While people purchase life insurance for a number of different reasons, there is one need that most everyone will have – and that is the high cost of final expenses.
Final expenses can include the cost of a person’s funeral and other related items such as their burial plot, headstone, flowers, transportation, and memorial service – and today, these items can average around $10,000.
Unfortunately, this is an amount that many families do not have readily available when a loved one passes away – and because of that, they will often have to find ways of paying off these bills by dipping into savings, selling off assets, or even putting these costs on credit.
Depending on the situation, this can put some families into deep financial trouble – and if they’ve just experienced the death of a family income earner, the situation can soon get even worse.
There is a potential solution though – and that is through the purchase of final expense life insurance.