You may also be able to designate a favorite nonprofit or charitable organization as the beneficiary of your policy. If you want to leave your loved ones a financial legacy, a life insurance policy death benefit could provide an inheritance. To provide an inheritance or a gift to charity.Many insurers sell a form of permanent coverage called funeral or burial insurance that is designed to pay for such end-of-life expenses. The average funeral and burial cost $7,848, while a funeral and cremation is about $6,971, according to the National Funeral Directions Association. Twenty-five percent would only last one month before experiencing financial hardship. Of these respondents, 42% say they would struggle financially within six months after losing an income.
Over half of households rely on a dual income to maintain their lifestyle, according to LIMRA’s 2021 Life Insurance Barometer Study.
