06/18/2021
Change Is Coming to Cremation And Funeral Pricing
Sept. 2020 Data Reveals Surprising Truth About Cremations And Funerals
The average person spends a lot, but some are saving their family thousands with a unique policy. Here's some of the surprising details we found from a 2020 analysis.
The average funeral costs approximately $7,000 to $10,000. This does not include the additional costs involved in purchasing flowers, catering the funeral luncheon, helping visitors attend, and handling estate administration costs.
These price hikes are ✴️unregulated✴️, and the funeral industry has been taking advantage of this fact for a long time. Since 2004, we analyzed three sources and calculated that funeral costs have risen about twice as fast as house prices and three times faster than inflation.1 Experts predict costs will continue to rise.
When families cannot afford a funeral, loved ones often need to take out a loan to cover the costs, gofundmes Asking friends and family for Money,
adding even more stress to the grieving process. Thus, staying informed about one’s options is very important.
One option is to set up a prepaid funeral plan with a funeral home. However, there are several risks that come with doing this: funeral homes sometimes mismanage their finances, and as a result, what you purchased may not be available at the time of the funeral. In addition, your plan may no longer be valid if you move. Furthermore, prepaid funeral plans aren't regulated to the extent that final expense insurance is.
A better option is to lock in a discounted final expense insured rate ahead of time. Lock in Discounted Merchandise. This will safeguard your family from pricing they cannot afford, while saving them money. Even if you have life insurance, you'll want final expense insurance for several reasons: most people underestimate the amount of life insurance they need, term life insurance expires, and final expense insurance doesn’t have the same strict health requirements.
Final expense coverage is a type of whole life insurance. This means that large financial institutions secure the coverage amount, and the government enforces the payout. Additionally, there's often no required medical exam, many pre-existing medical conditions are allowed, and coverage doesn't expire.
Final expense insurance is cheap because it’s easy to setup and straightforward. You’re able to lock in a price that works for you—it only costs about a few dollars a month, and it covers about $5,000 to $30,000, depending on the plan that you pick. Final expense plans also come with a guarantee it never goes up and only You can Cancel-
Also pays Directly to Beneficiary within 24 to 48 Hrs
What's the next step?
Call or Text
832 779 0262
Dozens of life insurers provide final expense coverage. Which insurer will give you the best rate? QSG
Step 1) You'll have the opportunity to compare a low rate in your area -- which can add up to hundreds or thousands in savings.
References
1Funeral expenses up (compared to 1986): 122.2% (Sept 2004) to 227.1% (Sept 2017). 2004 to 2017 went up 85.84%. Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, The rising cost of dying, 1986–2017 on the Internet at BLS.gov (visited October 15, 2018).
New housing prices up: $221,000 (2004) to $323,100 (2017). 2004 to 2017 went up 46.20%. US Census Bureau, Median and Average Sale Price of Houses Sold at census.gov (visited December 10, 2020).
Inflation index was 188.9 (2004) to 245.1 (2017); up by 29.75% (MinneapolisFed*)
2Increase in unclaimed bodies during the recession (NYTimes*).
4Projections for funeral costs
"Most people underestimate their coverage needs. It is recommended to obtain, at minimum, the equivalent of five to ten times your annual salary plus enough to cover 70% or more of any debt you may have (AG Financial Solutions*)."
Average North American traditional funeral costs between $7,000 and $10,000 (Parting.com, viewed March 29, 2021).
Return of Premium is a guarantee by many insurance company's (Colonialpenn, GlobeLife, Bestow, etc.)
