Funeral and burial fees may be as much as $15,000. If you want to avoid your loved ones being burdened with funeral and burial costs when you’ve passed on, then you will need a plan. Here’s a quick cheat sheet on how to protect your family from end-of-life expenses.
Will funeral homes take life insurance?
Yes. Many funeral homes will work closely with families and normally perform their services and wait to receive payment from the family once they receive the death benefit.
There is a product called funeral insurance in which funds are set aside and paid directly to your funeral home of choice, but we recommend instead to purchase a form of life insurance that distributes benefits to your loved ones and they can use these funds for whatever they want, including funeral expenses.
» Compare: Term life insurance quotes
What types of life insurance can provide coverage for funeral and burial costs?
Any type of life insurance you purchase can provide death benefits for a funeral as long as you die while it’s inforce—or active. Final expense life insurance (a small guaranteed whole life insurance policy sometimes confused with funeral insurance), permanent life insurance, or a term life insurance policy can provide funds to pay for end-of-life costs.
How much insurance should I buy to cover funeral costs?
The average funeral and burial cost about