Is Burial or Final Expense Insurance Right for You?

Burial or Final Expense Insurance. Is it right for you?

While there aren’t too many certainties in life, there is certainty that at some point we will all die.  Although it’s  not fun topic, planning for your death is something that must be done to protect the ones you leave behind.  Burial or final expense insurance is a thoughtful and proactive way to make sure your loved ones are taken care of upon your passing.

While there are many burial options to choose from, they all still cost money.

In fact, a basic funeral can cost up to $8500, and that doesn’t include a cemetery plot, headstone or any other final medical expenses.

Of course, you may be thinking “If I am dead, why do I care?”  Well, because it’s not all about you. Leaving this responsibility to those you love only adds stress to an already upsetting situation. Think of burial insurance as one last gesture of kindness for your loved ones.

Burial Insurance Explained

A final expense, or burial, insurance policy is an designed to cover the costs associated with your death. The amount of the actual insurance payoff will depend on the value of the insurance policy you choose.

It’s important to note, that it will be less expensive the younger you are when signing up for the policy.

Like other life insurance policies, you will name a beneficiary who will be able to use the policy to cover the funeral costs, probate, and other possible debts.

We all know losing a loved one is a painful experience.

Lacking the funds to take care of final expenses can make it a lot worse.

A burial insurance or final expense policy removes the financial burden that comes with a loved one’s passing. Coping not only with the death, but also the financial aspect may be too much to deal with for some.

Death (especially an unexpected death) brings with it many costs.  As such, many any families have trouble coming up with such a large sum of money quickly.

Final expense insurance can save families the additional heartache of having to withdraw funds from their checking or savings account or, even worse, selling off precious possessions to finance a funeral.

If you care about the mental health and welfare of those you leave behind, you should purchase a final expense insurance.

The Basics of Final Expense Insurance

Final expense insurance is written for one reason: to pay funeral costs and other debts remaining after you have passed.

Most policies range from several thousand dollars all the way up to the usual limit of $50,000 – $75,000.  These limits are a lot less than traditional term, universal or whole life insurance policies. These policies are designed to cover short-term and final expenses.   So, they are not the costs associated with education or spousal support.  The upside to these policies is that a medical exam is usually not necessary either.  You should consider a burial insurance policy if there is no  medical exam.  It is also recommended if the exam is turned down by other life insurance companies due to age or health concerns.

Recapping the Reasons, Why You Should Buy  Final Expense Insurance

1. Life the Burden

• With funding planned ahead of time, your loved ones won’t shoulder the weight of funeral planning after you die.

2. Ease Your Worry

• You’ll feel at ease that yo
  ur funeral expenses are taken care of ahead of time.

3.  Excluded Assets

• The final expense plan might be classified as an exempt asset so you can qualify for Medicaid and Social Security benefits.

4. Versatility

• Your beneficiaries will have the money they need to take care of medical bills or other expenses that may come up.

5. Building Value Over Time

• As you put aside funds in advance, the death benefit will grow at an expected rate of growth, similar to a savings account.

6. No Headaches at Tax Time

• If you move funds from an investment, there is no need to worry about taxation or growth.

7. A Customized Plan For All

• With this plan, you can pick a plan for your needs that is explicitly associated with cost and health conditions.

8. Customer Friendly Plan

• After paying the funeral costs, some plans may return any funds that are left over to you, your beneficiaries, or your estate. You get to decide.

9. Consideration Period

• Ask if you have a window of time where you can change your mind. Some plans may offer a 30-day money-back guarantee, which you can cancel and get a full refund.

10. Smart Planning 

• It’s just a wise decision. Planning is supported by lawyers, trust officers, and financial service professionals, because a sensible way to provide for final expenses and protect your wealth for your beneficiaries.

The Bottom Line

Burial insurance is a must-have to protect your family properly. Do you want to leave them scrambling to make ends meet after you’re gone? No, you don’t.

You want them to be able to come together for a time of grieving, healing, and love. You don’t want to complicate that with financial struggles and arguing. It can destroy your funeral and ruin your memorialization.

Let’s find out what works best for you. I offer free consultations and will be happy to walk you through the options available to you. I believe giving yourself and your family the peace of mind in regards to their financial future is the best gift you can give.

Call me today to arrange your complimentary consultation at 877-549-1212. Believe it or not, I actually answer my own phones.