Beyond the funeral home bill
When people price a funeral, they often look only at the funeral home. The National Funeral Directors Association's 2023 General Price List Study put the national median cost of a funeral with viewing and burial at $8,300, but that figure does not include the cemetery, the plot, a monument or a marker. For a burial, those can add a lot. A $15,000 policy is often chosen to cover the funeral and leave room for them.
It also helps with the bills that arrive after a death. Final medical bills, the last utility bills and small debts can land on the family at the same time as the funeral. A larger benefit gives your beneficiary more room to handle them without reaching into their own savings.
Who tends to choose $15,000
If cremation is your plan, $15,000 may be more than the service needs. The same NFDA study put the national median for a funeral with viewing and cremation at $6,280. Some people still pick $15,000 to cover other costs, while others choose a smaller amount and keep the premium down. People who often land on this amount include those below.
Single people often choose this amount as well, when no spouse will have money ready for the funeral. A larger benefit means the person handling your arrangements, often an adult child, is not left paying cemetery costs from their own pocket.
- People who want a traditional burial with a plot and headstone
- People who want to leave a little extra for a spouse
- People without savings set aside for the funeral
- People in good health who may qualify for a level benefit plan
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Price factors at $15,000
The premium on a $15,000 policy depends on your age when it starts, your sex, tobacco use and your health answers. The plan type matters a great deal at this size. A level benefit plan, which pays the full benefit from the first day if you qualify, usually costs less than a graded plan for the same amount. Some guaranteed issue plans do not offer amounts this high, and those that do usually pay a limited benefit if death from natural causes happens in the first two years.
Age also changes what is available. In your 50s and 60s, this amount is widely offered. Closer to 85, some insurers set smaller maximum amounts, so you may need to compare more insurers or choose less coverage.
Reviewing $15,000 quotes with an agent
On the call, the agent asks about your health, tobacco use and whether you want burial or cremation, so they can judge whether $15,000 matches your plans. They compare quotes from several insurers and can place a $10,000 or $20,000 quote beside it, so you can see what each step costs. Have your medication list ready, since insurers often ask about it. You can apply by phone during the call, and you do not have to buy anything.
