Many people take time with advance planning for funeral and memorial details so that loved ones won’t have to pay more or deal with the stress of planning. Things people consider when pre-planning include deciding on disposition and how they plan to pay for their funeral or memorial service. For the latter, some consider burial insurance as an option to cover costs.
Based on data from the National Funeral Directors Association, the national median funeral cost in 2014 was $7,181. This figure shows an increase of 28.6 percent for an adult funeral over the previous 10 years. Of course, this does not suggest that all funerals will have this exact price tag. Funeral costs will definitely differ based on choices that you make. At Mountain View Funeral Home, we will work with you and your budget.
By putting costs into perspective for the future, pre-payment arrangements and burial insurance make a lot of sense. At Mountain View Funeral Home, our highly trained staff helps families plan the details for a funeral to make the difficult time after a loved one’s passing a little easier. Our staff is also very knowledgeable when it comes to pre-planning funerals.
Burial Insurance Benefits
Burial insurance, also known as Final Expense insurance, is an option that many people do consider. The age limits are usually governed by the state that you live in. One of the biggest advantages of of burial insurance is that it can help your your loved ones pay for funeral and burial expenses during a very painful time in their lives.
There is no health exam involved when a person applies for burial insurance coverage. Depending on the insurance policy that a person selects, the coverage is usually between $25,000.00 to $50,000.00. According to findings by AARP, there are roughly 20 million individuals who have pre-paid for funerals or burials and a little over 50 percent of these individuals paid for the entire cost in a single payment, while an additional 40 percent plus are paying, or paid in installments over a time period.
In most cases, your money will be placed in a trust fund. The other option is a life insurance policy that will be used for expenses. The laws for each state are different when it comes to the percentage of cash that must be kept in trust.
Please contact us with any questions.