Life Insurance Awareness Month: Estimating Final Expenses

How to Calculate How Much Life Insurance You Need

Losing a loved one is hard enough, but taking on the responsibility of planning his or her funeral arrangements and burial is difficult at best—especially if there is no pre-planning or financial arrangements in place. 

Don’t let this happen to your family. 

Taking the time now to think through the kind of service you want. By putting the financial arrangements in place can provide peace of mind to ensure that your wishes are followed with less strain on your loved ones.

Control Final Costs With Pre-Planning

Funeralwise, an online end-of-life service that leaves no stone unturned, agrees that the best way to control final costs is pre-planning. Making sure your service is planned to your liking and financed ahead of time means your family won’t have to make snap decisions during a highly emotional time. It also gives you the freedom to shop around, make changes if you wish, and potentially save some money. 

Funeralwise offers several reasons why planning your service ahead of time is a good idea:

  • Pre-planning eases the burden of decision-making on your family.
  • You can make financial arrangements ahead of time.
  • You give your family the benefit of a meaningful funeral, helping to provide a sense of closure.
  • Your final wishes will be followed.
  • Making your own arrangements is comforting and thoughtful for your family.

A “final” good reason to plan ahead is that funeral service providers and cemeteries expect to be paid at the time of the service. 

Common Funeral and Burial Costs

How much might a funeral and burial cost? We offer suggestions below for estimating final expenses that can begin that process and make things easier for your family. 

The estimates below, provided by the National Funeral Directors Association, represent average costs and may prompt you to begin your own research to compare expenses as you plan your own service. 

  • Funeral service fee: $2,100
  • Funeral home rental: $500
  • Funeral home staff: $350
  • Vault: $1,395
  • Cremation casket: $1,000
  • Urn: $275
  • Embalming: $725
  • Cosmetic services: $250
  • Hearse: $325
  • Transportation for the family: $150

The above expenses do not include the costs of a burial plot, a grave marker, or a headstone. 

End of Life Expenses in Louisiana

According to research by PerfectGoodbyes, the average cost of a burial plot in Louisiana is around $4,700, based on an analysis of 285 cemeteries in the state—with a range from as high as $9,671 to as low as $600. You can also find much more information about Louisiana cemeteries, including free burial plots for veterans and service members. 

The cost of grave markers and headstones is extremely variable, so you may want to shop around. In addition, there is likely to be another fee to have it installed that could run about $150 to $450. Learn some tips on how to buy a headstone here

In addition to these expenses and a minister’s or speaker’s gratuity, other items may include flowers, printed programs, musicians’ fees, and any other extra touches. 

Consider starting a plan to make your arrangements now and enjoy your peace of mind.

Be Prepared for Final Expenses with a Quality Life Insurance Plan

Do you know if your life insurance is enough to cover your final expenses? Meet with a Farm Bureau Insurance Agent for a needs assessment. During that meeting, you’ll go over what that will show you exactly how much coverage you need and if your insurance needs to be adjusted.

If you know that your life insurance is inadequate to cover your final expenses, you can meet with a Farm Bureau Insurance agent to do a needs assessment. By finding out how much coverage you need, your family can be prepared for the unexpected.