Getting Coverage: How Final Expense Can Help You

Do you need insurance for burial costs and other final expenses? Most funerals cost between $5,000 and $8,000, and estates and family members are often left holding the bill. Final expense insurance can help pay for end-of-life fees, so your family does not have to worry about covering all of the costs.

Depending on the type of final expense life insurance you get, your family could receive five- to six-figure compensation or just a little help for the service. Age, health, and other factors can influence your coverage and premium amounts. Find out if affordable final expense insurance is right for you.

Final Expense Life Insurance Can Cover Some or All Bills
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Final expense insurance is the death benefit in a life insurance policy. But providers sell small burial insurance policies just to cover expenses like a casket, funeral service, or cremation

Morbid as it sounds, dying costs money. Human remains need to be dealt with promptly for health and safety reasons. In fact, the government requires beneficiaries to pay for the deceased’s burial or cremation before receiving inheritance. 

Some basic final expense costs include the following:

  • Transportation, such as from home or the hospital to the funeral home. There are usually transportation fees each time the body needs to be moved, including if you plan to have a service anywhere other than the funeral parlor, such as a church. 
    • In addition to a hearse or service car, some families rent vehicles and drivers to drive members with the body in a funeral procession. Transportation fees can range from a couple hundred dollars to a few thousand, and some transportation charges may be part of the general basic services. 
  • Body preparation. Funeral homes charge a provision fee for handling, storing, and completing other services. Workers can prepare the body for viewing by embalming, dressing the body, styling hair, and applying makeup. Bodies also need preparation for cremation, including removing medical devices. Embalming and other preparations of the body can cost between $600 and $1,100.
  • Administration fees. Funeral parlors also tend to have fees for paperwork, like securing the death certificate and issuing certified copies. Most businesses have a basic services fee covering overhead, operations, and coordination with other entities, like cemetery staff. The average price is between $1,000 and $2,500. 

Direct cremation is when the body goes through cremation immediately after death, without embalming. Aside from donating your body to science, this option is the cheapest disposition for your body. The average cremation without ceremony service ranges between $700 and $1,200. 

Direct burial is when the body is buried a few days after death. Direct burials are the second most affordable option because they do not have additional costs, like embalming and other viewing services.

Likewise, bodies are buried in simple containers instead of expensive caskets. The average cost for a direct burial is between $1,800 and $3,500. 

Below are some optional funeral expenses to consider when you budget for your final expenses:

·      A plot, headstone, and casket

·      Grave digging and closing 

·      Grave liner and reinforcement

·      A mausoleum

·      Cremation

·      Memorial, funeral, or cemetery service

·      Flowers, newspaper obituary, and announcements

·      Post-funeral reception

Senior burial insurance can help cover some to all of these costs. Your beneficiaries can use the insurance payout to cover burial and other expenses. Your heirs receive a payment for the full policy regardless of how much the funeral costs. The payout is usually between $2,000 and $50,000, and you can customize most policies to the coverage you want.

Final expenses are also the last bills you will pay at the end of your life. Many are the typical bills you pay now, like your mortgage, utilities, credit cards, and loans. If you pass and still owe money, your estate or family member could be on the hook for these debts.

Life insurance for funeral expenses tends to be more affordable than a comprehensive life insurance policy, but the benefit amount is also less. Learn more about the different benefits and coverages next.

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