Did you know that the average cost of a funeral in the USA was over $7,500?
None of us want to plan for our funeral or for that of a loved one. However, with the cost of even a basic funeral as high as this, it is kind to think ahead about how to meet this expense.
Have you considered taking out final expense insurance to meet this cost? If you are thinking about it, what does it cover? Why not read on to find out more?
What Does it Cover?
The main purpose of final expense insurance is to meet funeral costs. As you will be aware, there are many costs involved in addition to simply a funeral service.
If your loved one passed away whilst away from home there may be travel costs involved in transporting the body. If cremation is not preferred, there is the cost of burial and a burial plot.
In addition to this, you will need to pay for hospitality services such as food and drink for guests at the funeral.
If a person does not have life insurance it can create extra financial responsibilities for family members. A funeral insurance company will be able to recommend insurance that you can take out now to avoid this scenario.
What Additional Costs are Covered?
While many types of life insurance cover funeral expenses, they may not always cover expenses incurred in conjunction with the death of the loved one. These could include medical expenses that were unpaid at the time of death.
If you take out a final expense insurance plan, these additional expenses may also be covered in addition to the costs of a funeral.
What Are the Costs?
Since final expense insurance essentially is a burial insurance service and does not include other benefits, it is relatively inexpensive. For policyholders between the ages of 50-85, the premium may be as little as $2 per week.
Should I Take out Final Expense Insurance?
If you do not have life insurance, then getting advice from the best final expense insurance company can save your loved ones much money on funeral costs.
Finding a burial insurance company that can meet your needs and understand your unique situation is the best way to do this.
All You Need to Know About Final Expense Insurance and Much More
No one wants to plan for a funeral. However, the worst time to make financial plans for a funeral is when it is happening or has already happened. You have to deal with costs, paperwork, and grieving all at the same time.
By taking out final expense insurance you can avoid this eventuality for your loved ones. The cost of the funeral will be cared for leaving your family free to manage the grieving process.
If you would like to learn about other types of insurance, why not contact us? We leverage our years in the insurance business to provide guidance for a range of circumstances.