According to figures from the National Funeral Directors Association, average funeral costs in 2022 were anywhere from $11,420 to $13,720.
Furthermore, these costs have been steadily increasing over the years. For instance, the average cost of a funeral in 1991 was $3,742. In 1995 it rose to $4,626 and in 2000 it rose to $5,180. Just 10 years ago, in 2012, it was only $7,075.
Consequently, there is a clear upward trend of increasing average costs.
The current average is a significant sum of money. If an employee does not have ancillary benefits like life insurance, then it can be a tremendous financial strain on the surviving family members.
Additionally, employees are increasingly emphasizing benefits over other factors when choosing an employer, including ancillary benefits like life insurance.
Offering life insurance benefits allows employees to avoid financially burdening their surviving family members. This can add stress to an already difficult situation, so life insurance protects and helps all the surviving loved ones.
CoPower partners with Unum Life to offer life insurance benefits and provide employees with a financial safety net for their loved ones in case they die prematurely. Plus, Unum’s group term life insurance plans complement each other and automatically include value-adds that provide more than the typical death benefit.
Contact your Amwins Connect Sales Representative to learn more about CoPower.