(PRWEB) September 06, 2012
A new study conducted by the National Association of Life Insurance Professionals has concluded that seventy percent or more of US funeral arrangements are made by widows. The average cost of a funeral today is between $8,000 and $10,000 and only 44% of US households have life insurance. Most of the time, this enormous cost is often assumed by surviving widows who have no life insurance return to rely on.
Social Security pays $255 as a one-time lump-sum death settlement. Just a casket costs more than $1,000 today. "That’s one reason why life insurance for seniors is so important", says Cameron Blake of Whirlpool Marketing, a DC-based marketing agency that specializes in generating leads for the Insurance industry.
That leaves more than $8,000 typically owed for a funeral. The average household savings account balance in the USA is a mere $3,800.
With final expense life insurance, those left behind don't have to sorry about costs, only grieving. With guaranteed life insurance, a spouse and children can take the insurance settlement and pay off bills, a mortgage, vehicle or whatever other expenses are left behind.
Affordable life insurance is not an expense. It’s a guaranteed security blanket that covers the people who are left to oversee everything left behind. Many cheap life insurance policies offer a reasonable payout that will cover the final expenses and add a little bit more for the unexpected.
Life insurance rates do vary by the person, age, physical health, policy type and company. But thanks to the Internet, comparing policies for individuals is easier than ever.
Consumers confused by terms like whole life insurance, term life insurance, and universal life insurance can ask an agent to explain them or can get information from a website that provides online life insurance quotes.