Funeral expense insurance – What is it?

Most of us certainly do not enjoy deciding the coffin we are supposed to be buried in, along with the ideal burial place and type of funeral which we would like for ourselves. But, death is an unavoidable reality and it is wise to pre-plan for the same, so that it is a lot easier for your loved ones after you pass. Do you know that according to the FTC (federal trade commission), a normal funeral along with the casket and also the vault costs can go up to $6000? This does not include the cost of the obituary placements, limousine services and the flowers which are an additional $10,000. You should also consider that in case of a sudden death the arrangements are unplanned and they are supposed to be addressed in almost 24 hours after someone’s death. Now do you understand the importance of getting a funeral expense insurance so that your loved ones are totally relieved of the extra work especially when they are drowned in grief.

Almost all of the funeral homes make it easier to pre-plan the funeral process, by making it possible for people to decide even the smallest of the details. You are provided a price list of the services and supplies which you will need for the funeral so that you get a complete idea of the cost of the process. Some of the funeral homes also offer price guarantees that mean you pay for the future funeral according to the present prices. However, the grave services and flower expenses are charged according to the current prices. There are actually three different and easy ways in which you can pay for the pre-arranged funerals apart from cash. They are pre-need insurance, pre-need trusts and final expense insurance.

The funeral expense insurance is also known funeral insurance which is actually a low level life insurance which can be purchased from any insurance company.

Like the life insurance policy, a beneficiary is named by the insured, but the money is used only for the funeral expenses. The funeral expense policy is either term life insurance or it can be permanent life insurance. The difference between these policies is the term insurance offers coverage only for a specific time and the permanent insurance offers coverage for whole life. These policies are further classified into guaranteed issue and simplified issue and any of these policies do not require any medical examination. However, applicants are enquired of any health related issues and people suffering from any serious health problems receive policy which includes a graded death benefit. This means that, the cost and the number of the premiums slowly increase and also the full expense of the policy is liable only after a definite period of time.

You should definitely go for funeral expense insurance so that you can decide the way you want to take leave of the world. This is bound to give you an immense sense of satisfaction and also relieve your loved ones of any extra stress.

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