Most people focus their energy on the considerable task of maintaining a career, getting paid, and ensuring the lights stay on. There’s usually an effort to put a little something extra in the bank for the mortgage, rent, emergencies, or maybe just a college fund for the kids.
What most people don’t realize is that the costs associated with life aren’t static. You can plan for the future, but there may be costs that come in that you are not prepared to deal with, and not taking this into account can leave you in a vulnerable position when plans go astray.
Life Doesn’t Play Favorites
America has one of the most powerful economies in the world, and as a result of that, it’s often easy for many of us to take for granted the developed lifestyle we live. But all of that can go away in an instant through forces far beyond our control.
Death of a loved one, for example, can happen at any time, and with that loss comes not just the grief of losing a loved one, but massive financial instability. Even those who are financially well off may find that their considerable savings are not enough if an illness occurs. A serious medical condition, requiring extensive medical treatment, can quickly wipe out years of savings as it continues. The money that had been put away for retirement and the twilight years can disappear into the increasing hospital demands of a loved one fighting to stay alive.
The Costs That Come Afterward
And even if that medical battle fails, and after all of the struggles, a loved one passes, that’s not the end of the costs. There’s still the funeral. Anyone that wants to properly say goodbye to a loved one, with dignity and respect, can expect to spend an additional expense of thousands of dollars.
Funerals, if a person hasn’t looked into it previously, are not cheap, and the costs of a service, of a headstone, and fitting casket can quickly run up expenses. For a surviving spouse that has already lost other reserves of income to the hospital, this final debt might have to be shouldered by adult children instead.
One way to make sure that the burden of financial worry is removed when it comes to funerals is to get burial insurance. This is a very specific type of insurance policy where, as the name implies, there is absolutely no doubt about how the money will be spent. Burial insurance takes all the worry and concern about how to handle the funeral expenses, and addresses them ahead of time, with a policy that is much easier to qualify for and has lower premiums than other types of insurance, due to the very specific nature of the policy.
If you want a little bit more peace of mind when the time comes, talk to us. We can help plan for this eventuality now so that there is no unexpected debt or financial issue when it’s time to say goodbye.