May 2024

Why a $25,000 permanent life insurance policy makes sense to purchase;(1) early in your working career;(2) for your children or (3) grandchildren

1. Everyone will eventually pass away, making funeral and burial costs inevitable;
2. Employer coverage, if offered and accepted, ends with the termination of employment;
3. As people age, insurance increases in cost and may become unattainable if diagnosed with an illness or with a life event;
4. The death of a child is tragic and funeral costs may add an additional financial burden at an already difficult time.

The amount of Funeral and Burial expenses often comes as a surprise to many.

The typical costs:

1. Cemetery Plot……………………………………………….….$3,000-$5,000
2. Vault…………………………………………………………………$2500-$3500
3. Opening and closing the grave…………………………..$200-$300
4. Monument………………………………………………………..$2,500-$5,000
5. Casket………………………………………………………………..$7500-$12,500
6. Basic Funeral home services……………………………….$3000-$4000
7. Embalming and preparation………………………….……$1000-$2000
8. Obituary………………………………………………….…………$300-$500
9. Floral arrangements……………………………..….………..$250-$500
10. Transfer services to cemetery………………….…………$500-$1000
11. Preserving body and facilities usage……………….….$500-$1000
12. Memorial prints and death certificates………….……$200-$400

Range………………………………………………………..…………………..$21,450 - $35,700

Parents and grandparents should consider the purchase of a permanent life insurance policy for minor children, not only in the event of a tragic occurrence but as a gift that will be very appreciated by the children long after the parents and grandparents pass away.