Final Expense Insurance

Final expense insurance

Losing a loved one is an extremely difficult experience. Picking up the pieces while dealing with the accompanying emotions can be stressful. And making matters worse is the financial burden out-of-pocket expenses can impose at the end of life. They average $11,618.1

Without a final expense life insurance policy, families may have a hard time coming up with these funds quickly. Final expense life insurance can help prevent families from having to withdraw from their savings or sell precious assets to come up with the necessary funds required to bury a loved one

Final expense insurance

While most people don’t like to talk about end-of-life issues, it is important to plan for them. Expenses associated with death, such as caskets and embalming, can have a substantial financial impact on those you love. Final expense life insurance can help protect loved ones from having to pay these costs out of pocket.

According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief. In most cases, a basic funeral service will include a memorial, death certificates for the deceased, and housing the remains. In addition to those costs, there are also charges involved for goods and services, such as transportation, preparation and embalming, use of the funeral home, a casket and headstone, a burial plot, gravesite, the burial service, or alternatively, cremation. There may also be additional costs, such as flowers and the printing of memorial cards.

The rising costs of funerals have been well-documented over the years:

In 1960, the average cost of a funeral without a vault was just over $700

In 1985, that number had risen to $2,737.

In 2014, that number rose even more to $8,508.

These numbers suggest an increase of 1,328 percent in funeral costs over four decades.