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Although most people do not like to talk about it, funeral planning is an important component of your overall financial plan. Doing so can help to ensure that the service you want will take place and that your loved ones will not be hit with a long list of large, and largely unexpected, costs. Having a good solid plan in place, then, as well as a way to fund your final needs, can allow both you and your loved ones peace of mind.
The Cost of Final Expenses
Unless you have recently lost a family member or other loved one, many people are not familiar with just how much how funeral and other final expenses can be. And unfortunately, for a lot of families, the cost can be difficult to endure.
Today, a funeral and other related costs can range between $7,000 and $10,000 – but that is just an average. In some instances, these expenses can be upwards of $30,000, depending on the type of service that an individual has.
For instance, when factoring in all of the expenses, which include a burial plot and headstone (or alternatively, cremation and an urn), as well as preparation of the body, flowers, transportation, and the printing and publishing of the funeral notice, the total figure can add up. In some cases, final expenses can also include other end-of-life costs, such as uninsured medical bills, and / or the cost of hospice care.
To pay a loved one’s final expenses, it can often be required that family members have to dip into savings – or worse yet, put these bills on credit, which in turn, can leave them with a large debt obligation, often at a very high rate of interest. But, there is a way that you can better prepare.
How to Ensure that Your Loved Ones Don’t Endure Financial Hardship
One of the best ways to help in preparing for final expenses is to purchase a final expense insurance policy. Just like having other types of insurance, a final expense policy will pay out benefits that can help with reducing – or even eliminating – high out-of-pocket costs.
Final expense insurance also refereed to as funeral insurance, is typically sold to those who are between the ages of 50 and 85 – although there are some life insurance carriers that will provide this type of coverage to applicants who are older.
The amount of the proceeds on a final expense insurance policy is usually between $5,000 and $25,000. And, while these funds can be used for whatever the policy’s beneficiary sees fit, these funds are typically earmarked for paying for one’s funeral and other ancillary costs.
Will You Qualify for Final Expense Insurance Coverage?
While many life insurance policies will require that an applicant for coverage answer a long list of health questions, as well as to undergo a medical exam, this is not the case when a person applies for final expense insurance.
In many instances, there will be no medical examination that is required – and likewise, the applicant may not even be asked for his or her medical history. In fact, with a guarantee issue policy, as long as the premium is paid, the individual will qualify – and be able to keep – their coverage.
Why You Should Plan and Prepare for Your Own Funeral
While planning and preparing for your own funeral may seem a bit overwhelming, there are many good reasons to do so – starting with the fact that it can save those whom you love and care about a substantial amount of money.
When you are in the planning process, there are several factors that you need to consider. These will include the following:
- Making sure that you have a burial or final interment site secured. This can either include purchasing a burial plot or providing instructions for your cremation, as well as a plan for what you would like to be done with your ashes. (It is important to note that, while there are typically no specific rules regarding the scattering of a person’s ashes, it is still a good idea to check and see if you will need someone’s permission to have them scattered – depending on where you would like that to be).
- If you are opting for a burial, you will also need to choose the proper casket. Depending on the type and style that you pick, the cost can range anywhere from $50 to $500 for a basic cardboard model, to more than $12,000 for a wood or metal one.
- While your state of residence may not require a grave liner or vault, many cemeteries across the nation will. Having this can help to better prevent the grave from sinking, and in turn, causing the surrounding grounds to become uneven. Likewise, any casket will eventually deteriorate. Therefore, grave liners or a vault can help to prevent the grave from collapsing in the future.
- In addition to the purchase of a burial plot itself, cemeteries will usually charge for the digging of the grave, as well as the preparation of the vault. Likewise, there is usually an additional expense for the headstone placement.
- If you plan to have a headstone, this too can be a substantial cost. Often, the price of a granite headstone can run in the range of $1,000 or more.
- Depending on the type of service that you would like, it will also be important to ensure that your loved ones are aware of any music, readings, and / or even a specific minister or other individual to conduct the event.
- In some cases, an individual may even write his or her own obituary. Doing so can help to ensure that everything you want said will be included. Regardless of how well your family and other loved ones know you, they can still forget certain specific details about your live. Therefore, by writing your own obituary, you can be sure that it will be done.
- You may also want to include photographs that you would like to have displayed during the visitation and / or the memorial service. (In some cases, individuals will also include audio or video recordings, as well).
There is a lot that can go into planning a funeral and memorial service. When loved ones are emotionally drained, it can be helpful to know that you have already done a great deal of the planning for them. It can be even better for them to discover that you have also helped with paying the costs.
In doing so, it will not require you (or your loved ones) to write out a large check to the funeral home and other service providers – as long as you are covered with a final expense insurance policy.
For just a small fraction of what the actual funeral service – and other related final expenses – cost, you can purchase a final expense insurance policy that you know will pay out the proceeds for such needs.
When choosing a final expense life insurance policy, though, it is important to understand that all of these plans are not exactly alike. And, the premium price for this coverage may oftentimes differ – sometimes quite substantially – from one insurance carrier to another. This is why it is always a good idea to shop and compare the coverage of several different carriers before moving forward. Working with an independent life insurance brokerage that has access to multiple carriers can help you to do this is a quick, direct, and unbiased manner.
Where to Find the Best Rates on Final Expense Life Insurance
If you are considering the plan for your own funeral, and you also want to ensure that the expenses are paid, we can help you to find the best final expense insurance policy for your needs.
We work with many of the top final expense life insurance carriers in the marketplace today, and we can help to provide you with all of the details that you will require. We can do so for you quickly, easily, and conveniently – all from your home computer – and without having to even meet in person with a life insurance agent. So, if you are ready to begin the shopping process, just simply take a moment to fill out the form on this page.
If you should find that you still have any additional questions regarding the purchase and the pricing of final expense insurance – or, even if you just have a question or a concern about life insurance in general – then please feel free to contact us directly via phone. We can be reached by dialing, toll-free, 888-389-8676.
We understand that planning one’s own funeral service may be somewhat difficult. But, by having a plan in place, as well as a way to cover the costs, it can be one of the best gifts possible to give to your loved ones. So, contact us today – we’re here to help.