The final stages of life, no matter the age or circumstance, can be one of the most expensive times in our lives and for our loved ones. In 2023, funerals on average cost around $12,000 and this does not include burial plots, tombstones, and all other expenses occurred simply putting our loved one to rest. It is widely believed that cremation is a less expensive option, but honestly, it is only 15 % less than a traditional funeral. 

Early planning gives you a sense of security knowing that you have secured the funds necessary for such an inevitable time. Purchasing life insurance helps to alleviate, if not completely eliminate the financial burden from our families. It also helps with the embarrassment of having to have fish fries/plate sales, GoFundMe campaigns, and begging the community for donations. 

Here are the four steps I use to help individuals determine the minimum amount of coverage they may need. 

Step 1: Total your monthly household income (rent/mortgage, utilities, cable/any subscriptions, rent to own payments, phone bill, groceries, insurance payments etc...) 

Example: Household Expenses = $1500 X 3 months = $4500 

Step 2: Total all reoccurring debt monthly payments only  (auto loans, credit card payments, etc...) 

Example: Total Debt payments = $2000 X 3 months = $6000

Step 3: Funeral Costs ( average funeral costs based on current year) 

  Example: 2023 Funeral Costs =$12000

Step 4: Add all totals from step 1-3 

Example:  Monthly Expenses = $4500 

                   Debt Payments      = $6000

               +  Funeral Costs         = $12000

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        Estimated Amount Needed $ 22,500 

The estimated total of $22,500 does not include the costs of burial plots, tombstones, inflation, college funds for kids, nor  purchasing or pay off of a home. Based on the above illustrated circumstances a policy of $30,000 would be the best option. This is not even including the living benefits associated with a whole life policy. 

Explore the website further to learn more about the different types of life insurance policies and how I can assist you as your dedicated agent.