Offsetting funeral costs with a memorial insurance policy

Macabre as it sounds, it is never too early to discuss post-mortem plans with your loved ones.  Considering the rising costs of expenditures associated with funerals, not preparing early on could leave your family dealing with financial burdens.  This is not the kind of legacy you would want to leave behind for your loved ones.

Remember that funeral costs can increase tenfold, even with the most basic cremation services considering that there are other unforeseen costs that may come up during or after the funeral.

So how do you spare your family from dealing with the rising funeral costs?  One way to do this is to sign up for a memorial insurance policy.

Also called an end-of-life insurance plan, this type of life insurance help cover all of the cremation costs, provided that the policy you have purchased is adequate for the arrangements you have made. This can help your loved one or family deal with the financial burdens your family may encounter when you pass away.

But before you go ahead and sign up for one, it is important to do a little research.

First and foremost, you must have an estimated cost for how much you may likely spend on a funeral.  To mention a few, the costs must include service fees, transfer of remains to the funeral home, the casket, burial plot and the wake.

Once you have an estimated ballpark figure on how much your funeral may cost, it is now time to shop for insurance policies.  Do some research and get an insurance quote from various providers.  Some may offer a comprehensive life insurance (at a much higher premium) while others will only offer to pay for the funeral costs alone.  Take in consideration your budget as well as the benefits they may offer to you and your family, especially if you have young kids.

Sure, discussing funeral plans with your family can be upsetting and uncomfortable as it reminds you of your mortality.  But by doing so, you can help your family deal with the financial blow rising funeral costs may give them.