Planning is necessary in all stages of life. Whether planning for the beginning of a new life, planning for what may happen during life, and planning for the final stages, all are equally important. Having a plan for the end of your life is especially important, as when you are gone, your loved ones will need a guide to follow in order to know exactly what you want.
Dealing with a Death
Dealing with the death of a family member or friend is a major hardship in life. Having to find a way to put together a funeral when there are no provisions for the burial or funeral expenses is an added strain on an already stressful event. Funeral insurance will make planning much easier for the family members that are left behind.
Cost of Burial
The average cost for a funeral service and burial in many areas is in the thousands of dollars. Depending on the necessary final arrangements, the cost can be high and many family members may not be able to cover the cost alone. The average funeral can hit a cost of over $10,000 for all expenses from start to finish. Funeral insurance can set the families mind at ease about the upcoming financial event of having to bury a loved one.
Funeral insurance is similar to life insurance in that you make monthly payments into a plan. The term of funeral insurance is typically less than that of life insurance. Since funeral insurance does not need to be as expanses or have as high of a payout as life insurance, the terms are much more affordable and take less time to pay off. Many different insurers offer funeral insurance policies as well as life insurance. Upon your death, the amount of the policy that you chose is paid out to the beneficiary of your policy for your burial.
Funeral versus Life Insurance
It is important to get funeral insurance as well as life insurance. Life insurance is an excellent product, but it may not pay out in enough time for a funeral. Funeral insurance will pay out in enough time to provide your family with the money necessary for your final wishes to be granted for your funeral ceremony. Speak with your family about your final plans and how go receive your policy once you have passed on in order to make the transition easier for all involved.