Throughout our lives, we typically incur a long list of expenses. Some we can easily manage to pay off very quickly, while others, such as a home mortgage, may entail having a large balance due for many years.
In creating an overall financial plan, it is important to ensure that, in case of the unexpected, those whom we care about will not be saddled with financial hardship and debt going forward. Because of this, many people purchase life insurance.
But, regardless of whether or not you have debt or other financial needs to plan for going forward, one cost that most of us will have is that of final expenses. These can include the cost of a funeral service, as well as other related items – which today, can average out to be approximately $10,000.
What Constitutes Funeral Expenses?
The cost of one’s funeral can include a list of various items, such as the basic fees for the memorial service, as well as charges for merchandise. Just as in any other product or service industry, providers of a particular item or event will charge various fees. In the funeral industry, there is typically a set of more basic services, as well as items of merchandise that can be purchased. Overall, funeral fees will usually encompass the following:
- Funeral Planning
- Securing the necessary permits and / or copies of the decedent’s death certificate
- Preparing the funeral and memorial service notices
- Sheltering the decedent’s remains
- Coordinating the funeral arrangements with other entities such as a cemetery and / or crematory, along with other third parties
- Organizing the pall bearers
- Officiating the clergy and the musicians
A funeral home will typically provide a number of funeral related services, such as transporting a person’s remains from the hospital or morgue to its own facility, embalming and / or other preparation of the body, use of its facility for the visitation and / or funeral service, the use of its staff and equipment for the graveside service, the transporting of the body from the funeral home via limousine to the grave site, cremation and / or other final interment.
In addition, there is also typically certain items of merchandise that can be purchased from a funeral home, such as:
- A burial plot
- Casket or urn
- Burial vault or grave liner
All of the services and products that are incurred can differ, based on the type of item or service that is obtained, as well as where the service takes place. Costs may also vary, based upon what the decedent (or their loved) ones decide to do with the body.
For instance, in many cases, it will be required that a body is embalmed if the family is planning to have a visitation or viewing. However, this service is often not required if the body is cremated or buried soon after death.
Likewise, just as with purchasing items in any other industry, prices can vary a great deal from one funeral home to another when purchasing a casket or urn for the deceased. For instance, a casket can vary in style and construction. Some are made of wood, while others are constructed out of plastic, fiberglass, fiberboard, or metal. While an average casket may be priced in the $2,000 range, there are some that are made out of bronze, copper, or mahogany that can exceed $10,000 in price.
When loved ones are shopping for a casket at a funeral home, it is required that the funeral director show them a list of different caskets that are available prior to looking at them. This information should include both prices and descriptions of the items.
In the past, funeral homes will usually the only place where a casket could be purchased. Today, however, given the growth of the Internet, as well as the opening of new business entities, there are several places where caskets can be purchased. If a casket is purchased by a decedent’s family – even from a third party vendor – the funeral home must agree to use it, and also not to charge an additional fee for using another vendor’s item.
How To Ensure That Loved Ones Won’t Face Financial Hardship Because Of Funeral Expenses
Because the cost of a funeral can be in the high four, or low-five figures, it is important that this cost is factored into one’s overall financial planning. This can help loved ones from having to incur these expenses – especially at an already difficult time in their lives.
One of the best ways to be sure that loves ones will not have to face the financial hardship of funeral expenses is to purchase final expense insurance. This type of coverage – often also referred to as either funeral insurance or burial insurance – is purchased specifically for the purpose of paying for one’s funeral and other related expenses.
As with other types of life insurance protection, these policies will pay out a death benefit to a named beneficiary in exchange for the payment of a premium. The amount of the benefit that is usually stated in a burial insurance policy will oftentimes be somewhere between $5,000 and $25,000.
In some cases, however, a funeral insurance policyholder may also add some additional coverage to his or her policy in the event that they also incur uninsured medical expenses and / or hospice costs that will also need to be paid following their passing.
Funeral insurance can also often be easier to qualify for than a regular life insurance policy. One reason for this is because many funeral insurance policies will not require the applicant for coverage to undergo a medical examination as a part of the approval process. In fact, in some cases, there may not even be any health or medical questions at all included on the application for coverage. Because of this, even if an individual has certain adverse health issues, they can still be approved for the protection that they need.
Where To Find The Best Premium Quotes On Burial Insurance Coverage
If you would like to find the best premium quotes on burial insurance coverage so that your funeral expenses won’t fall on the shoulders of your loved ones, it is usually the best course of action to work with an independent insurance brokerage or agency that has access to numerous burial insurance providers. This is because the premium cost of burial insurance can often differ from one insurance carrier to another – even for the very same type and amount of coverage. Therefore, comparing what is available can be helpful.
We can assist you with obtaining the information that you need. We work with many of the top burial insurance providers and can provide you with instant quotes. If you are ready to move forward, then just simply filling out the quote form on this page.
In addition, our experts can directly answer the questions that you may have, if you contact us toll-free via phone at 888-501-0530. By covering the potential cost of your final expenses, you can allow your loved one financial peace of mind. So, contact us today – we’re here to help.