View random article

What Are Final Expenses?

Final expenses are the costs that are linked to the death of an individual. These include funeral costs, as well as unpaid debts, if there are any. Final expenses are usually paid out from what the deceased has left behind. If the deceased has an insurance policy that covers final expenses, then this policy will deal with the costs. Alternatively, employers may decide to help with the final expenses, especially if the deceased passed away while on the job. Otherwise, the surviving family members of the deceased will have to pay for the final expenses.

The details of one’s final expenses can be very different depending on the person. The most common items, however, are the expenses associated with the funeral. First, the remains have to be prepared, treated, dressed, and placed in a coffin. The coffin itself has to be paid for. Depending on the preferences of the deceased - as stated in a will, for example - final expenses will include either burial costs or cremation costs.

More and more, people are seeing to it that their final expenses are dealt with. Life insurance policies, final expenses policies, and personal savings - these are some examples of how people make sure that their final expenses will be taken care of in the event of their death. Some even prepay for funeral expenses - including a cemetery plot - while they are still alive, ensuring that their loved ones will not have to worry about the final expenses. This is actually a smart move, especially if you do not want to burden your relatives when you pass away.

Featured in Finance