn't want to protect just one person but have an emergency fund that could be used by any one of you.

You can't do that with life insurance or an insured funeral preplan. But you can do it with most cemetery contracts. You can purchase a cemetery space, burial vault, casket, and open/close fee that could be used by anyone that the contract owner wants to allow to use it.

For the funeral service, you will need to just accumulate money in a bank account so that it will not be specific to any one person.

The guy who says buy a few hundred extra in life insurance is probably the worst answer because you would need to buy many, many thousands of dollars extra to even be close to covering future costs. You need an increasing benefit policy that will double in benefit every 12 to 15 years. But that kind of policy would have to be specific to one person so it wouldn't work in your case.

The person saying buy term insurance for a funeral is completely wrong. A lot of these guys are listening to Dave Ramsey but they don't really understand what Dave is telling them. Term should NEVER be bought for funeral coverage. It would never work unless you die at a young age. What Dave is saying is to buy term for protecting your income in case you die at a young age. Then when you are older you will be rich and will no longer need insurance of ANY kind. On Dave's plan you would pay funeral expenses out of your own wealth...not term life insurance.

Roger Said:

a relative died how can I find out if there any insurance policy to cover funeral cost on them pls hlp asap !!?

We Answered:

The is no central database. Each insurance company keeps its own records separately.

If the policy was first issued within the last ten years, then you may be able to learn from the "medical information bureau" where the person applied for insurance. You would then contact each of those companies individually to see which one, if any, issued a policy.

If the policy was first issued over ten years ago, then the M.I.B. would not have any record. Your only option would then be to contact every life insurance company and ask them each if they issued a policy. However, not all of them will respond in time for the funeral. You will have to pay for the funeral first, and then try to get the insurance money when you find the right company.

Eleanor Said:

difference between funeral insurance and burial insurance?

We Answered:

burial will open and close the grave, casket...(maybe a liner, concrete) funeral ins will cover the embalming, casket, funeral service and the burial (all included for the 'right' price.)

Corey Said:

Wot you think of them funeral ads on tv that says pay weekly and when you conk we will cover your burial?

We Answered:

Trick is finding these people 15 or 20 years later to collect.

Your dead and no one else has any idea that you paid them the money.

Love and blessings Don

Shawn Said:

I need a formula to calculate funeral cover in insurance.?

We Answered:

You should assume close to $10,000 to cover the funeral and burial and plot purchase.
But you should also try to factor in other final expenses like travel costs for out of town relatives, hall rental if you will have a lot of people there, etc.
It would be nice to have several thousand extra dollars to pay for several days worth of incidentals.

But you should also consider protecting other assets and trying to have enough proceeds to pay mortgages, college eduction for kids and grandkids, etc.