How To Mitigate The High Cost of Dying
Thanatophobia, or anxiety or discomfort when the subject of death is discussed is a condition that many of us suffer from. However, avoiding planning for our inevitable death because of thanatophobia will come with some costly repercussions. Let’s look at those high costs of dying in the United States.
Funerals in America
Most people are under the mistaken idea that they will be able to have a nice funeral for around $6,000.00. For that you would have had to die in the 1980s. Today a decent funeral will cost your family around $20,000. How can that be? Well, let’s break it down.
- Funeral home: This amount cannot be declined and covers the cost of staff and advisement averages $2,000 to $2,500
- Transportation of remains to funeral home: $325
- Embalming: $725
- Cosmetics and hairstyling: $250
- Room and staff for the viewing: $425
- Hearse: $325 with $250 for each additional car for family and clergy
- Memorial printed package: $160
- Obituary: $110
- Filing of legal documents and death certificate: $150
- Casket: Starting at $2,500.00
- Thank you notes: $110
- Vault: $1,400
- Flowers: $200
All these costs don’t even cover the grave site. There you will have to pay for the plot, the opening and closing of the grave, graveside services, the headstone and the setting of the headstone. Last but not least will you be having a small reception with food after the service for close friends and family? So, where will the money come from?
Insurance For Your Funeral
It is time to take a grownup, realistic look at your end of life plans. Most families do not have $20,000 on hand to pay for the expenses. It is also unfair to your loved ones for them to have to make often snap decisions while stressed and grieving, hoping everything they plan is what you wanted. Now is the time to prepare for this by determining what you would like as a final farewell and how it will be paid for. This is where burial insurance is an ideal choice.
What Is Burial Insurance?
Burial Insurance, funeral insurance or final expense insurance is a policy that you can take out to pay for your final expenses. It is an ideal insurance to ensure your family will not suffer financial hardship trying to bury you. It is a whole life insurance policy with a death benefit of $5,000 to $50,000 depending on your budget. There are many benefits to a Burial Insurance policy.
- No age limit
- Low monthly premiums
- Will not expire with paid premiums
- Amount gets paid out usually within 48 hours as opposed to 10-30 days with regular insurance.
- You can designate the Funeral Home as the beneficiary
- No medical examination
Some funeral homes also carry this insurance allowing you to pick out what you would like and lock in the current prices. With burial insurance all of your funeral expenses will be covered, so you and your family will not have to worry about covering the costs.