8 Good Reasons to Buy Final Expense Insurance

Final Expense Insurance: Essential Statistics

Believe it or not—2016 Insurance Barometer Study shows—53% of life insurance owners in the U.S. find reasons to buy final expense insurance. Look at the following table before you wonder:

Why Final Expense Insurance Matters

Death has never been easy and cheap. It is emotionally troublesome for those who stay behind when you pass on. They lose the love they enjoyed from you. They lose the benefactor, the breadwinner, the best guide they had.

Even if you are not the breadwinner, you count important to them.

This is family ties.

However, on a realistic note, they find the burden of paying for the medical bills, the loans and the funeral costs to be an addition of fire to the fuel when you pass on. For those who have no savings and lose their breadwinners, the time can be of heightened emotional turbulence. If you have a practical approach toward family finance, you can save your heirs from the financial trouble by purchasing a final expense insurance policy.

Final expense insurance is intended to meet the last rites bills that an insured’s death involves.

If your term life insurance is over, you should not ignore funeral expense insurance.

Funeral Can Be More Expensive than You Know

In the U.S., funeral costs are leaping fast upward.

According to National Funeral Directors Association (NFDA) the national median cost of burial in 2014, was $8508. It was inclusive of a vault but exclusive of things like monument or marker, cash advance charges for flowers or obituary.

Ten years earlier in 2004, the same would cost you $6,580. The cost for burial thus rose by 29.3%.

Item-wise speaking, the lowest raise in cost was 14% in the price of metal casket which cost $2,395 in 2014. The same would cost you $2,100 in 2004. Similarly, the cost for non-declinable basic services fee rose by 37%, removal of remains by 59%, embalming by 39.6%, preparation of the body by 42.9%, facilities by 25.3%, hearse by 41.1%, service vehicle by 42.5% and basic memorial printed package by 63.2%.

Cremation Not Cheap

Though many people consider cremation to be a cheaper option for the last rites, it is no less expensive by any means. According to the NFDA analysis, the median cost of an adult’s funeral with cremation in 2014 was $6,078. This cost does not include vault, monument or marker or the miscellaneous costs related to the ceremony.

Clearly, funeral can be highly expensive. If you do not wish your people bore the burden, final expense insurance is worth purchasing.

The Uses of Final Expense Insurance

Final expense insurance can be useful in the following 8 ways:

Labels