Funerals often cost far more than many people assume. This puts a lot of stress on the family. Not only do they have to deal with the emotional issues surrounding the death of a loved one, but they also have serious financial issues that demand their attention.
In 2019, some experts estimate that a funeral could cost around $15,000 on average. It could be lower -- there are ways to trim costs -- but it could also exceed that in some situations. Needless to say, when you're discussing the same amount of money you may pay for a brand new car, it's significant.
What makes it worse is that it is often an unexpected cost. The elderly may do estate planning to take these costs into account, but what if your loved one passes away in their 40s due to a workplace accident? Are you really ready for that type of expense? Do you have the money on hand to give them the funeral they deserve?
After all, it's not your only cost. You could also be looking at medical bills, lost wages and much more. On top of that, if you're young and still have children living in the house, life is already expensive. You can't just drop all of your savings on a funeral when you have to think about the children's needs, the mortgage payments and other costs.
Have you lost a loved one in a work-related incident? Are you unsure of what you should do next? Make sure that you know if you have a right to financial compensation for your costs.