You may consider purchasing funeral insurance as a way to protect your family from paying your funeral costs after you pass away. While many families anticipate feelings of sadness, they may not expect the unwelcome surprise of final expenses. Funeral insurance is a practical way to ease stress for those left behind.
Cost of Funerals
Funeral costs and burial expenses have been rising steadily for the past 20 years. According to the National Funeral Directors Association, the average price of a basic funeral is $7,045. This basic cost doesn’t cover additional expenses, such as the purchase of a headstone, flowers and cemetery costs.
In addition to funeral costs, your family may have to pay other expenses such as medical bills, mortgage, and credit card debt for the deceased person. After a person dies, creditors will often turn to families for payment of account balances.
Funeral insurance, commonly known as Final Expense insurance, is a type of life insurance policy that is designed to help pay for funeral costs and these remaining expenses.
How Can I Protect My Family?
Final expense life insurance can help your family deal with the emotional aspects of grief rather than worrying about finances. The coverage can provide a tax free death benefit and is a great way to protect your family.
You’ve taken the first step toward protecting your family by learning about funeral insurance, but you may still have questions. It’s time to turn to a knowledgeable insurance professional for help. At HealthMarkets, we can give you the trusted help you need.
A final expense whole life insurance policy does not specifically cover funeral goods or services, and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose.