Over 50? Change Has Come To Cremation And Funeral Pricing

The Three Truths Every Family Must Know About Cremation and Funerals

The first truth is that the price for the average funeral went up about 3 times more than inflation since 2004.

1 Paying for a funeral or cremation stresses families.

The second truth is that when families cannot afford a funeral, the number of unclaimed rise. During the last recession, more American bodies went unclaimed.2

Because we don’t know what the future will hold, we need to prepare the best we’re able.

The key is to lock in a discounted insured rate ahead of time. This will safeguard your family from pricing that they cannot afford and save them money.

The average funeral costs $7,000 to $10,000 according to an analysis from September. These items cost extra: flowers, catering, helping visitors attend, or estate administration costs.

The bad news is that average funeral costs are climbing fast. A 10 year projection states it could be $17,000.4 By checking out rates, you could relieve your loved ones from financial stress. It protects them from funeral hikes at the most difficult time.

Projections show average prices will continue to increase. Since we don’t know when the next economic down turn will happen, this will guarantee a proper funeral. Your relatives will be safe from these huge expenses.

Even if you have life insurance, you’ll want final expense insurance. There are several reasons: Term life insurance expires. Second, final expense doesn’t have those same strict health requirements. And, most underestimate the amount of life insurance they need.

Final expense insurance is cheap because they’re easy to setup and straightforward. You’re able to lock in the price that works for you. These cost about a few dollars a month, and cover about $5,000 to $25,000 depending on the plan that you pick. The also don’t expire after a certain time-period.

The other option is to pick a prepaid funeral plan. These can have ramifications. Funeral homes sometimes mismanage the money. What you purchased may not be available at the time of death. If you moved, your plan may no longer be valid. Prepaid funeral plans aren’t regulated to the extent that final expense insurance is. There’s risk with a funeral plan.

Final expense coverage is different. It is a type of whole life insurance. That means: Large financial institutions secure the coverage amount. And, the government enforces the payout. Additionally, there’s often no required medical exam, and coverage doesn’t expire. Many final expense plans come with a 30 day money back guarantee — which you can pick instantly.

Dozens of life insurers provide final expense coverage.

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