According to foxbusiness.com the average cost of a traditional funeral, including embalming and a metal casket, is almost $6,600, according to the most recent data from the National Funeral Directors Association. Cemetery services, including the gravesite and vault or liner, can cost an additional $3,000, that's over $9,000!
You have a few options when it comes to your final expenses.
Option 1: Do nothing. When you pass away, hopefully you have enough money set aside, or your family has enough money set aside to cover those expenses.
Option 2: You can prepay for a funeral at your local funeral home. They have different kinds of payment plans so you don't have to pay for it at once. However, if you pass away before you finish paying your family will have to.
Option 3: You can purchase a final expense life insurance policy for your burial needs. Just like any Whole Life policy, there is a face value, a monthly payment, and a cash value that increases. The reason why a final expense policy is the best option is because in most cases, if you pass away a lot sooner than expected, the policy pays regardless how much you've payed in. You can buy a policy today, die tomorrow and you get the full face value. Final expense policies typically have simplified underwriting, which means you can still qualify, even with conditions like diabetes.
You have a few options when it comes to your final expenses.
Option 1: Do nothing. When you pass away, hopefully you have enough money set aside, or your family has enough money set aside to cover those expenses.
Option 2: You can prepay for a funeral at your local funeral home. They have different kinds of payment plans so you don't have to pay for it at once. However, if you pass away before you finish paying your family will have to.
Option 3: You can purchase a final expense life insurance policy for your burial needs. Just like any Whole Life policy, there is a face value, a monthly payment, and a cash value that increases. The reason why a final expense policy is the best option is because in most cases, if you pass away a lot sooner than expected, the policy pays regardless how much you've payed in. You can buy a policy today, die tomorrow and you get the full face value. Final expense policies typically have simplified underwriting, which means you can still qualify, even with conditions like diabetes.