Prudential Financial Inc. has a message for life insurance professionals, other insurers, and the general public: buying life insurance is a much better deal than “passing the hat” to come up with the cash to pay for a funeral.
The Newark, New Jersey-based insurer recently found, when it conducted a survey through Twitter, that 49% of the survey participants had contributed to a memorial or funeral expense crowdfunding campaign in the past year.
About 22% of the 18,613 participants said they had contributed to a final expense crowdfunding effort for a friend or relative, and 13% said they had contributed to a final expense crowdfunding effort for a stranger.
Salene Hitchcock-Gear, the Prudential executive who posted the survey tweet, expressed sadness about many people’s reliance on crowdfunding to pay for funerals.
“It’s heartbreaking to see so many families left to rely on the generosity of the crowd to help cover ever-increasing end-of life expenses when a loved one passes away,” Hitchcock-Gear said in a tweet.