Does a life insurance policy cover funeral expenses? And, what is the average cost of a funeral?
The average cost of a funeral is around $6,700 or more according to a survey from the National Funeral Directors Association.
However, a life insurance policy death benefit is paid out directly to the beneficiary of the life insurance.
The beneficiary may use the proceeds for any purpose, including to pay for the insured'd person's funeral.
But, it is up to the beneficiary to use the money as he/she wishes.
If you want the beneficiary to use the money from your life insurance to pay for your funeral, you may want to put those wishes in writing, or speak directly to the beneficiary before your death, so the beneficiary agrees to pay for the funeral costs.
In addition, there are funeral plans that cover the cost of a funeral and burial.
Here's how you can learn more about Does life insurance cover funeral expenses?
The average cost of a funeral is around $6,700 or more according to a survey from the National Funeral Directors Association.
However, a life insurance policy death benefit is paid out directly to the beneficiary of the life insurance.
The beneficiary may use the proceeds for any purpose, including to pay for the insured'd person's funeral.
But, it is up to the beneficiary to use the money as he/she wishes.
If you want the beneficiary to use the money from your life insurance to pay for your funeral, you may want to put those wishes in writing, or speak directly to the beneficiary before your death, so the beneficiary agrees to pay for the funeral costs.
In addition, there are funeral plans that cover the cost of a funeral and burial.
Here's how you can learn more about Does life insurance cover funeral expenses?
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