How Much Money will be needed to cover Final Expense costs? Here's an average snap shot of what many families can testify to as the MINIMUM that was needed when a family member passed.
The average funeral cost today is about $8,600, which is a minimum amount to use as you begin your quote. Get a lower about if you need to, but consider this amount first.
Additional fees for cemetery, monument, flowers, & obituaries can increase this cost to $14,900
I asked a friend of mine who owns a funeral home what he tells a family when they ask him how much life insurance needs to be in place to pay for a funeral. He said "for some years now I've been telling them $10,000 minimum, but now because of price increases he said I'm going to soon begin telling them $12,000 at a minimium".
You cannot spend all of your money on life insurance, but neither do you want to have Final Expense costs that you cannot afford if you don't by enough Life Insurance, or have to borrow money that you don't have when a loved one dies.
Insure the Risk at as low a premium as possible because you've got to continue to live.
The Best Time to buy insurance to cover your Final Expenses is now.