As the name implies, final expense insurance is designed to cover the costs associated with the death of the insured party. It can be used to pay for things such as burial or cremation, medical and legal bills, or even immediate household expenses. Children have enough on their plates when their mom, dad, or both parents die. Firstly, they have to accept the loss and allow themselves time to grieve and mourn. The last thing they want to be worried about is where they are going to get the funds to pay for a burial or cremation.
Average Costs Of Burials And Cremations
After all, funeral services are quite costly today. The amounts will vary from one state and funeral home to the next. However, for a traditional burial and viewing, the average cost runs between $7,000 and $10,000. The price of a direct cremation is usually from $2,300 to $2,500. If your parent wants a ceremony along with the cremation, they should expect the price to rise to $6,000 or more.
What Children Might Have To Do To Get The Funding
Adult kids are not always prepared mentally or financially when it comes to a parent's death. They are often still finding their way in this crazy rat-race called life. Therefore, sometimes, these children do not have thousands of dollars collecting interest in the bank. They don't want to leave one of their guardians sitting while they attempt to get the money, but unfortunately, this issue occurs more often than one might think.
Sometimes, the children have to sell items from the estate to pay for the services, which can take time. On other occasions, kiddos might have to take out a loan. This action can leave them paying back the borrowed sum as well as interest for years to come. Heck, they may even have to take out a second mortgage on their home to access the equity and pay for the funeral. Luckily, final expense insurance can eliminate your children from having to take on funeral debt.
Useful Tidbits About Final Expense Insurance
Final expense insurance covers immediate household expenses, medical/legal bills, and burials or cremations. It is ideal for eliminating the financial burdens passed along to your children when you die. Almost every applicant qualifies for coverage. There is no medical exam required. Rather, interested parties just have to answer some questions about their habits, age, and any severe conditions that they may have. Additionally, the monthly premiums are affordable, and different face values are available between $2,500 and $25,000, so anybody and everybody can find exceptional coverage that meshes well with their budget.
Some companies even offer plans from $50,000 to $100,000. Thus, the parent can get an option that covers everything they need, such as a casket, the funeral director's fee, embalming costs, and more. So, don't let these financial burdens fall to your kids. Instead, get a final expense policy today and rest assured that you did your part to prevent them from experiencing money problems due to your funeral expenses.
Parents, do you want to protect your children from financial hardships after your passing? If so, give us a call to get a final expense insurance quote today.