Final Expense
Final Expense Planning Guide
Final expense planning is about kindness and clarity. A plan can help loved ones understand your wishes and reduce the number of financial decisions they need to make during an emotional time.
What this guide helps you understand
- What final expense planning includes
- Common costs families may need to prepare for
- How burial, cremation, Social Security, and veteran benefits may factor in
- Why planning ahead can make things easier for loved ones
What final expense planning means
Final expense planning means thinking through the costs, wishes, documents, and conversations that may come near the end of life. Life insurance is one possible tool families review to help with final costs.
Common costs families may face
Costs vary widely by location, provider, and personal wishes. Families commonly consider:
- Funeral home services
- Burial or cremation
- Cemetery plot, marker, or urn
- Transportation and permits
- Outstanding medical bills or household expenses
Burial vs. cremation cost considerations
Burial and cremation can involve different services and costs. The FTC Funeral Rule gives consumers certain rights when comparing funeral goods and services, including the ability to receive price information.
Social Security and veteran benefits
Social Security may provide a limited lump-sum death payment to certain eligible survivors. Veterans may also qualify for burial benefits depending on eligibility and circumstances. These benefits can help, but families may still have additional costs or timing needs.
Why planning ahead can reduce stress
Planning ahead can give loved ones direction. It can also help them avoid rushed decisions, understand your preferences, and know what resources may be available.
Questions to ask yourself
- Have I written down my final wishes?
- Who would be responsible for arrangements?
- What benefits or savings may already be available?
- Would a final expense policy help reduce stress for my family?
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Plan Final Expenses