One of the biggest concerns many of us have is how our family and loved ones will be able to take care of our final expenses and burial when the times comes. If you know that you won't have the funds available to help them cover these expenses and you want to avoid putting any financial strain on your family, then final expense insurance is definitely something you will want to consider.
How Much Is a Burial?
The average burial can cost a family upwards of $7000, and this number can be more or less depending on the services and the additional costs there may be relating to the burial including the death certificate and any processing fees. This number may not even include the headstone and the cost to dig the grave.
Final Expense Insurance Coverage
When you get final expense insurance, you can get as much or as little coverage as you think will be necessary to cover final expense costs. There is no large threshold that you will have to adhere to when purchasing a policy.
Final expense insurance will also pay out within just a few days so the money will be available when it is needed, not after. This kind of insurance coverage is available to anyone − no matter the state of their current health condition.
Do You Need Final Expense Insurance?
To know for sure if this is the kind of insurance coverage you will need, it is important to take a closer look at your finances. Look over each account you have and determine if you have any assets that offer any kind of significant value. However, if those assets can't be liquidated quickly, you need to remember that your family will still have to pay the upfront expenses related to your final expenses and burial.
You also have to keep in mind any estate taxes there may be as well as any court proceedings because these can take away from the total amount the family receives. Liquidations can also lengthen the time it takes to deliver funds to the family.
Gain More Control
One of the biggest advantages of final expense insurance is gaining greater control over the decisions being made after you are gone. You can make the arrangements that are needed and choose between cremation and burial instead of leaving all the details up to your family.
Additionally, you can also make the arrangements with the funeral home you choose. Having this control allows you to express your wishes and also takes some of the stress and pressure off the family while they are in a state of grieving. It helps the family emotionally as well as financially.
So, no matter what your age is or your current state of health, considering final expense insurance is a good step in the right direction when it comes to protecting the future of your family. You can be confident knowing that your loved ones will be more financially stable, and you will be sure your final wishes are honored.
Now is the time to talk to someone for assistance in exploring how final expense insurance can benefit you and what kind of plan options are available for you.