Seeing your loved ones struggling with financial burden is a frustrating experience and we believe, you too won’t wish the same to happen. Buying a final expense insurance now will keep the family members away from the stress of arranging a funeral after your departure. In this article, you will get a detailed information of how much a particular service cost while buying insurance.
What Final Expense Insurance Is Made For
These are the insurance policies designed with an objective to help people pre-plan their funeral ceremony and protect their loved ones from an additional financial burden. This means if you have bought a final expense life insurance for seniors, you won’t need to worry about funeral arrangements and expenses after the demise of parents and can peacefully grieve in solitude. Your nearest or preferred funeral home will arrange the funeral in a smooth way and the insurance provider will take care of all the expenses. However, to get a cover, you need to inform the insurance provider about the demise of an insured as soon as possible so that they can communicate with the preferred funeral home and required arrangements can be made in time.
Some life insurance plans are also there that take care of funeral expenses but not everyone can afford a life insurance just for the sake of a funeral expense cover. Also, there are people who don’t qualify for a life insurance plan due to their specific medical conditions. In this scenario, funeral expense plans have an edge over life insurance. You don’t need to undergo any medical examination to prove your insurability and anyone can get insurance for themselves. Even, you have someone in the family suffering from a terminal disease, you can easily get a plan for them, without being interrogated about the same.
How Is the Insurance Cost Calculated?
There are numerous things that decide whether the funeral cost will too low or high and the same decides the cost of an insurance plan. You can get in touch with insurance experts or representatives to get an idea how are the insurance costs calculated, and which plan will be the most suitable for you. But before you do so, you are suggested to get multiple final expense insurance quotes from online insurance portals. Once you have got the quotes, you have an idea about the average costs of an insurance plan. Now, you can shortlist tops 3 or top 5 insurance plans and talk to representatives of those insurance companies. They will ask your funeral related preferences and let you know how much does a particular service cost and how can you eliminate the services you don’t need. For your comfort, we are providing an estimate of some most common services and their costs below:
Professional Services
These are basic services that you will have to pay for whenever you arrange a funeral. Under these, you may have to pay around $600 for the basic services provided by funeral home staff. The embalming service costs around $700 and you may need to pay another $400 for other preparation services.
Facilities and Staff Services
The funeral homes provide the cemetery and graveside services and arrange the viewing or a wake ceremony for friends, relatives and loved ones of the deceased. Under these services, you may have to pay $900 for viewing or a wake ceremony and would have to pay around $600.
Transportation Services
They transport the remains to the funeral home through a regular hearse and you would have to pay around $200 for transportation and $250 for the hearse. If you decide to transport the remains through a limousine, that would cost you around $200 extra.
Merchandise
Under this category, the funeral homes provide the casket or cremation urn for the deceased. If the deceased had wished to be cremated, they will be provided the cremation urn, otherwise a casket for around $3500. Also, they provide burial or urn vault for $2500 and for the memorial tombstone service, you will have to pay another $1000.
Other Expenses
These include some additional services such as floral arrangements, burial clothing, food, airfare and accommodation for visitors and other optional services that may add another $1000 for the same.
