Picking a Coverage Amount for Final Expense Insurance

The most common mistake people make when they enroll in a final expense insurance policy is not taking into account every expense that comes with a funeral and burial. Before you sign up with a plan, you must ask yourself a few questions. Where do you want to be buried? Do you want to be buried, or would you prefer to be cremated? What urn or casket do you want? Consulting a funeral director will help you make these choices, estimate costs and put together a final expense insurance policy that meets your needs.

At the most basic level, a burial insurance plan will leave you enough money to cover a simple funeral service with a basic casket, modest funeral service and other minor accessories. This does not cover the plot of land itself, the headstone or other major accessories. This plan is best for cremations and extremely simple, low-key funerals. Alternatively, you can go for a higher tier plan that includes headstone, hearse and viewing services, for a higher cost.

Don't forget about the other accessories that go with a funeral. Are you considering hiring a limousine for an extended circle of family or friends? Are you going to organize a procession from the funeral home to the cemetery? Do you want an organized display of flowers? All of these are additional expenses that need to be considered when estimating the costs of an end of life insurance policy.

As always, talk with your designated mortuary to determine what funeral packages they have available, what additional services you can add to the package and what the total cost would be for your desired selection. As long as you have an accurate estimate of your chosen funeral services, you will be able to obtain a final expense insurance policy that covers your needs. This keeps the expense in your hands and out of the hands of your loved ones.