Why Should I Buy Final Expense Insurance?
Posted in Final Expense Insurance last updated on October 24, 2022
Chances are, you know someone who has passed away without life insurance and you’ve seen the financial impact that it’s had on that person’s family.
With no money coming in from the life insurance company to pay for the funeral, that family probably had to have a fundraiser to raise the money to pay for the funeral service. They may have had to do a carwash or garage sale, or maybe even set up a Go Fund Me account and ask strangers to donate money to help pay for the funeral.
It’s even common for someone in the family to have to take out a loan from the bank.
Funeral expenses can be very expensive and leaving this bill behind for your family to take care of after you pass can leave them in financial hardship.
Think about it… this will probably be the worst day of your loved one’s life. They’re already grieving and without a final expense policy in place, they’ll have the added stress of coming up with thousands of dollars for funeral costs.
If you’ve ever had to arrange a funeral you already know that funeral homes will require you to pay the full cost of the funeral upfront.
Funeral homes don’t offer financing options.
With the average funeral taking place within one week or less from the time of death, your loved ones won’t have a lot of time to come up with the money for the funeral.
Funeral Costs and Final Expenses
The national median cost of a funeral is $10,000 and can go as high as $20,000.
National Funeral Directors Association statistics give a breakdown of funeral costs for funerals with burial and funerals with cremation.
Even though we show a breakdown of average funeral costs below, it’s important to ask your funeral home about potential extra charges.
| Funeral With Burial | Funeral With Cremation |
| Undeclinable basic service fee: $2,500 | Undeclinable basic service fee: $2,500 |
| Metal Casket: $2,500 | Cremation casket: $1350 |
| Wood casket: $3,000 | Transportation of body: $500 (can be as high as $10,000) |
| Vault: $1,600 | Cremation fee: $375 |
| Transportation of body: $500 (can be as high as $10,000) | Transportation of body: $500 (can be as high as $10,000) |
| Embalming and body preparation: $1,075 | Embalming and body preparation: $1,075 |
| Funeral home fees: $1,500 | Funeral home fees: $1,500 |
| Service van/car: $150 | Service van/car: $150 |
| Printed memorial materials (basic package): $185 | Printed memorial materials (basic package): $185 |
| Urn: $300 |
Please keep in mind that these charges don’t include the grave plot, flowers, or obituaries.
Other costs that are not included can be end-of-life expenses such as medical bills, outstanding debts, and probate fees.