Seeing your loved ones struggling with financial burdens is a frustrating experience, and we think you won’t want the same thing to happen to you either. Purchasing final expense insurance now will keep family members from the stress of arranging a funeral after you leave. In this article, you will get detailed information on how much a particular service costs when buying insurance.

What is final expense insurance for?

These are insurance policies designed with the goal of helping people plan ahead for their funeral ceremony and protect their loved ones from additional financial burden. This means that if you have purchased final expense life insurance for the elderly, you will not have to worry about funeral arrangements and expenses after the death of the parents and you will be able to grieve in peace and solitude. Your nearest or preferred funeral home will arrange the funeral without any hassle and the insurance provider will take care of all expenses. However, to obtain coverage, you must inform the insurance provider of the death of an insured as soon as possible so that they can contact the preferred funeral home and arrangements can be made in time.

There are also some life insurance plans that take care of funeral expenses, but not everyone can afford life insurance just to cover funeral expenses. Also, there are people who do not qualify for a life insurance plan due to their specific medical conditions. In this scenario, funeral expense plans have an advantage over life insurance. You do not need to undergo any medical examination to prove your insurability and anyone can obtain insurance for themselves. Even if you have someone in the family who is terminally ill, you can easily get a plan for them, without being questioned about it.

How is the cost of insurance calculated?

There are numerous things that decide whether the cost of the funeral will be too low or too high, and the same thing decides the cost of an insurance plan. You can contact insurance experts or representatives to get an idea of ​​how insurance costs are calculated and which plan will be the best fit for you. But before doing so, we suggest that you get multiple final expense insurance quotes from online insurance portals. Once you have the quotes, you will have an idea of ​​the average costs of an insurance plan. Now, you can shortlist the top 3-5 insurance plans and speak with representatives from those insurance companies. They will ask your funeral-related preferences and tell you how much a particular service costs and how you can eliminate services you don’t need. For your convenience, we have provided an estimate of some of the most common services and their costs below:

Professional services

These are basic services that you will have to pay for each time you arrange a funeral. Under these, you may need to pay around $600 for basic services provided by funeral home staff. The embalming service costs around $700 and you may have to pay another $400 for other prep services.

Facilities and Personnel Services

Funeral homes provide graveside and cemetery services and arrange a viewing or a viewing ceremony for friends, family and loved ones of the deceased. With these services, you may have to pay $900 for a viewing or wake ceremony and would have to pay around $600.

Transport services

They transport the remains to the funeral home via a common hearse and you would have to pay around $200 for the transportation and $250 for the hearse. If you decide to transport the remains in a limo, it would cost you around an additional $200.

Goods

Under this category, funeral homes provide the casket or cremation urn for the deceased. If the deceased wished to be cremated they will provide the cremation urn otherwise a casket for around $3500. Also they provide burial or urn vaulting for $2500 and for memorial headstone service you will have to pay other $1000.

Other expenses

These include some additional services like flower arrangements, burial clothes, food, airfare and accommodation for visitors and other optional services that can add up to another $1000 for the same.