Last Updated on: September 18, 2023
Reviewed by Kyle Wilson
Funeral insurance also known as final expense life insurance helps the insured family to pay all death care costs. It also allows the policyholder to plan your burial expenses ahead of time so that the policyholder can decide how he would like to be remembered.
In Florida, funeral costs are rising day by day and they reach about $6,500 nowadays. In case you or your loved ones die without any planning for your final expenses, there will be a hefty bill left on the surviving ones to cover your funeral and burial costs.
However, if you are willing to buy burial or funeral insurance, note that its cost depends on several factors. These factors may include age, gender, health condition, and others. Let’s first discuss the average burial insurance cost with gender differences.
Customized Options Await
| Age | $5,000 | $10,000 | $15,000 |
| 50 | $12.86 | $23.06 | $33.08 |
| 55 | $14.97 | $26.94 | $38.90 |
| 60 | $18.04 | $32.87 | $47.70 |
| 65 | $22.11 | $41.01 | $59.91 |
| 70 | $28.07 | $53.12 | $78.18 |
| 75 | $37.81 | $72.41 | $107.01 |
| 80 | $50.82 | $98.43 | $146.05 |
| 85 | $69.55 | $135.90 | $202.25 |
| 90 | $149.69 | $296.41 | NA |
| Age | $5,000 | $10,000 | $15,000 |
| 50 | $15.37 | $27.73 | $40.08 |
| 55 | $18.72 | $34.43 | $50.13 |
| 60 | $22.72 | $42.42 | $62.13 |
| 65 | $28.41 | $53.82 | $79.22 |
| 70 | $36.47 | $69.93 | $103.38 |
| 75 | $50.22 | $97.43 | $144.64 |
| 80 | $71.44 | $139.73 | $207.99 |
| 85 | $97.97 | $192.74 | $287.51 |
| 90 | $176.59 | $350.21 | NA |
| Basic Services | $1,885 |
| Transfer to Funeral Home | $397 |
| Embalming | $803 |
| Dressing and Casketing | $258 |
| Viewing | $427 |
| Ceremony | $506 |
| Hearse | $355 |
| Utility Vehicle | $173 |
| Median-Priced Casket | $3,500 |
| Total Cost | $8,304 |
| Basic Services | $1,857 |
| Transfer to Funeral Home | $395 |
| Embalming | $800 |
| Dressing and Casketing | $257 |
| Viewing | $426 |
| Ceremony | $508 |
| Transfer to Crematory | $43 |
| Crematory Fee | $398 |
| Cremation Casket | $1,200 |
| Total Cost | $5,885 |
Each state determines and enforces different laws in terms of embalming, cremation, and death certificates.
In Florida, the funeral director or medical examiner must have to file a death certificate within five days of a deceased’s death. It should take place before the cremation or burying of the dead body.
According to Florida’s law, there is no need for embalming, but if the burial or cremation of a person doesn’t take place within 24 hours, the body must be refrigerated.
This state demands a waiting period of 48 hours before cremation and the legal heirs of the deceased have to sign the permit. Moreover, Florida doesn’t require a casket for cremation, however, it is recommended to use a rigid, suitable container made up of reinforced cardboard or plywood.
Deciding your payment options in advance will enable you to plan your end-life ceremonies in the way you want. Furthermore, by doing so you can also make it easier and less stressful for your loved ones left behind. One of the most convenient ways to cover your final expenses is to buy a life insurance plan so that your funeral and burial costs are covered.
Here are some of the options for paying for your own funeral:
A life insurance plan can be used to cover burial costs, however, payment may be received in 10 to 60 days. In that case, funeral expenses could be paid upfront and reimbursed later.
Funeral or burial insurance is designed to cover funeral expenses. Unlike life insurance plans, death benefits are usually paid out instantly after demise. Moreover, burial insurance doesn’t demand a medical exam from the applicant to qualify.
A POD (payable on death) account is used in estate planning to hold funds payable to beneficiaries after the death of the account holder. It will ensure that money is passed directly to the aligned beneficiaries.
This includes a prepayment to a funeral home to cover the cost of a funeral or burial. However, after making the payment you can’t switch your funeral homes. In case the business goes under or maybe close, you will lose your money.
Instead of paying monthly premiums to insurance companies or giving advance payments to funeral homes, you can set an amount into your savings account each month.
Now let’s discuss some of the options for paying the final expenses of a loved one:
The Deceased’s Estate: The amount from the deceased’s estate can be used to pay for funeral expenses, although you have to pay the burial and funeral costs upfront.
Funeral Loans: Taking out a funeral loan is another way to pay for final expenses, but it will cost you more money due to high interest rates.
Out of Pocket: It involves using your savings or a credit card to pay the cost of the final expenses. Meanwhile, it can create an overwhelming financial burden on you and you have to reach out to your family or friends to support you.
Here are some of the services involved in the average cost of burial and funeral:
Cremation is an alternative to burial and is becoming famous everywhere in the USA nowadays. The main reason for its popularity is its low cost as it is less expensive than traditional burial and funeral.
It is imperative to understand who is responsible for covering different costs related to funeral and burial expenses. However, the state law of Florida decides how and where to bury the deceased. They prioritize the deceased person’s will or last wishes, otherwise, it’ll falls to the family members accordingly:
Senior Writer & Licensed Life Insurance Agent
Iqra is a dynamic and insightful senior writer with a passion for life insurance and financial planning. With over 8 years of hands-on experience in the insurance industry, Iqra has earned a reputation for delivering clear, actionable advice that empowers individuals to make informed decisions about their financial future. At Burial Senior Insurance, she not only excels as a licensed insurance agent but also as a trusted guide who has successfully advised over +1500 clients, helping them navigate the often complex world of life insurance and annuities. Her articles have been featured in top-tier financial publications, making her a respected voice in the industry.
Burial Senior Insurance provides information and services related to burial insurance for senior citizens, including policy options and end-of-life support services.
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