No Life Insurance? You Could Always Buy Your Casket from Wal-Mart

Posted in Life Insurance

October 30th, 2009

Wal-Mart, refusing to be outdone by one of its biggest rivals, Costco, is joining the casket and urn business by selling both on its website – great news for those without life insurance, right? Well, sort of. If your family is caught in a tragic predicament where life insurance was not previously purchased, it’s good to know that there are reasonably-priced alternatives; however, it’s not a good idea to use cheaper options as a substitute for life insurance, which covers so much more.

What’s Wal-Mart’s Plan?

The superstar retailer recently added affordable caskets and urns to its online merchandise. You can find steel caskets for as low as $999, mid-level caskets averaging $1,500, and even a bronze casket for $3,199. All but the bronze casket fall below $2,000, which is cheaper than many funeral homes. Additionally, the caskets ship within 48 hours. Since funeral homes are required to accept third-party caskets, this works out to be a good deal.

Combining Wal-Mart’s Plan with Life Insurance

While Wal-Mart’s plan to sell caskets is a beta test to see response, its supplier, Star Legacy Funeral Network, Inc., says the retailer will eventually carry as many as 200 of its products, including pet urns and memorial jewelry. The good news is that by purchasing a quality life insurance policy, you won’t have to come out of pocket for the more reasonable funeral expenses.

Just remember, you don’t want to use cheap caskets from Wal-Mart as an excuse to bypass life insurance altogether. There’s nothing wrong with looking for ways to cut costs, but investing in a life insurance policy is still very important. While the discount on caskets could help with funeral costs, life insurance could help you meet all of your family’s financial needs after you’re gone.