Many people avoid signing up for funeral insurance because they don’t want to think about the fact that they’ll eventually pass on. The topic of ‘death’ can make anyone uneasy, but it’s a very real (and inevitable) concern.
Do you want to burden your family and loved ones with financial responsibilities when you’re no longer around? Without a funeral insurance policy, you will. Understand that a person’s final expenses are often passed on to their immediate family members. Besides, the funeral itself can be very expensive, ranging anywhere from $7,000 to $12,000.
Also known as final expense insurance or burial insurance, a funeral insurance policy allows you to protect your family from the financial problems that can arise in the wake of your passing. While it’s similar to life insurance in some ways, it’s not the same. The major difference is that funeral insurance is explicitly intended to pay for the funeral expenses — such as the cost of viewing and burial, a casket, embalming, and other preparation.
Before looking at funeral insurance policies, you must consider the ideal coverage or the amount of money given to your family. As mentioned before, the average funeral costs between $7,000 and $12,000. If you’re looking at policies, you may simply estimate what your final expenses will be and add $7,000-$12,000 to determine which policy will make the most sense for you. This will not always be entirely accurate, however.
To be more thorough, you do have the option of making your own funeral arrangements. This may sound strange, but it significantly reduces the burden that will be placed on your family. By choosing to do so, you’ll be able to determine exactly how much money will need to be spent on the funeral. You’ll also free your family from having to make most of the decisions about how the burial will take place.
Signing up for a funeral insurance policy is fairly straightforward. While the process itself might feel somewhat morbid, it’s perfectly natural and not all that difficult to accomplish. Generally speaking, the premiums are reasonably priced as well. The costs are well worth the peace of mind that comes with lifting an individual’s family of their burial obligations.