Does Life Insurance Pay For Funeral Expenses?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaThe proceeds of a life insurance death claim can be used in any manner as the beneficiary sees fit to use it. One of the most popular uses is final expenses like funeral costs. Many benefices also use their new found wealth to retire all outstanding debt, inculcating their home mortgage.Answered on August 10, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Life insurance can pay for funeral expense. When a life insurance policy is taken out for the purpose of paying final expenses, it is usually a permanent policy with a small face amount. The policy is left to a beneficiary who knows what the Insured wants, be that burial, cremation, funeral, memorial service, etc. The remainder of the policy is used by the beneficiary to pay other bills for the Insured, or to use as they see fit.Answered on August 10, 2013flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! The best part about life insurance is that the money passes tax free to your beneficiary, and can be used for any purpose that person sees fit. If paying for your funeral expenses from the proceeds is a desire of yours, then you may want to consider discussing that with your beneficiary beforehand, so your wishes are understood. You may also want to go to the funeral home of your choice, and see if they will allow you to pre-purchase your funeral, and assign a portion of your policy as the payment. If you would like to know more about this, please drop me a line, I'd be happy to explain further. I hope that helps, thanks for asking!Answered on July 3, 2014flag this answer
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