The Funeral Costs Rising Fast
The funeral costs in the United States have been rising steadily in recent years. According to the National Funeral Directors Association (NFDA), the median cost of a funeral with burial was $7,640 in 2019, while the median cost of a funeral with cremation was $5,150.
There are several factors that contribute to the rising cost of funerals in the US. One of the main factors is the cost of goods and services, such as caskets, urns, embalming, and professional fees. These costs have been increasing due to inflation, rising labor costs, and other factors.
Another factor is the increasing popularity of personalized funeral services and unique memorialization options, such as custom caskets, memorial jewelry, and digital memorials. These services and products can add to the overall cost of a funeral.
Additionally, the cost of cemetery plots and other burial-related expenses has been increasing. Many cemeteries are running out of space, which has led to higher prices for plots, and the cost of opening and closing the grave has also increased.
The rising cost of funerals can put a financial strain on families who are already grieving the loss of a loved one. This is one reason why final expense insurance is becoming more popular as a way to help cover these costs and ease the financial burden on surviving family members.
What Is Final Expense Insurance?
Final expense insurance is a type of life insurance policy that is designed to help cover the cost of a person’s funeral, burial, and other end-of-life expenses. This type of insurance is also commonly known as burial insurance or funeral insurance.
Unlike traditional life insurance policies, final expense insurance typically has lower coverage amounts, with typical amounts ranging from $5,000 to $30,000. The premiums for final expense insurance policies are often lower as well, making it more affordable for seniors and those with health conditions.
Final expense insurance policies are typically easier to qualify for than other types of life insurance, as they generally have simplified underwriting processes and may not require a medical exam. This makes them a popular choice for individuals who may have difficulty obtaining traditional life insurance due to age or health issues.
The proceeds from a final expense insurance policy can be used to cover funeral expenses, burial costs, and other end-of-life expenses, such as outstanding medical bills or credit card debt. Some policies may also allow beneficiaries to use the funds for other purposes, such as paying for college tuition or making a charitable donation.
The Benefits Of Final Expense Insurance:
Overall, final expense insurance can provide a simple and affordable way to ensure that end-of-life expenses are covered and help ease the financial burden on surviving family members.
How It Works?
Final expense insurance is a way for individuals to ensure that their loved ones are not burdened with the costs of their final expenses.
