How Much Final Expense Insurance Do I Need?

We often hear “How much Burial Insurance do I need?” When planning for final expenses, it’s important to remember that funeral and burial costs are on the rise. Over the last 25 years, these costs have consistently increased. If you are over 50 and looking for insurance, it can be a daunting task. How much Burial Insurance will you need? The answer varies and can depend on your health and other personal factors. Today, the average funeral costs can be around $10,000, but there are a number of factors you need to explore before deciding how much final expense insurance is right for you. The following are some questions you should consider:

  1. Will you opt for a traditional burial or a cremation? Burials are typically much more expensive.
  2. Do you belong to a church that will host the service or will you need to pay for a funeral home? If you have a church that will host the service, it can greatly reduce the cost.
  3. Flowers are an expensive part of any funeral and can really add up. Averaging between $500 to $1,500, the cost of flowers is determined by how many arrangements you want and how elaborate they are.
  4. Do you have a prepaid funeral plot or will a plot need to be purchased? Depending on the location, a funeral plot can cost up to $7,000.
  5. Other costs that should be calculated into the equation are: legal costs, transportation of the remains, preparation such as embalming, a limousine or hearse, a casket, payment for staff at the graveside, transportation of family and friends, and any money you want to leave your loved ones.

While these are examples of costs involved, the list is not all encompassing and other fees may be incurred. To get the most accurate estimate of what your total cost would be, it’s a good idea to speak to one of our final expense insurance experts.

  • According to NFDA, the average funeral cost today is $8,543.1
  • Additional fees for the cemetery, monument, flowers, and obituaries can increase the average cost to $10,000.
  • If you consider the average cost of a funerall over the past 40 years and using an average of 5% inflation per year, by 2030 the cost would increase to $18,276.
  • The Social Security Death Benefit only provides a lump sum benefit of $255 to those who qualify.

It’s important to remember that everyone’s situation is unique. To find out the right amount of burial insurance for you, request your free final expense insurance quote today.