In Oregon, like in any other state, people who may consider purchasing burial insurance are those who want to alleviate the financial burden of funeral expenses for their families.
Here are some common scenarios where burial insurance might be beneficial:
Limited savings: If you have limited savings or assets that could be used to cover funeral costs, burial insurance can be a valuable safety net.
No life insurance: If you do not have a comprehensive life insurance policy that includes coverage for funeral expenses, burial insurance can be a practical option to ensure that your final expenses are covered.
Not wanting to burden family: Many people want to spare their families from the financial responsibility of arranging a funeral, which can be costly. Burial insurance can provide peace of mind in this regard.
Pre-existing health conditions: Burial insurance often has less stringent underwriting requirements compared to traditional life insurance, making it more accessible for individuals with pre-existing health conditions.
Estate planning: For those who have specific wishes for their funeral arrangements, burial insurance can be a way to allocate funds for those purposes.
Age considerations: As people get older, traditional life insurance policies may become more expensive and harder to obtain. Burial insurance is often marketed to older individuals as an affordable and accessible option.
It's important to note that the necessity of burial insurance depends on individual circumstances, financial situation, and personal preferences.
Learn more about buying burial insurance in Oregon.