September 11th, 2018
It is not uncommon for a person to start thinking about how their family will handle the financial burden and planning of their funeral as they age. When the individual is the primary breadwinner, the rest of the group may find it difficult to pay for things like the burial or casket. Of course, there are more affordable routes for them to consider such as cremation, but not everyone wants to be laid to rest in that way. Ensure that loved ones have the funds to complete your wishes with a final expense insurance policy.
Aside from funeral costs when a person passes away, people are often left with medical expenses, student loan debt, and other kinds of fees. There is no stipulation that states the money can only be used for burial purposes. Instead, family members can spend it as they see fit. So, get the coverage to continue taking care of them after you are gone.
Are Funerals Expensive?
Many people are caught off guard by the price of funerals today. Research from the NFDA, an acronym for the National Funeral Directors Association, shows that the median cost of a funeral with viewing and burial runs $7,360. As if that wasn't high enough, there is an additional charge of $1,395 if the consumer wants a vault, bringing the total to $8,755. This sum is not pocket change that can just be found under couch cushions. If you do not prepare for the event ahead of time, loved ones are left scrounging around trying to find the funds in a hurry.
Some Differences Between Final Expense And Life Insurance
Life insurance typically requires the applicant to pass a physical examination before the policy gets issued. It is an excellent choice for passing along an inheritance to those you love, but the payout does not always come in time to help with funeral bills. Meanwhile, folks applying for final expense coverage do not need to take a medical exam. Plus, recipients usually receive payments only a few days after the death. Weigh the pros and cons of them both before deciding which one is right for you.
Don't Forget To Look Over Your Finances
While you may believe that there is a sufficient amount of equity and value tied up in your assets to cover everything, it is still a good idea to look over the books. If estates or holdings can't be liquidated quickly, they won't help your family with upfront costs. Review the finances, and if this is the case, a final expense insurance policy is likely in your best interests.
Allow our company to assist you in preparing for the inevitable. We offer policies with up to $25,000 in coverage. The premiums never increase, the death benefit does not decrease, and there is no medical exam required.