How to Plan for Your Final Expenses

Did you know that in 2021 funerals could cost almost $8000, according to the NFDA?

Final expenses are not something anyone wants to think about, but planning for death can make the lives of those left behind much easier. It can be daunting trying to figure out where to start, so we’ve created a helpful guide to make the financial burden of funeral expenses easier to bear.

Prepaying Your Final Expenses

Setting up a payment plan to cover your funeral costs can ease the monetary burden that comes with last expenses.

Many funeral homes are now offering ways to prepay for their services with steady, income-based payment plans. You can arrange with the funeral home exactly what you would like to cover in your plan and arrive at a price based on what you need.

You may think a pre-planned funeral sounds a bit intimidating. But this kind of ceremony is becoming more and more common, so you really have nothing to worry about. To learn more about this kind of service, have a look at Living Promise’s types of modern funerals.

Final Expense Insurance

A secure option for those seeking to make their funeral costs more manageable is final expense insurance. Living Promise whole life insurance offers a range of simple plans to help you find the most affordable and appropriate option for your funeral costs.

You won’t need a medical exam, and a decision on how much insurance you can apply for can be reached in as little as ten minutes.

Life insurance and final expense insurance are both affordable ways to make sure your funeral costs get covered. And, with the ability to choose the cover that’s right for you, you’re always in control of how much you choose to pay.

Saving For Your Last Expenses

Putting money aside throughout your life for your financial funeral plan can make a cost-conscious funeral more achievable. One simple way to do this is through a Totten Trust account. These are a kind of pay-on-death bank account.

You choose a beneficiary who is responsible for the money you have saved in your account after you die. The beneficiary has no access to any of the money you save before your death, so your money is always in your hands.

These accounts can also earn a small amount of interest, so you can rest assured your final expenses will be covered.

The Only Thing You Want to Leave Behind is the Memory of Your Life

Final expenses are something each one of us must think about. Death is not a part of life anyone wants to deal with, but leaving your loved ones with a way to ease the financial burden of your funeral costs can make your loss easier to cope with.

We know you want to leave behind the memory of your life and not the cost of your funeral, so make sure and check out our other blog posts for further helpful information.