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Tag Archives: funeral costs

Should You Pay for Your Funeral While You’re Alive?

Should You Pay for Your Funeral While You’re Alive?

Most of us don’t like to think about death, especially our own. But, as Benjamin Franklin would say, “In this world, nothing can be said to be certain, except death and taxes.” In other words, just because you don’t like to think about death it doesn’t mean you can escape it altogether. So, you know you can’t live forever, but should you pay for your funeral while you’re alive? According to Moneywise, “Your funeral is the fourth most expensive thing you will ever pay for after buying a house, having children and getting married.” Even if you have final expensive life insurance, funerals are expensive! This is just one reason why it’s a good idea to start paying for your funeral while you’re alive. Below are some more reasons why you might want to pay for your funeral ahead of time. Spare Your Family By pre-planning for your eventual funeral, and pre-paying for it as well, you can relieve your family from this burden. Not only that, but you can ensure things are done the way you would want them to be done, such as having your body cremated or determining where you should be buried. Save Money The Federal Trade Commission ...

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What is Final Expense Life Insurance?

covering end of life costs with insurance

Final expense life insurance is designed to solely cover your final expenses. This means that the funds are specifically for burial expenses, final personal bills and for medical expenses. If there are any funds left after that, the family can disperse the funds as they see fit, with approval from the life insurance company of course. When you worry about how your life insurance funds will be spent, this is the ideal option to consider since it is structured by most insurance companies. Burial Expenses The average funeral in 2014 costs $10,000 for a simple burial. This expense alone takes up a big chunk of the final expense insurance. From the embalming procedures to obtaining the death certificate, there are a lot of expenses incurred with a funeral. There are fees for gas for the vehicles driving to the cemetery, fees for using the facility for holding the service, fees for storing the deceased and many others. It is important to have enough final expense insurance to cover these costs. Burial expenses include: Publishing the obituary Printing of memorial cards Embellishments to the casket Guest books General funeral director fees Assistance from funeral home staff to set up the wake ...

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