To estimate your end of life expenses, you need to make a list of your funeral costs, outstanding debts, mortgages, student loans, etc.
How much burial insurance coverage you need depends on your debts, your anticipated end-of-life costs, and your budget. It’s up to you and your family to decide how much you need, but an agent can help you get to that decision quicker. Read on to learn more about how to estimate your needs.
How Much Burial Policies Offer
Burial policies are meant to be small, so they only have small death benefits. While a regular life insurance policy could have between $50,000 and $1,000,000 in policy, a burial insurance will only have $2,000 to $50,000. The maximum you could ask for would be $50,000. Much could fit in that $50,000 window. However, there are some options for those who want more coverage.
Regular Life Insurance
If you don’t feel that burial insurance will offer enough for your family in the event that you pass away, you could get a life insurance policy. As mentioned above, these are larger than burial insurance policies. Depending on how large of a policy you get, you could find something that would allow your family to cover your funeral and pay off many of your debts.
Ask Your Family
One of the best ways to determine how much coverage you need is to sit down and have a family discussion. After all, your family members are the ones who will be receiving the death benefit. Ask your loved ones what they believe would cause a struggle. Brainstorm together if your friends or other family members have been in a similar situation. What unexpected costs do you have in your individual life that would create a burden for people who care for you?
Discussing how your family and friends will cope without you is a hard thing to address. However, tackling these topics will help you feel closer and more prepared in the end. For more information on how to estimate how much you will need, contact us at Senior Life Services today.