Curious about funeral costs?
Here’s how life insurance can help.
No one likes to think about their own funeral, but the thought of leaving the people you love with thousands of dollars in final expenses is an unsettling idea, too. Life insurance can help.
According to the National Funeral Directors Association, the average funeral in 2019 cost $9,100. Those expenses varied, depending on the state and region. Hawaii’s funerals were the most expensive on average (more than $14,000). Mississippi was the least expensive state at almost $6,700.
Those bills, like many final expenses (such as medical bills), are due shortly after a loved one’s passing.
Breaking down the cost
You might be wondering why funerals are so costly — and what’s included in an average funeral bill. U.S News and World Report recently estimated (last year) the cost of common expenses included in most funeral bills.
Here’s how they broke it down:
- Casket price: $2,000 to $5,000
- Embalming: $500 to $1,000
- Preparing the body, such as hairstyle and makeup: $250
- Headstone or grave marker: $1,000 to $5,000 depending on the style
- Flowers: $500 to $700
- Transporting remains to the funeral home: $325
- Facilities and staff to manage a viewing: $425
- Facilities and staff to manage a funeral ceremony: $500
These are just estimates. Depending on individual circumstances and preferences, the costs for each service could be more or less.
Tips for saving money
Planning for your funeral can help save your family money. It gives you the opportunity to make decisions before the grief and confusion that accompany a loss are happening. For example, many people don’t realize that you can “price shop” funeral homes in your area. It’s a good idea to see what locations in your city charge for services. You can move forward with planning your funeral at the location offering services that best fits your budget. While it still can cost several thousands of dollars, a cremation with services usually costs less than a traditional funeral with a casket, vault and burial.
The Federal Trade Commission (FTC) mentions a few additional ways you can save money while planning a funeral:
- Consider a service without embalming (which is not legally required or necessary if cremation or burial occurs soon after death) to save money.
- Check prices for a casket or urn online before you purchase one directly from the funeral home.
- While grave liners and vaults are generally included as part of a traditional funeral and burial, they aren’t required; so, you don’t have to pay for these additions if you don’t want to use them.
How final expense whole life insurance helps
Another way to help your family with funeral costs is to prepare for the future with final expense whole life insurance. With coverage amounts ranging from $5,000 to $35,000, these policies help families get through the uncertain days just after a loved one passes away.
Unlike some larger whole life or term life policies, final expense policies pay out in days. That means the money will be there when your family needs it the most.
There aren’t any restrictions on how your family can use the funds. If they need money to pay funeral expenses, it’s there. It can pay:
- Medical expenses
- Funeral costs
- Mortgage payments
- Credit card bills
- And more
Plus, these policies can be more budget-friendly than other options. Because they’re for smaller amounts, many people can get thousands in final expense whole life insurance coverage for the same cost they pay for a monthly streaming service or dinner at a restaurant.
SagicorNow makes getting coverage for your final expenses easier than before. You can apply completely online, or talk with a friendly, sales specialist. You’ll have a decision about your coverage within a few minutes. And, you can choose the premium payment interval that works best for you.