Few of us like to think of the day we shuffle off this mortal coil. But by planning for our death, we alleviate some of the burden that grieving loved ones will face after we’re gone.
Recently, Choice Mutual Insurance Agency — which specializes in final-expense policies — surveyed 1,500 people and asked them how they plan to pay for their funeral expenses.
Following are the top ways they mentioned.
1. Life insurance or final expense policy
Respondents who expect their funeral costs to be covered this way: 38%
A large number of folks — more than 1 in 3 — plan to use a specific insurance policy to fund their funeral.
If you are in the market for such coverage, check out “Consumers Rate These 10 Life Insurance Companies Best.”
2. Personal funds set aside
Respondents who expect their funeral costs to be covered this way: 19%
Some people are blessed with enough extra money in retirement that they don’t need to purchase insurance. These people are confident they will have enough in savings so that their loved ones do not have to pay the bill.
If you hope to find yourself in such an enviable position, read “10 Guaranteed Ways to Retire Rich.”
3. My family will figure it out
Respondents who expect their funeral costs to be covered this way: 17%
Don’t know how to fund your funeral? Maybe the best option is simply to punt!
About 1 in 6 people say they will let their loved ones figure out how to pay for funeral expenses. Perhaps it’s not the most responsible position to take, but some people are too busy living life to think about what is going to happen after they die.
Respondents mentioned several other ways they might pay for funeral expenses. They include the following methods:
- Prepaid funeral plan: 8%
- Use the inheritance I leave: 7%
- Crowdfunding: 7%
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