Why Funeral Insurance is Becoming an Increasingly Attractive Option

By on April 7, 2017     Views: 420

It’s no surprise that death is not the easiest topic to address, nor is it a subject people enjoy thinking about. However, failing to think about how you will cover the cost of your funeral could cause further stress and anguish to your family and loved ones in the event of your passing.

When we die, we all want our friends and family to come together for a decent send-off. But it can come as a shock just how much a funeral can cost.

The price of funerals has soared by 90% in the past 10 years in the UK, with the average funeral in 2016 costing £3,693 to cover basic funeral fees and a cremation or burial. And the rising costs to cover these events are not forecasted to slow anytime in the foreseeable future. It’s predicted that by 2020, the cost of a simple funeral could reach £5,226. With additional costs included, such as flowers or a memorial, total costs could exceed £7,000.

With the average costs of funeral expected to continue to rise, increasing numbers of people are thinking about how they can pay for their own funerals so that their families don’t having to worry about how they will foot these bills at what will already be a stressful and emotional time.

In light of the rapidly increasing price of funerals, funeral insurance plans are becoming an increasingly attractive option for many people, as it provides a way to pay for a future funeral at today’s price. Being able to pay for a funeral upfront or by agreed monthly installments also provides people with a sense of comfort and security.

There are often different levels of funeral plans depending on how much you want to spend. The cheapest plans cover the basics, such as a simple coffin and the funeral director’s service, but you can pay more if you you’d prefer extras.

There are many different types of death insurance policies available, and you will want funeral coverage that is suitable to your individual situation. Research your options ahead of time. You can speak with independent insurance agents, attorneys, and financial planners to get a good picture for your options and the kinds of coverage you can find in your price range. Using all your resources will help you get the policy that fits your needs best.

For an overview of which companies are currently offering some of the best final expense policies available that fits your specific need, check out some of the resources here.

Timothy Chandler

About Timothy Chandler

Timothy Chandler is a frequent contributor to Smart Life Now. A Michigan native, Chandler grew up on his parents’ farm outside of Detroit. In college, he majored in computer science and went on to work as a consultant in New York’s Financial District. In his free time, when he’s not writing or cycling, he loves heading down to the racetrack with his car club.

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