friends and strangers alike. By contrast, life insurance provides clarity and a measure of certainty.
"Life insurance is first and foremost about peace of mind," says Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential Financial Inc. "With the right coverage to fit your needs and budget, not only will your family receive a guaranteed death benefit that can help cover funeral costs, but some policies can also offer benefits during your lifetime, like providing supplemental retirement income or helping pay for care in the event of a chronic illness."
No one likes to think about it. But planning ahead can ensure an already difficult time doesn't come with added burdens on loved ones. With adequate life insurance in place, you can guarantee your ability to provide for the future needs of those you love - rather than leaving your final expenses up to chance and the generosity of strangers.
* People overestimate how much insurance costs. Even as ownership of life insurance has declined, premium rates have dropped to near historic lows, thanks to improvements in underwriting and technology. Yet a recent survey by LIMRA found most people overestimate the costs of even simple term life insurance by at least three times. As a result, many don't purchase coverage when they should.
While seeking donations for memorial expenses may seem like an easy way to cover end-of-life costs, crowdfunding should come with a note of caution. The average memorial campaign raises just over $3,000, based on data from GoFundMe - far short of the cost of many funerals. Further, the uncertainty and unpredictability of covering costs via donations adds more disruption at a time when most families need stability.
The last thing a family should need to contend with in a period of grief is building a crowdfunding page, constructing a narrative and soliciting donations from