Why a $25,000 permanent life insurance policy makes sense to purchase;(1) early in your working career;(2) for your children or (3) grandchildren
- Everyone will eventually pass away, making funeral and burial costs inevitable;
- Employer coverage, if offered and accepted, ends with the termination of employment;
- As people age, insurance increases in cost and may become unattainable if diagnosed with an illness or with a life event;
- The death of a child is tragic and funeral costs may add an additional financial burden at an already difficult time.
The amount of Funeral and Burial expenses often comes as a surprise to many.
The typical costs:
- Cemetery Plot……………………………………………….….$3,000-$5,000
- Vault…………………………………………………………………$2500-$3500
- Opening and closing the grave…………………………..$200-$300
- Monument………………………………………………………..$2,500-$5,000
- Casket………………………………………………………………..$7500-$12,500
- Basic Funeral home services……………………………….$3000-$4000
- Embalming and preparation………………………….……$1000-$2000
- Obituary………………………………………………….…………$300-$500
- Floral arrangements……………………………..….………..$250-$500
- Transfer services to cemetery………………….…………$500-$1000
- Preserving body and facilities usage……………….….$500-$1000
- Memorial prints and death certificates………….……$200-$400
Range………………………………………………………..…………………..$21,450 - $35,700
Parents and grandparents should consider the purchase of a permanent life insurance policy for minor children, not only in the event of a tragic occurrence but as a gift that will be very appreciated by the children long after the parents and grandparents pass away.
