The cost of living continues to rise and rise, making life difficult for everyone. Rental prices increase, energy bills go through the roof, and it’s harder than ever for people to buy affordable houses. All of this happens while wages stay at the same rate, so there’s no balance between what you get paid and what you can afford.
We’re all aware of the cost of living, but what most people don’t think about is the cost of death. It’s easy to forget about this as…well…you won’t be around to worry about it. However, if you have a family, they can be hit with some staggering expenses when someone passes away.
Consequently, it’s always important to be aware of the cost of death, so you can better prepare for it.
The Average Cost Of Death
To better understand why this is an issue, you should know the average costs associated with someone passing away.
Now, this can vary by state, with the lowest average sitting at $18,307. Already, that’s a substantial amount of money for someone to deal with when a loved one dies.
Oh, but it gets worse.
The largest average is a whopping $42,378. That’s almost an entire annual salary spent on funerals and end-of-life medical costs. You can view a list of the full 50 states’ average funeral costs here for more information.
To make things even worse than they already are, this data is a couple of years old. There currently isn’t any research out right now, but some experts predict that the average figures will rise across the board!
How Can You Deal With The Cost Of Death?
You can’t do anything when you’re dead, but there are things you can do while you’re alive to make this less of a tragic financial situation.
To begin, you should consider paying for life insurance. Some people see this as a needless expense, but it can cover your family and loved ones if you pass away. It gives them some financial compensation to pay for medical bills or funeral costs. Therefore, they don’t have to use their own money or savings to cover the massive costs of death.
Secondly, you need to grow your wealth through investments. Save money and invest in assets that will grow over time. It’s good to invest in various things – like gold, real estate, and the stock market. This allows you to tie up some funds in assets that keep your money safe and let you amass a small fortune.
Additionally, you need to write a will that clearly dictates where your money and assets will go. As a result, it ensures that your family receives everything. Thanks to your savvy investments, they have assets that can be used to generate money to cover the cost of death. Again, it makes the situation easier for them to deal with – from a financial perspective.
If you prepare for death, you can mitigate the rising costs associated with someone dying. At the very least, this means that the people you care about won’t be affected by these costs as well as the rising cost of living!
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)