Final Expenses do you have enough coverage?
Are you worried about how your loved ones will pay the final expenses at the time of your death? While death is an inevitable part of life, financial questions about final medical bills, funeral expenses, and estate settlements should not be.
According to a 2019 General Price List survey of the National Funeral Directors Association, the average cost for final expenses is between $7000-$9000. Preparing for those costs today could prevent family members from dealing with a financial burden in addition to coping with the loss of a loved one.
One way you can cover your final expenses without placing the responsibility on your family is to make sure you have a life insurance policy that will meet 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.
The death of a loved one can be enough of a physical and emotional burden for your family. By planning, you can prevent it from being a financial hardship as well. Visit with your insurance agent and discuss how a life insurance policy can cover your final expenses. It will only take a few moments of your time but may go a long way toward easing the burdens of those you leave behind.
What are the Potential Final Expenses in Michigan?
Michigan standard funeral services consist of:
- Memorial or headstone
- 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.
Final Expenses Sources?
Social Security only pays a lump sum of $255 for burial expenses to those who qualify. Too many people do not have adequate protection and are relying on “Gofundme” pages to provide for expenses.
Finally, click the link for more information on life insurance policies available in Michigan.