For financial coverage when you die, choose term life insurance. Or choose what you want coverage for when you buy term life insurance.
When people are looking to buy term life insurance, most often they are buying it for financial coverage. Well, coverage for what, you ask? The answer to that question is you may choose what you want to cover. That might just be credit card debts, the kid’s college education fund, your mortgage, or yes, funeral expenses. Many opt to cover funeral expenses simply because, when it comes to dying, the bill is staggering.
These days, death is a lucrative business, with cremations ranging from $1,500 to $3,000. The costs can be higher if you have any special requests. It used to be that cremation was the least expensive method to handle the last wishes of a deceased, but no longer. Burial will cost even more, as it includes the cost of a plot (expensive enough on its own), a casket, the opening of the grave, reinforcing the walls to receive the casket, the funeral itself and the grave closing. If you want a headstone, that is even more.
Surely, the funeral costs can’t be that high? Unfortunately, they are, and just a few examples include the payment up to $500 to open the grave site, at least $1,000 to prepare a vault and anywhere from $500 to $5,000 for a headstone. The casket itself is perhaps the most expensive item your family would deal with, even if it did happen to be cardboard, which is an option nowadays. Generally speaking, people choose metal and that may range up to $2,000 and more.
Don’t forget there are also the funeral home fees. Those range from embalming to storing the body to getting burial permits and issuing death certificates. This may run around $1,500 or more. Often, if you are quoted on what a funeral may cost, if you speak to two different people, you get two different quotes. Pay attention to what you are told.
If you have flowers, music, a minister, transport and any other special services, add these things to your costs as well. As you can see, there’s a good reason why people buy term life insurance to cover their funeral expenses. The sad thing is that when someone dies, stress is high, emotions are high and anxiety surrounding how to pay for the expenses runs rampant. This is why you would want to take care of that stress for your family and make sure you have a term life insurance policy.
Got questions? Ask an expert term life insurance agent or broker for answers. It will be the best call you ever made.
Lesley Reuben writes for Life Insurance 2.0. To learn more or to compare life insurance quotes, compare term life insurance, or get an instant life insurance quote, visit http://www.lifeinsurance2o.com