Global Courant
Watching your loved ones struggle with financial burdens is a frustrating experience and we believe you don’t want the same to happen. By taking out terminal costs insurance now, you prevent the next of kin from getting into trouble when arranging a funeral after your departure. In this article, you will get detailed information about how much a particular service costs when buying insurance.
Which terminal costs insurance has been arranged
These are the insurance policies designed with the aim of helping people plan their funeral ceremony in advance and protect their loved ones from an additional financial burden. This means that if you have purchased a term life insurance policy for seniors, you will not have to worry about funeral arrangements and costs after the death of the parents and can mourn peacefully in solitude. Your nearest or favorite funeral home will arrange the funeral in a smooth manner and the insurer will take care of all costs. However, in order to get coverage, you must notify the insurance company of the death of an insured as soon as possible so that they can communicate with the desired funeral home and the necessary arrangements can be made in a timely manner.
There are also life insurance policies that cover funeral expenses, but not everyone can afford life insurance just for the sake of funeral expense coverage. There are also people who are not eligible for life insurance because of their specific medical conditions. In this scenario, funeral expense plans have an edge over life insurance. You do not have to undergo a medical examination to prove your insurability and everyone can take out insurance for themselves. Even if you have someone in the family who is suffering from a terminal illness, you can easily get them a plan without being questioned about it.
How are the insurance costs calculated?
There are many things that decide whether funeral expenses are too low or too high and the same determines the cost of an insurance plan. You can contact insurance experts or representatives to get an idea of how insurance costs are calculated and which plan is best for you. But before doing so, it is recommended that you get multiple final expense insurance quotes from online insurance portals. Once you have the quotes, you’ll have an idea of the average cost of an insurance plan. Now you can shortlist top 3 or top 5 insurance plans and talk to representatives of those insurance companies. They will ask your funeral-related preferences and let you know how much a particular service costs and how to eliminate the services you don’t need. For your convenience, we provide an estimate of some of the most common services and their costs below:
Professional services
These are basic services that you have to pay for when you arrange a funeral. Among these, you may have to pay around $600 for the basic services provided by the funeral home staff. The embalming service costs about $700 and you may need to pay an additional $400 for other prep services.
Facilities and Personnel Services
The funeral homes provide the cemetery and graveside services and arrange the viewing or a wake ceremony for friends, relatives and loved ones of the deceased. Among these services, you might have to pay $900 for a viewing or a wake ceremony, and you would have to pay around $600.
Transport services
They transport the remains to the funeral home via a regular hearse and you would have to pay about $200 for transportation and $250 for the hearse. If you decide to transport the remains in a limousine, it will cost you about $200 extra.
Merchandise
Under this category, the funeral homes provide the casket or cremation urn for the deceased. If the deceased had wanted to be cremated, they will get the cremation urn, otherwise a coffin for about $3500. They also offer a burial or urn vault for $2500 and the memorial headstone service will require you to pay an additional $1000.
Other expenses
These include some additional services such as floral arrangements, funeral attire, food, airline tickets and accommodation for visitors and other optional services that can add another $1000 for that.
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