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The Cost of Dying – The Importance of Final Expense Insurance

Do you know how your family will manage the costs of funeral and burial after your death? If you are not completely certain as to how your loved ones would cover these costs, either having to depend on your finances or their own, your death could not only be an emotional blow but a financial blow to them as well. Nobody wants to leave their family with such financial burdens, but it does happen. With a Final Expense Plan you can help to insure that it doesn’t happen to your family.

According to the National Funeral Directors Association, the average cost of a funeral in 2017 was about $7360 with a casket and as much as $8755 with a vault. These prices may not include the cost of the grave plot, headstone installation and cost to dig and reinforce the grave. Cremation expenses are generally lower, but can still reach up to $4,000 if arranged through a funeral home. Other charges may be added including the cost of an urn and related death certificate paperwork processing fees. 

Something else to consider is that these fees may not include the cost of transporting the deceased from funeral to burial, police escort, copies of death certificates, required public announcement, in some cases, and flowers. 

A Final Expense plan helps safeguard against the monetary obstacles that come with the death of a loved one by providing cash for immediate costs that are charged by funeral homes, crematoriums, and cemeteries for burial services. 

Life Insurance vs. Final Expense Insurance

If you have a life insurance policy, we do not want you to make the mistake of assuming that your policy is all you will need to provide for your end of life costs. While life insurance is an effective way to pay off debt and provide an inheritance for your dependents, your policy may not pay out in time to help with funeral costs and burial bills. 

Life insurance policies usually require an applicant to obtain a minimum amount of coverage – while final expense insurance policies allow an applicant to pay for coverage limits – only as much as they estimate their family will need to cover funeral costs. Also, final expense insurance pays the recipient within a few days, ensuring the money is on hand when needed. And final expense insurance is accessible to anyone, regardless of the state of their health.

How do you know for certain that you need a Final Expense policy? First, take a look at your accounts. Keep in mind that while you may have assets of significant value, if your assets could not be liquidated in a short period of time- sometimes in a matter of days- your family may be left to pay heavy costs up front. Not to mention any court proceedings could not only take time, but estate taxes could also take more money away from the total your family would receive. 

Helping To Ease The Burden

Final expense insurance allows an individual to have greater control over the decision making involved postmortem. This would allow the policy-holder to choose between cremation and burial and select the casket or urn they prefer. They could also arrange proceedings with the funeral home of their choice and make their wishes clearly known. 

Taking the weight of this responsibility from your grieving family members, removing additional emotional turmoil and mental stress from their lives during one of the most devastating times of their life is the peace of mind that they deserve. 

Have The Confidence That You Have Helped Secure Your Family’s Financial Future

No matter your age, it’s time to protect your family’s future by investing in a final expense insurance policy. Death leaves families with unexpected emotions- the added stress of having to plan a funeral and burial and trying to figure out how to pay for it all can be overwhelming, painful and frightening. Gain confidence by knowing your loved ones will not suffer financially after you pass on.

Give us a call at your earliest convenience. 

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