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Understand how life insurance works

What Does the Average Funeral Cost?

life insurance

It’s not a topic that anyone enjoys dwelling on, but planning and paying for a funeral is something that is part of life. Unfortunately, funeral bills can add up quickly. The cost can be stressful if you’re unprepared. Researching the benefits of whole life insurance, which can cover burial expenses, is wise, even if a funeral seems far away.

According to a 2019 study, the average traditional North American funeral costs between $7,000 and $10,0001*. Options such as burial plots, caskets, headstones, service amenities and transportation costs can quickly add up, and the total cost of a funeral could easily exceed the $10,000 mark. If this sounds like a lot for you or your family, there are options. Life insurance policies could help you cover funeral costs.

Whole Life Insurance Policies

Certain whole life insurance policies may have fewer restrictions and can be approved very quickly. It’s designed to help pay for any outstanding end-of-life expenses (including the funeral) that could leave a financial strain on surviving family members.

Whole life insurance could save you from additional stress in an already strained situation. When it comes to a funeral for a loved one, the last thing you need to be focused on is financial burden. Learn more about whole life insurance or calculate your need for life insurance.

 

SOURCE:
1 Parting (September 14, 2019). Web page: Funeral Costs: How Much Does an Average Funeral Cost?. Retrieved January 13, 2020, from https://www.parting.com/blog/funeral-costs-how-much-does-an-average-funeral-cost/.

*This (life insurance) does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this (life insurance) may use the proceeds for any purpose, unless otherwise directed.

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