Final Expenses do you have enough coverage?

Are you concerned about how your loved ones will afford the final expenses when you pass away? While death is an inevitable part of life, final medical bills, funeral expenses, and estate settlements should not add to the burden of losing a loved one.

According to a 2019 General Price List survey of the National Funeral Directors Association, final expenses can range from $8000 to 10000. Planning for these costs today could prevent your family from dealing with a financial burden in addition to coping with the loss of a loved one.

One way to cover your final expenses without placing the responsibility on your family is to ensure you have a life insurance policy that meets your needs. Your life insurance policy can be an essential part of your financial planning. Taking the time now to review your coverage and benefits may give you the peace of mind you deserve. What are the Potential Final Expenses in Michigan?

What are the Potential Final Expenses in Michigan?

Michigan standard funeral services consist of:

  • Memorial or headstone
  • A Casket or urn for cremation
  • Burial plot
  • Death certificates for the deceased
  • Transportation to the cemetery
  • Funeral home preparation and embalming service
  • Use of funeral home

Additional services such as flowers, printing service, and reception can potentially add thousands to the cost of the funeral.

Creamation  is a More Affordable Final Expense Option

 As per the National Funeral Directors Association, the total cost of cremation includes the following:

  • Basic services fee: $2,495
  • Removal and transfer of remains to the funeral home: $395
  • Embalming and other body preparations (if there is a viewing): $1,140
  • Facility rental and staffing for viewing and funeral ceremony: $1,025
  •  Service transportation: $175
  • Printing for services: $195
  • Cremation fee (if the firm uses a third-party crematory): $400
  • Alternative cremation container: $160
  • Urn: $295

These costs may vary depending on the funeral home and location.

How to fund Final Expenses

Social Security only pays a lump sum of $255 for burial expenses to those who qualify. Unfortunately, too many people lack adequate protection and rely on “GoFundMe” pages to provide for expenses.

You can get a Michigan life insurance quote online or call 248-277-4505 for more information on protecting your loved ones’ final expense needs.

Finally, click the link for more information on life insurance policies available in Michigan.