Losing a loved one is an emotional, difficult experience. When you are grieving the loss of someone you love, it is not a good time to be faced with unexpected financial burdens. Expenses associated with death, on average, can exceed $8,000. To spare your loved ones when you pass away, it is advised that you put a final expense insurance policy in place to pay for end-of-life costs.
What Is Final Expense Insurance?Expenses associated with death could have a significant financial impact on your loved ones. Social Security only provides a one-time payment of $255 for burial expenses. The average funeral costs more than $8,000 when you factor in the costs of:
- Death certificates
- Housing the remains
- Preparation and embalming
- Use of funeral home
- Burial plot
- Burial service or cremation
- Printing of memorial cards
Cost of Final Expenses InsuranceDifferent types of final expense insurance, also known as funeral insurance and burial insurance, are available. You can purchase a whole life policy that covers you until death, or a less expensive term policy that covers you until you reach a specified age. Both types of policies are available at various limits and premiums. Our agent L & A Insurance Services in Scottsdale, Arizona, can help you find the right final expense insurance policy to suit your needs.
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