Burial Costs and Final Expenses Cost What!

Few surprises are as unpleasant as the exorbitant price of burial costs and miscellaneous other final expenses.  Although many individuals have life insurance of some type, many of these policies are outdated and may not in fact provide enough coverage.  Small face amount insurances that may have been adequate several years ago are probably not going to fully cover the cost of today’s expenses.

A consumer must understand what is included in burial costs and final expenses in order to correctly determine the appropriate amount of protection necessary.

Funeral home expenses are derived from a variety of different services and some may be optional, but most are fairly standard.  Transfer costs from the morgue to the funeral home are typically $200-300 and after this first step the really expensive items can begin.  Caskets widely vary in cost with most ranging from $2,000-5,000.  Preparation of the body is often expensive, but also depends on the options selected.  Typical professional charges will normally add up to $1,000 or more and this typically doesn’t include the actual funeral service.

Burial costs are another major expense and are something that many people simply leave out of their planning.  Although a cemetery plot is normally pre-purchased at a cost of $1,000-2,000, there are also fees for the opening and closing of the grave.  Special ceremonies are an additional cost and so are headstones and their engravings.  Burial costs normally conservatively add up to about $3,000-5,000.

When everything is added together, most funeral home and burial expenses total up to a staggering $6,000 to $15,000.  Not many consumers are prepared to spend this much, especially if the death was sudden or unexpected.

Many individuals believe that Social Security pays a death benefit to help cover funeral costs, but the fact of the matter is that the amount is $255 and will only be paid if there is a surviving spouse.  Other organizations, such as the Veterans Administration, will pay a little bit more at approximately $450.  It is blatantly obvious that these small numbers will not even make a dent in the total costs, so it is imperative that an individual take the necessary steps as soon as possible.  Life insurance programs become more expensive and have more limitations as the client grows older, so procrastination can be costly.  The good news is that there are many different options and programs available and most are surprisingly affordable.

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