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In case of your death, your family will face a long list of expenses, from funeral costs to living expenses. Fortunately, you can help them prepare for these costs simply by choosing the right life insurance policy. Take a closer look at some of the most common expenses your policy can protect your loved ones from facing on their own. 

3 Expenses Your Life Insurance Can Protect Your Family From

1. Funeral Costs

Total funeral costs can range from a few thousand to well over $10,000 depending on the style of services you choose. For a traditional funeral service, including embalming and a two-part service, the average expense totals at over $8,000. To face these costs out-of-pocket and on such short notice is likely to require your family to take out a loan, causing them to face additional debt. Fortunately, they can utilize your life insurance policy to cover these costs and avoid the stress associated with financing.

2. Debt

life insuranceThe debt you leave behind can also weigh heavy on your loved ones. Things like home and auto loans can be particularly stressful for survivors because they often rely on those items in their daily life. If they can't cover the mortgage or car payment without your income, they may lose their home and main form of transportation. However, if you choose a life insurance policy with enough coverage, you can ensure that these debts are paid off.

3. Living Expenses

Your policy can also provide help with living expenses. If you're the main breadwinner in the house, setting aside enough money for your family to continue living in the same manner is vital. When you're choosing your policy, factor up the average monthly costs of groceries, electricity, and auto insurance, and then try to allot at least a year's worth of these expenses into your total coverage level.
 

Make sure your family is financially protected in the event of your death by investing in a quality life insurance policy. At Farmers Insurance Group in Mountain Grove, MO, our team strives to learn about the individual needs of each client that walks through our doors, and we adjust their policies accordingly. We also offer business, auto, and homeowners insurance options. Request your free quote today by calling (417) 926-7900 or by visiting agent Steven Hall online.

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