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How Much Coverage To Buy For My Parents?
The amount of burial insurance coverage you need also depends on the overall purpose of the plan. If you are simply looking to have the funeral and final expenses covered, an insurance plan with a small payout of around $10,000 to $15,000 may be sufficient for your family’s needs.
On the other hand, you may need a more extensive plan that could be used in case of medical costs, or that will help pay off additional expenses in the event of your parent’s passing, an example, would be estate taxes.