The Carr Report; Life's Final Expenses

Summary

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As I counsel people about finances, I'm learning more and more that when it come to life's final expenses, a great majority of people consider only funeral costs. Likewise, as I review various life insurance policies, the face amount of the various policies is sufficient to cover only funeral costs. People who have recognized the importance of having life insurance in place to cover funeral costs should be congratulated. It will certainly take some of the financial burden off of loved ones who will undergo emotional stress dealing with the recent loss of someone near and dear to them. I will note, however, that funeral costs represent a fraction of the total cost associated with life's final expenses--particularly those that will leave behind dependents and/or organizations that rely on the deceased person's income for support. Below is a list of immediate and future expenses that will succeed a person's death:

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Extract

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The Carr Report; Life's Final Expenses

There is a cost to be born into the world, a cost to maintain daily living and finally, a cost to be buried, along with future expenses our loved ones will undoubtedly bear after we pass on. While many of us have some sort of medical insurance to help with the cost of a child's new arrival, we...

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