If you or one of your loved ones passed away, the funeral expenses may become your family’s concern. End of life insurance options exist to take care of expenses that occur upon your death or the death of a beneficiary on your policy. The death benefit you receive can be used to pay for end of life expenses, such as funeral costs.
If you are thinking about end of life coverage, you may be wondering how much your funeral will cost. Here’s what you need to know about funeral costs.
Average Funeral Costs
Burial ceremonies vary in cost depending on the complexity of the event, but there are some estimates available for concerned individuals. According to bankrate.com, the median national funeral cost was $7,649. Though, funeral costs can exceed $9,000 if you include a vault for the burial. Cremations are a less costly alternative, in that they may cost as little as $350 or as much as several thousand dollars.
The total cost of your funeral will vary depending on a number of different factors. The type of casket used in the burial, as well as any venues used to conduct viewings will contribute to the total cost of the funeral. Other services like transportation and embalming of the deceased will also need to be paid for.
Preparing For Funeral Costs
If you suspect your family will be unprepared to pay your end of life expenses should you suffer a premature death, taking precautions while you are alive may be a good choice. By investing in end of life insurance coverage, you can guarantee that your next of kin and other loved ones will be taken care of upon your passing. There are several types of end of life coverage available to consumers, including traditional whole life insurance and final expense insurance.
What is Final Expense Insurance
Final expense insurance exists to provide policyholders with a cash payout upon their death. This payment, called the death benefit, can be used by the policy’s beneficiaries to pay for anything, including funeral expenses. Final expense insurance, unlike whole life insurance, is typically inexpensive and has few eligibility requirements. This makes it a great option for people who have been turned down by traditional insurance providers. Because it is less expensive, the payouts are often smaller as well. Though, final expense insurance will usually provide more than enough funds to pay for your funeral and burial as well as some lingering medical bills.
Find End Of Life Coverage
If you need end of life insurance now, don’t wait to start shopping. Having an insurance agent at your assistance can ensure that you find the coverage you need most. The insurance experts at Trusted Senior Specialists understand insurance, and we are ready to help you. Contact us now to schedule a consultation.