When you’re planning your funeral, there are dozens of different factors that you need to consider. Planning out your funeral will prevent your family and loved ones from having to make difficult decisions after you pass away. Additionally, this can help you cover the expensive costs of a funeral without leaving your family with a massive amount of debt.
Some of the most common final expenses that you’ll leave to your family are the costs of a funeral plot, a casket, and a headstone. All of these are going to add up to a huge portion of the final bills that you leave to your loved ones. Those three categories can quickly add up to thousands of dollars.
The Cost Of A Funeral Plot
It’s important that you leave plenty of details to your family about all of your final wishes. If you want to be buried or cremated is one of the most important. After that, you’ll need to decide what you want your remains to stay, and the most common option is to purchase a funeral plot.
Several factors are going to determine how much a funeral plot costs. The amount could differ greatly, anywhere from a couple of hundred bucks, to thousands and thousands of dollars. The biggest factor that is going to determine how much you pay for your funeral plot is the kind of plot that you buy. There are several different types, the most common type is just a single plot, which gives you space for just one person to be buried.
There are a lot of people that want their family and loved ones to be buried next to each other, and there are several options that you can choose if you want to be buried in the same place as your family. You can purchase companion lots which are two burial plots that are sold either side by side or you can have them buried as double depth, which means that they are buried one on top of the other one. If you’re looking for the most affordable option, double depth tends to be cheaper because it doesn’t take up as much ground.
Another option is a family plot, which is a certain area that the cemetery will sell you and will be dedicated to only your family members. With family plots, typically you can buy one large headstone for the family plot, and then each person gets a small headstone to denote the specific gravesite. These are a great option for families that are looking to be buried next to each other, and they are an affordable option.
Another factor that is going to impact how much you pay for your burial plot is the state that you’re buying it in. Most states average around $1,000 per a plot, but some states reach $2,000 or more. Additionally, you can see a drastic difference between the available cemeteries. Each place can place difference prices based on availability and other key factors.
It’s easy to see that funeral costs can be an expensive bill. A funeral plot alone is going to cost you $1,000, and that’s just the first expensive, there are dozens of other expenses that you’ll need to account for, like a casket and headstone, which can be a couple more thousand dollars.
Burial Insurance Plans
The best way to offset those costs and ensure that your family isn’t left with a massive amount of debt is to get an insurance policy. Most people assume that they need to purchase a life insurance plan, but some people should consider purchasing a burial insurance plan instead.
A burial insurance plan is the same thing as a life insurance policy, expect it provides a much smaller amount of coverage. With a life insurance plan, you can purchase several millions of dollars of insurance. With a burial insurance policy, most companies will only sell you $25,000, which is plenty for a funeral and all the other related costs. The main advantage of these plans is that they are much cheaper than a life insurance plan.
It’s important that you give your family the insurance protection that they need, there are several different factors that you should consider when deciding which type of plan is going to give your family the perfect coverage.
The first thing that you should look at is your debt and other final expenses. The main goal of your life insurance is to give your loved ones the money that they need to pay off any debts that they would be responsible for after you pass away. If you don’t have any debts, then you should consider purchase a burial insurance policy instead of a life insurance plan.
The next factor to consider is your paycheck. The secondary goal of your life insurance is to replace your source of income. If you passed away, your family would suffer financially if something tragic were to happen to you. Your life insurance will give them the money that they need, but if you don’t have anyone that relies on your paycheck every month, then you can consider purchasing a smaller burial insurance plan.
Burial Insurance Policies
It’s important that you give your family the perfect insurance protection. If they didn’t have it, they would be left with a massive amount of final expenses, which can make an already difficult situation much more. Nobody wants to think about his or her own death, but it’s one of the most important conversations that you can have.
IF you have any questions about burial insurance plans or the different options available to you, please contact one of our agents today, and we would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.