As morbid as this topic is, it is something the general public needs to educate themselves about! When you or a loved one passes away, there is an overwhelming amount of stress and emotion attached to taking care of the specifics. So let’s discuss the basics of life insurance.
Cost
The average cost to die in the state of Pennsylvania is $21,998. Sounds absurd when you think about it but there is so much involved in the medical expenses and the cost of a funeral, that unexpected death and lack of planning could lead to issues financially. Everyone wants to make sure their loved one has a proper goodbye.
In the state of Pennsylvania, according to the National Bureau of Economic Research, the average funeral expenses are $7,892 and the average end-of-life medical costs are $14,106. Pennsylvania does not have an estate tax, but does levy up to 15% in inheritance taxes. These are simply averages and what exactly is included per those prices would have to be further research per the deceased family.
Now that you have the basic facts here are two ways you can protect your family from having to take on extreme financial burden in the event of your untimely passing.
- Shop around the area for funeral homes that you feel comfortable with and get prices. This is a chance to pre-set all of your arrangements in advance so the process is easier for your family, and for a bit of humor, what you’d like for yourself for the rest of time.
- Get life insurance! We cannot stress this enough, planning properly and making sure you have life insurance, ensures your family doesn’t have any burden once you pass. All of the expenses discussed above, will be taken care of via your life insurance policy.
There are all types of life insurance policies that cover burial costs, life care or cost of living. Whether you chose burial or cremation, you’ll want to know your life insurance options. Call Health Benefit Services today to talk to your agent about the benefits of life insurance, a life insurance quote and how you can buy life insurance or bundle it with your current policy!
