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According to the National Funeral Directors Association, the average cost of a funeral ranges from $6,280 to $8,300 as of 2023. Life insurance could provide your family with financial security and ...
Burial insurance is a type of whole life insurance policy that can be used to cover your burial and other funeral costs. You can generally purchase one of these policies after you turn 50 to help ...
For a funeral with cremation, the average cost is $6,000 to $7,000. ... If you plan to pay the funeral expenses with the proceeds from a ... the life insurance policy pays the funeral home to ...
These policies are often low face value whole life insurance policies, allowing individuals (ages 50-90) to purchase affordable insurance later in life. These may also be marketed as final expense insurance or burial insurance and usually have death benefits between $1,000 and $50,000.
The industry is experiencing a recent trend toward cremation as opposed to the traditional funeral and burial services due to lower costs and increased value. In 2019, the average cost of a funeral using cremation with a viewing was $5,150, but this does not include the cremation casket, cemetery costs, or urn. [22]
Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries. Such responsibilities may include, but are not limited to, consumer debt, dependent care, university education for dependents, funeral costs, and mortgages.
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