Life and death has been going on since the beginning of time. Most of the time, people live a rather long life, and if they’re lucky they end up passing away in their sleep as a natural act of the life process. However, a lot of us have families, and it would be in their best interest to be covered with a life insurance policy in case something happened to us whether that be an accidental death or a major sickness.
Maybe you’ve never thought about these possibilities and are now thinking that it might be a good idea so your family is covered. Hence, average term life insurance rates would be a good idea, but you might have some other questions about life insurance that you would like to have answered like, whether or not life insurance would cover funeral costs?
Today, we will be going through such questions so you have the answers you are seeking. Let’s get started!
Does Life Insurance Cover Funeral Costs?
Normally, people obtain life insurance to prepare for their death, so that they can assure that their families and loved ones will be able to survive and get by after such a death because they will face financial issues.
With life insurance, they will be able to shoulder some long-term expenses such as college tuition, medical bills, outstanding loans, and a mortgage. Life insurance will also help them adjust a new situation that resulted from the loss of income due to unexpected death.
All of these are matters that are commonly discussed when applying for life insurance. However, funeral expenses are also an immediate problem your love ones will face when you die. You may be wondering whether or not such expenses can be included in the policy.
Funeral costs can be covered in your life insurance policy. What you can do is discuss this with your insurance agent. However, before you include this package, you should determine the cost of funeral and burial today.
How Much Will a Funeral in the Future Cost?
It’s difficult to determine the funeral cost in the future, but you can use the current rates and prices to predict the cost. Today, funerals are between $6,000 and $10,000, which is for a regular burial funeral service, and a cremation is around $4,000 to $12,000.
What to Consider When Deciding to Include Funeral in Your Insurance Coverage?
Based on the above costs, you can choose which type of funeral you would want for yourself. If you happen to figure you live longer, you should aim for the higher side of the price spectrum.
You have the freedom to compare prices and remove some unnecessary packages or expenses based upon on what your insurance agent will tell you. What you need to do is to inquire about funeral services, choose the necessary expenses, and include them as a package to be covered.
We don’t know what will happen in the future. All we know is that we will all pass away, and this may happen any time. Therefore, it is wise to prepare for that ahead of time by obtaining life insurance to make sure our family can give us a decent burial while helping them in final expenses such as funeral expenses.
However, going back to the original question to whether or not life insurance covers your funeral costs you now know that the answer is yes. All you have to do is to optimize your insurance package upon applying for insurance.