How Much Will You Need To Cover Final Expenses?

​Final expense insurance, as the word implies, exists to cover medical cost, burial expense, and other end-of-life expenses. If you have your permanent life insurance, this is great news! It means you are already making a way to support your loved ones even after you are getting paychecks. Now, you might want to prepare for the extra expenses due to your death. This should not seem morbid, just something inevitable. After all, we will all end up there, anyway.
 
Remember, it may vary depending on your budget and needs. Though, the final expense is way cheaper than other coverage. It sure fits for those who have a tight budget. So, here are some things you need to think about to know how much you need for your final expense.

​Know the Basics
First, an individual should know what he is paying for aside from burial. Technically, it costs about $8,000 including a hearse, embalming, service fee, and transfer of remains. However, it does not cover your catered luncheon as well as the drinks during or after a memorial service. The amount you need to spend on that will also depend on the people going to your wake or memorial. It will also rely on the funeral homes that will be in service for this.
 
Burial or Cremation
One of the things you have to decide on your living life is whether you want to be buried or you want
to go for cremation. Everything seems to be a big deal nowadays, and these two options will have a difference in the amount as well. Cremation is cheaper than burial, and if you are still thinking of being practical, that should be your choice.
 
Cremation often ranges from $2,000-$4,000. If it goes with a funeral, that may range up to approximately $6,000. It is still cheaper by $1000 when you opt for burial.
 
Think of Other Expenses
Aside from these things mentioned above, there are other expenses you need to keep in mind. There are other things like traveling cost for the memorial service, the lodging and the meals and drinks for the funeral. There are also catering for guests as well as the clothing needed.
 
Final expense insurance can range from $5,000 to $50,000, and it can be either permanent or by terms. Take note as well that this insurance does not have much coverage compared to other insurances. However, it should be enough to cover what you need to pay. Also, it is always wise to plan.
 
Deciding to get final expense insurance is not only important to you but to your loved ones, too. At Ideal California Insurance Agency, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (818) 241-4515. Get your free quote today by CLICKING HERE.