When selecting a life insurance policy, one of the things to consider is the possibility of using the policy to pay for your funeral expenses. The cost of funerals can vary widely and be hard to predict; there is no specific dollar amount that applies to everyone's needs. However, as you consider purchasing a life insurance policy, it helps to know what types of coverage are available to help meet these specific needs.
First, Consider Your Needs
It’s possible to make plans for some funeral details now, and doing so can give you and your loved ones some peace of mind. You'll know that your loved ones will not have to fund these expenses. This way, you can still use life insurance as a payout, outlining how much will go to pay for the funeral expenses that you've arranged in advance. If you do not wish to make those plans in advance, you'll need to plan coverage for a number of key costs. These may include:
- Final medical expenses
- Any long-term care costs that apply
- The actual funeral and burial expenses
- The way in which you want your body cared for
- Any specific costs related to religious needs
Once you have a few ideas about these costs, you can begin to get estimates on your life insurance. The average cost of a funeral ranges from $5,000 up to $15,000, but costs can be higher depending on what is selected and what is paid in advance.
Is Burial Insurance Enough?
Some people elect to purchase burial insurance, which pays out quickly and covers specific expenses. However, it is a set-in-stone figure and it does not provide your heirs with the ability to make key decisions. Additionally, the funds may be quite limited. A life insurance policy can be more specific, streamlined and more affordable in the long term. It’s worth considering both options.
Don't overlook the value of selecting a life insurance policy that offers enough flexibility to allow your loved ones to care for you in a way that is fitting. Remember, too, that funerals are not for you, but rather for those you leave behind.
Get the coverage you need to protect your family. Call Mitchell & Mitchell Insurance Agency at (888) 512-8878 for more information on San Diego life insurance.