The Rising Cost of Funerals | How Final Expense Insurance Can Help
Overview
Funeral costs are high and they are increasing annually. This rising cost is making the funeral even more overwhelming for families. Final expense insurance can help your loved ones from these rising funeral costs.
If you want your family to be stress-free, get final expense insurance. It protects your loved ones from financial strain by covering final expenses. Obtain final expense insurance and help your family with funeral cost coverage. Let’s find out about funeral costs, final expense insurance and its services.
Final Expense Insurance?
Death is one thing that you cannot escape from. It brings grief and emotions to your loved ones. When you are gone forever, you do not know how much grief and strain it can bring to your family. They have to deal with the burial and funeral expenses. To protect your loved ones from final costs, it is essential to get final expense insurance for funerals.
Final expense insurance is for funeral cost coverage. It covers your final and burial expenses. All the burial and funeral services required to carry out a funeral are covered by this life insurance. With final expense insurance, your family is financially protected. They do not have to spend a penny from their pockets to cover their funeral costs.
Final expense insurance or burial insurance is the best prepaid funeral plan. Remember, you have to pay a premium each month. This money does not go to a funeral home but to your insurance policy.
Moreover, there is no medical exam. This means that any senior even with a serious health problem can get burial insurance. Without taking any medical test you can obtain the services of the final expense plan.
Final Expense Insurance Benefits
Arranging and managing a funeral is not easy. And covering the cost of the funeral services is even more challenging. During this challenging time, final expense insurance helps your family to cover final costs. Getting this whole life insurance is beneficial for many reasons. Let’s explain those reasons.
No Medical Exam
Seniors are vulnerable to developing chronic conditions. They are at high risk of developing serious health issues. Thus, many life insurances do not offer a whole coverage to seniors. Insurance plans that offer funeral coverage include medical exams.
However, it is the opposite in the final expense insurance. It does not include a medical exam and accepts seniors with medical conditions.
Peace of Mind
Planning your final expenses gives you and your family peace of mind. In your final time, you will be at peace as you will not be leaving a gift for your family. You do not leave a debt behind for your loved ones.
Moreover, your loved ones will be stress-free. They would not have to borrow money or loans to cover their funeral and burial expenses.
Permanent Insurance
Final expense insurance is permanent. It does not expire and offers coverage for a lifetime. Also, it does not increase the prices of the premiums. The monthly premium is fixed. No matter how old you get, once your plan is activated, the premium does not change.
Instant Assistance
Getting instant help when your loved ones die is difficult. If your loved ones need immediate help, final expense insurance will be provided. They will not have to wait for months. After you die, the insurance will give the beneficiary a lump sum of money. With this money, your final expenses will be covered.
Affordable life Insurance
Final expense insurance is affordable life insurance. It costs less than other life insurance plans.
Funeral Costs
Funerals are mandatory. You want to celebrate your loved one’s life and bid farewell in the most beautiful way possible. Funeral is the best way to appreciate and give respect to your loved ones.
Also, you cannot avoid the funeral and burial services. They are the key part of funeral and burial services include:
- Cremation
- Casket
- Headstone
- Burial plot preparation
- Transportation of memorials
- Gathering arrangements
- Banquet halls
- Embalming
- Flowers
- Music
No one wants to miss any service. Everyone wants to pay respect and offer a memorable funeral. However, during this overwhelming process, you forget about the funeral bills. Unexpectedly, funeral and burial costs can cost you a high amount.
Rising Funeral Costs
Planning a funeral is a challenging but necessary part of our life. It is an important service for as long as humans have lived in communities.
However, the rising funeral costs are making it even more difficult. The rising price of the funeral has made dying unaffordable.
The rising costs of funerals have made headlines. Funeral costs are rising every year. Studies suggest that the costs are increasing with inflation. According to the National Funeral Directors Association, since 2022 the funeral cost has increased by 4.8 per cent.
Another report shows that funeral costs are rising exponentially in 2024. The cost of the funerals was $6,000 to $7,000 last year. However, now the price has increased and it costs from $9,000 to $11,000.
Funeral Cost Breakdown
When it comes to the cost of the death, it includes all end-of-life services. The average cost of the funeral goes up to $9,000. The amount easily exceeds if you are arranging a fancy funeral. Look over the below table for funeral services and their costs.
Funeral services | Costs |
Burial plot | $1,000- $2,000 |
Basic services at funeral home | $2,200 |
Embalming | $700- $800 |
Hearse | $300- $350 |
Metal casket | $2,000- $5,000 |
Transportation | $350- $400 |
Vault | $1,600, $1,800 |
Body preparation | $200- $300 |
Gathering arrangements | $700- $800 |
Flowers | $400- $500 |
Wreaths | $100- $200 |
Additional services |
However, you must know that the prices of the services vary. The price of the funeral service depends on the state you are living in. Some states offer low prices while others have higher prices.
Cremation
Cremation is a part of the burial service. It can be an alternative to burial as well. The cost of the cremation ranges from $4000 to $6000. The cost varies on many factors including:
- Transportation
- Location
- Flowers
Embalming
Embalming is the preservation of the dead body. The alternative option of embalming is refrigeration. However, it can cost you a high amount. Embalming can cost you up to $700- $800.
Burial Plot
Arranging a funeral plot is another expensive part of the funeral. The cost of the funeral plots varies, depending on the state you are living in. It ranges from $1,000- $2,000. It can also go up to $3,000.
Flowers and Wreath
Flowers and wreaths are the crucial items of a funeral. Without these items, a funeral is incomplete. The cost of these items ranges from $800 to $1000.
Metal Casket
Metal casket is the most expensive item of the funeral. The price of the casket ranges from $2,000- $5,000. The price depends on how fancy the casket is.
Strategies to Save Money on Funeral Costs
Luckily there are many ways to save money on funeral expenses. If you want to cut the cost of the funeral, follow these tips.
- Shop around and compare quotes. When you shop around you get to know the price of the funeral homes. Different quotes will help you to compare funeral homes and their services. You can exclude services that you do not need.
- Shop services and items that you need. Try to exclude the items that you do not require. Adding unnecessary items increases the cost of the funeral. So, it is best to cut the items and save money on them.
- Traditional burial services include many items, making burial service expensive. You can replace the traditional burial service with cremation. This will help you save money on caskets, burial plots and other items.
- Arrange a private funeral. If you want to save money on a funeral, it is best to arrange a small and private funeral. Additionally, arrange a simple catering service. Do not spend money on needless services.
- Get a final expense insurance. This is the best strategy to save money on funerals. Pay the premiums monthly and get lifetime coverage. It will cover funeral services. Other expenses will also be covered such as medical bills, credit card bills and other costs.
If you are thinking how final expense insurance helps, visit our website lifeasehealth. You will get to know the basics and other details of final expense life insurance.
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We Are Here To Help With Your queries !
Yes, inflation affects funeral insurance. With inflation, the services and items of funerals get expensive.
The average cost of a burial is $9,000. The cost depends on the services and items included in the funeral.
Yes, your bills can be covered with final insurance death benefits. The beneficiary can spend the money to cover medical bills and debts.