Final Expenses Unveiled: The Surprising Truth About Funeral Costs Across America...Discover Where Your State Ranks in the Funeral Expense Index
Hello again,
This week I wanted to share a table that shows how much it costs to cover final expenses in America today, depending on where you live. Expenses are broken into two categories.
1) Funeral Services
2) End of Life Costs
See where your state ranks!
With the national average cost coming to around $25,000, there are some options people have in planning for these expenses.
One of the most popular choices is purchasing what’s called Final Expense Life Insurance for the purpose of covering these expenses. Consider it earmarked.
Coincidently many companies offer 2 major levels or types of FEX plans, with the most common benefit amount of $25,000, but on the high end, it can go up to $40,000.
1) Guaranteed Issue - Means what it says, anyone can get it. Someone could have Stage 4 Cancer and still get it (although they will be approved for a lower amount and it would cost a little more).
2) Simplified Issue - This is for people with fewer issues medically, certain records will be pulled to verify, but coverage is typically cheaper and the overall benefit size can increase.
The rule of thumb would be to make the person trusted in handling the arrangements the beneficiary of the plan to make it easy for them to pay for everything.
Some experts have warned people from pre-paying for funeral services due to a few reasons.
Purchasing a funeral plan from a funeral home seems like a noble and compassionate thing to do, but in truth, most experts agree that there are too many risks involved with prepaying for your funeral and working closely with a funeral home.
In fact, state and federal authorities have interviewed funeral homes and prepayment providers and have found shocking violations of trust because these plans do not have administrative oversight.
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An unscrupulous funeral home will misspend and misappropriate your money. Some will even fold before the prepaid funeral service is due.
Others sell bloated plans that are practically worthless. Federal authorities passed the Funeral Rule in 1984 that protects the consumer, but state laws are different from one another, and some states provide less protection than others.??
To recap:
IF you think you would be interested in seeing what you could get approved for or you think this would be a good fit for a family member like a parent or sibling, I want you to reach out to me to discuss what that would entail by replying to using my contact info below.
I’m happy to be a continual resource!
Take care,
Chris Kaden
Book an appointment www.calendly.com/ckaden
email [email protected]
text 713-819-4218
Absolutely agree ??! As Seneca once implied, our actions shape our destiny – just like what you've shared. Continuous learning and adaptability are key to any venture's success!