Earlier this year, a close friend of mine passed away. This sweet woman was incredibly unique. Besides adoring vintage clothing, she always had extremely short hair. After her death, her son wanted to plan a funeral service with her unique style in mind. So, he immediately started working with the helpful staff at a respected funeral home in our hometown. After relaying his desires to the professional employees at the funeral home, my friend’s son decided to omit a viewing on the night before the funeral. Instead, he had the funeral home staff bring his mother’s body to the church two hours before the funeral service. He also gave anyone who wanted to speak at the funeral service an opportunity. On this blog, I hope you will discover the wonderful ways the staff at a funeral home can help you plan a unique funeral for a loved one.
While it may not be a pleasant topic, we all have to think about our final wishes at some point. It's important to take care of the expenses in advance so that people can grieve instead of worrying about your wishes. Funeral insurance is one option that can help make the end a lot easier for everyone.
Factors that Determine Cost of Funeral Insurance
There are a number of things that will the influence of cost of your funeral insurance policy:
1. Age
Age is obviously a large factor in determining the cost of your funeral insurance premiums. The older you are, the more likely you will need to file a claim. Here is the average premium cost of funeral insurance based on age:
Of course, these are average costs based on age. There are a number of other factors that may influence the cost.
2. Smoking v non-smoking
3. Gender
Payment Options for Funeral Insurance
There are three types of funeral insurance payment options: stepped premiums, level premiums, and single-premium policies.. Stepped premiums increase with age. Level premiums may cost more initially, but they stay the same price throughout the policy. Some funeral insurance companies also offer single-premium policies which are paid in one large sum.
Types of Funeral Insurance
There are generally three types of insurance policies that will cover funeral expenses: life insurance with a family member as the beneficiary, life insurance with the funeral director as the beneficiary, and pre-need contract with the funeral home. Pre-need contracts come from the funeral home itself. You go over your desires with them, and you pay for your needs in advance. This can alleviate the stress of any loved ones having to plan a service after your death. Many life-insurance policies also offer the option to set aside part of your policy for final expenses. You can either give this money to a family member and make them the beneficiary, or you can plan everything with the funeral home first and make them the beneficiary of that portion of the policy.
Amount of Coverage
Be sure to have enough coverage to cover the costs of your final wishes. Cremation services cost less than a burial, but costs can still add up quickly. How much will your personal funeral cost? Even budget funerals have an average cost of $5,646. This does not include the required extras. Plus, most people would like more than the basic services. Plan out how much your service will cost so that you can get the correct amount of insurance. Typical policies pay out a maximum of $15,000.
Share25 January 2018
