Remember the last funeral you attended? According to the Federal Trade Commission, the cost of that funeral was at least $6,000 for a simple casket, cemetery vault, and a mortuary service, which is more than double what it was only 10 years ago. But that funeral might have cost as much $10,000, $15,000, or even $20,000 if you add in the expense of a cemetery plot with a headstone, the expense of the hearse with a limousine for the family, and the expense of a memorial service, with a reception afterward.
In addition to the cost of a funeral, there are other "end of life" expenses, including medical bills, legal fees, and income taxes that can amount to as much or even more than the funeral expenses!
When each of us reach the end of our lives, most of these expenses must be paid within a few days of our demise. But if sufficient funds are not readily available, many families are forced to max out their credit cards, take out home equity loans, or borrow money from friends or relatives. Then they must pay off these debts later, and with interest.
That's why no one wants to leave their spouse or their children without the money to pay for all these expenses.
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