If anything is certain in life, it's death and taxes. And in some states, the former is a heck of a lot more expensive, according to data released by Self Financial.
State of play: Using 2020 figures from the National Funeral Directors Association and the CDC, the group looked at the average 'cost of dying' across the U.S. based on the price of end-of-life care, funerals and cremations.
Catch up quick: The average cost of dying in the U.S. is about $19,566.
- Hawaii was the priciest state, with end-of-life medical costs topping $23,073, the average funeral adding up to $14,478 and the average cost of cremation coming in at $12,095. All that comes to a whopping average cost of dying of $36,124.
- Mississippi is the cheapest place to die, with an average cost of about $15,516.
The big picture: CDC figures show the cost of funerals and end-of-life care jumped to $63.8 billion in 2020, up 14.3% from a total of $55.8 billion in 2019, the report points out.
- When taking all COVID-19 related deaths into consideration, they estimate the COVID-19 pandemic now accounts for $8.1 billion in household costs through April 2021.
|
Final expense insurance is a product designed to help cover final expenses such as the costs associated with funeral and burial expenses, probate fees or other financial obligations that your client’s family may face in the event of death. Many funeral expenses run over $10,000 and can create a significant burden on loved ones. View our portfolio of Final Expense products available to PSM agents. |