Insurance Questions Answered.
Not everyone has these policies in place. If someone has done their planning beforehand they will usually purchase a policy from a funeral home. This type of premium is not very expensive and it takes care of the burial expenses as well as the service expenses when you pass away. If you don’t have a policy like this in place then the burden will be on your family. So, people wonder where they will get the money to pay for this.
If there is a life insurance policy in place the family will take a portion of the policy proceeds to pay for the services. If there is no life insurance policy then the family will either have to pay for it themselves or there might be a social security benefit that can help. Funerals cost around $10,000 now so you really should think about whether you want to take the risk of passing the burden on to your family.
