Seeing your loved ones struggling financially is a frustrating experience and we think you wouldn’t want the same to happen either. Purchasing final expense insurance now will save family members the stress of arranging a funeral after you are gone. In this article, you will get detailed information about the cost of a particular service when buying insurance.
What is final cost insurance for?
These are insurance policies designed to help people plan ahead for their funeral ceremony and protect their loved ones from additional financial burden. This means that if you have final expense life insurance for seniors, you won’t have to worry about funeral arrangements and expenses after the parents die and can grieve peacefully in solitude. Your nearest or preferred funeral home will arrange the funeral smoothly and the insurer will cover all costs. However, to obtain coverage, you must notify the insurance provider of an insured’s death as soon as possible so that they can contact the preferred funeral home and the required arrangements can be made in time.
Some life insurance plans also cover funeral expenses, but not everyone can afford life insurance just to cover funeral expenses. In addition, some people are not eligible for a life insurance plan due to their particular health condition. In this scenario, funeral expense plans have an advantage over life insurance. You do not need to undergo a medical examination to prove your insurability and anyone can obtain insurance for themselves. Even if you have someone in the family who is suffering from a terminal illness, you can easily get a plan for them without being asked about it.
How is the cost of insurance calculated?
There are many things that decide whether the cost of a funeral will be too low or too high and the same goes for the cost of an insurance plan. You can get in touch with insurance experts or representatives to get an idea of how insurance costs are calculated and which plan will suit you best. But before doing so, you are suggested to get several final expense insurance quotes from online insurance portals. Once you get the quotes, you have an idea of the average costs of an insurance plan. Now you can shortlist the top 3 or 5 insurance plans and talk to the representatives of these insurance companies. They will ask for your funeral preferences and let you know how much a particular service costs and how can you eliminate services you don’t need. For your convenience, we provide below an estimate of some of the most common services and their costs:
These are basic services that you will have to pay for each time you organize a funeral. Under these, you may have to pay around $600 for basic services provided by the funeral home staff. The embalming service costs around $700 and you may have to pay an additional $400 for other preparation services.
Staff facilities and services
Funeral homes provide cemetery and burial services and arrange visitation or a wake-up ceremony for friends, relatives and loved ones of the deceased. Under these services, you may have to pay $900 for the viewing or a wake-up ceremony and will have to pay around $600.
They transport the remains to the funeral home via a regular hearse and you will have to pay around $200 for transport and $250 for the hearse. If you decide to transport the remains in a limo, it will cost you about $200 more.
In this category, funeral homes provide the casket or cremation urn for the deceased. If the deceased had wished to be cremated, he will be provided with the funeral urn, otherwise a casket for approximately $3,500. Also, they provide a burial or vault for $2500 and for the memorial headstone service you will have to pay an additional $1000.
These include some additional services such as flower arrangements, funeral clothes, food, airfare and accommodation for visitors and other optional services which may add an additional $1,000 for the same price.