Today, the average funeral costs $6,590, according to the National Funeral Directors Association. That’s just for basics and doesn’t include costs for the cemetery, grave marker and flowers.
There are several options for funding funeral expenses. But before you choose one, take a look at the big picture so you understand the costs and what is covered.
Burial Insurance or Final expense life is an excellent investment even for senior citizens. If you have yet to consider the importance of having this type of life insurance, now may be the best time to do so. Most people, even those well into retirement, will benefit from them. How will you pay for your spouse’s funeral expenses? How will they pay for your own? More so, many people leave behind bills that need to be paid. Any of these expenses may have coverage by a final expense life policy.
These whole-life policies provide coverage for the rest of your life and have cash value. The cash account builds over time; you can withdraw or borrow against it, although the amount – plus interest – will be subtracted from the death benefit if you don’t repay it. Because these policies are small, the cash value is.
As a senior citizen, you may have no ability to obtain other types of life insurance policies, but your ability to obtain a Burial Insurance policy is possible. Many of those who do not qualify for life insurance in any other fashion is still likely to qualify for this type of life insurance. It is an ideal alternative for those who do not qualify for insurance any other way.
As you consider your current financial arrangements, ask yourself how the costs of your death itself will receive handling. Is your family capable of funded a proper burial for you and covering any end of life costs that may be present? If you do not want to leave this behind for your family, or you would like to have arrangements put in place ahead of time, final expense life is the route to go. Senior citizens will find these policies an ideal investment.
Mintco Financial is the leading independent company in Burial Insurance for seniors.
Call us today for a quick quote at 813-964-7100 or visit our website at www.MintcoFinancial.com
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