There’s one big cost that everyone needs to plan for: your funeral. Many people use funeral insurance to ensure that their funeral is arranged and paid for in advance, so the burden isn’t on the shoulders of their families or beneficiaries. Choosing the right funeral insurance is overwhelming and a little dreadful, which is why our agents at 101 Insurance can help you shop from multiple companies to find the best policy for you.
Final Expense 101
What is final expense insurance?
Final expense insurance, also called funeral or burial insurance, covers the cost of your funeral and burial or cremation. This policy does not expire and remains in force as long as the premiums are paid. The policy will be in effect until you die and your beneficiaries will receive the death benefit. Unlike other whole life policies, funeral insurance does not require a medical exam or review of your medical records to quality; it only requires to answer some health questions.
How much does it cost?
According to the National Funeral Directors Association, the average cost of a funeral was more than $8,500 without the cost of a cemetery plot, vault, headstone, flowers or obituaries. The total cost can be over $10,000. Keep in mind that no single insurer is the best option for everyone. A policy that’s best for you probably isn’t the best policy for someone else. As an independent agency, our funeral insurance broker can shop multiple carriers and find the best policy for you.
Do I really need funeral insurance?
Funeral insurance is a specialty product for people and their families who don’t have another way to pay for their final expenses. You should always make sure you have other areas of your finances in check, such as enough life insurance and a cash reserve fund. Many life insurance policies can cover funeral costs, so a separate funeral policy isn’t needed. You can contact us for a free consultation with our funeral insurance broker to determine if funeral insurance is the right choice for you.
Regardless of how you choose to pay for your final expenses, consider preplanning your final arrangements. You will gain a peace of mind from knowing that your loved ones don’t have to make difficult decisions and that everything is taken care of during a time of grief.
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