Unfortunately, there isn’t a one-size-fits-all answer to this question, but our benefit calculator might help you hone in on how much you need.
End of life financial planning is often put off or ignored because it’s not a happy subject but it is important. The first step is deciding what your final wishes are: do you want a full funeral with a celebration afterward for all your family and friends? or do you want a simple cremation?
The average final expense plan is $10,000 which is in-line with the $8,755 average cost of a funeral in the US (Source: National Funeral Home Directors Association). The average cremation is slightly less expensive.
Here are some costs to consider when deciding your coverage amount:
- Funeral Home services
- Cremation Service and urn
- Newspaper obituary
- Probate fees
- Flowers and wreaths
- Cemetery Plot
- Stonework for headstone or grave marker
- Catering services for family gatherings or celebrations
When applying for coverage, you can always ask your advisor to provide different premium amounts at different coverage levels to find a perfect fit for your wishes and budget.