Few of us like to think about the day when we will get rid of this death spiral. But by planning our death, we ease some of the burden that grieving loved ones will face after we are gone.
Recently, Choice Mutual Insurance Agency – which specializes in final expense policies – surveyed 1,500 people and asked them how they planned to pay funeral expenses.
Here are the main ways they mentioned.
1. Life insurance or final expense policy
Respondents who expect their funeral expenses to be covered in this way: 38%
A large number of people – more than 1 in 3 – consider using a specific insurance policy to finance their funeral.
If you’re looking for such coverage, check out “Consumers Rate These Top 10 Life Insurance Companies.”
2. Personal funds set aside
Respondents who expect their funeral expenses to be covered in this way: 19%
Some people are lucky enough to have enough extra money in retirement that they don’t have to buy insurance. These people are confident that they have enough savings that their loved ones don’t have to foot the bill.
If you’re hoping to find yourself in such an enviable position, read “10 Guaranteed Ways to Retire Wealthy.”
3. My family will be fine
Respondents who expect their funeral expenses to be covered in this way: 17%
You don’t know how to finance your funeral? Perhaps the best option is to simply cast!
About 1 in 6 people say they will let their loved ones decide how to pay the funeral costs. It may not be the most responsible position to take, but some people are too busy living their lives to think about what will happen after they die.
Respondents mentioned several other ways to pay for funeral expenses. They include the following methods:
- Prepaid funeral package: 8%
- Use the legacy I leave: 7%
- Crowdfunding: 7%
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