By Omar Kaywan

Although it may seem like a grim topic, it’s important to be prepared and have peace of mind about not leaving your family with tens of thousands of dollars of debt for your end-of-life expenses. And while some people may think a simple life insurance policy will cover everything, this is just one of the many end-of-life expense myths out there. Here are five:

Funerals are a set cost.

In reality, funeral costs can vary drastically. Not only does your family need to consider the cost of the plot, tombstone, casket, etc., but also any religious ceremonies, burial, and if your body needs to be transported, which all incur an extra fee. Even the most basic funeral expenses can be difficult to afford, and the bill can add up quickly.

You don’t need to consider final expenses if you have life insurance.

Life insurance is important for everyone to have, but typically the money from life insurance is used to handle other expenses like mortgages, health, etc. That money can go away quickly once those big areas of life are settled.

Getting a final expenses insurance policy can give you peace of mind knowing your family will have help covering funeral costs, other outstanding debts, etc. It is specifically designed to cover costs associated with end-of-life expenses unlike traditional life insurance, and it serves as a financial safety net that offers protection and support to your loved ones.

Only old, sick people need to consider end-of-life expenses.

Whether you’re 45 or 75, life is unfortunately unpredictable. It’s important to begin planning and preparing as early as possible, so your family isn’t entirely blind-sided if something happens and left with an unmanageable amount of debt during their grieving process.

Getting more insurance will be expensive.

Getting a final expense policy doesn’t have to be expensive. Policies are customizable to what your family needs, and can cost as little or as much as you want them to, based on what your family requires. And policies are typically flexible. You can usually adjust your coverage amount or review your beneficiaries as your situation evolves.

If I get cremated, it won’t be expensive.

While cremation is cheaper than burial, the process still can leave your family with serious debt. Your burial/funeral process shouldn’t be something you feel the need to compromise on, and by getting a final expenses insurance policy, you can be sure you never have to compromise or leave your family burdened with difficult decisions and sacrifices.

Omar Kaywan is a co-founder of SmartBunny, a Bellingham-based online insurance broker.