Buying a home, automobile and funerals are the most expensive purchases people ever make. Many funerals run well over $6000 in upwards of $10,000. This can be a great cost burden on many families which is why it makes sense to have final expense insurance in place. It is possible to pay for your funeral with funds which would otherwise go toward the cost of retirement, living expenses and/or nursing home care. Failing to have proper planning in place, your funeral can unnecessarily shift a major expense to your family. If you have dependents, timing of the purchase can be critical. The earlier the better. Funeral insurance policies are becoming more and more common.
There are definite advantages to having a policy that include:
•you are spending dollars for a specific need
•most funeral and burial purchases are made when buyers are vulnerable emotionally and lack the time and information to negotiate prices effectively. Having a policy in force greatly reduces this problem.
•preplanning ensures that all of your final wishes will be fulfilled. Death is a difficult subject to discuss, often times your true wishes may not be known or fully understood by your family.
•preplanning provides you and your family with the peace-of-mind in knowing that everything has been taken care of in the manner you specified.
You might think, "well, I can just set aside money for my funeral and burial." However, this type of preplanning does not offer the advantages listed above. There are too many questions left behind for the survivors, funeral director, and of course, the cost of the funeral and cemetery expenses.
Owning a final expense policy to pay for your funeral and burial plans gives you complete control of handling the funds. A preneed package primarily sold by funeral directors will pay for your funeral only with nothing left over for your survivors. The more expensive the funeral, the more money the funeral home makes.
Trisha M. Pacenti RN,BSN