There is one certainty in life, which is that sooner or later all humans are going to die. While the subject sounds morbid and depressing, it is an undeniable fact. The topic is not one that most people enjoy talking about, but a person needs to decide on a few things before the event occurs. Failing to do so typically leaves family members in a crunch as they have to come up with a substantial amount of money to cover funeral costs. Thus, the question that needs answering is, should a person prepay for their funeral or get a final expense policy to take care of the charges?
Pros And Cons Of Prepaying
Pre-paying for a funeral means what it sounds like, paying for the event in advance. It locks the person into a contract and prevents the price from rising in the future. Of course, this attribute seems great, but not everything is sunshine and rainbows with this method. For one, if you decide to move, getting your body back to the plot can prove to be difficult. Additionally, if your family is spread out in other locations, getting everyone to the cemetery can be a challenge.
Another problem with this choice is that the company might file for bankruptcy. After all, things happen, and according to research, 1.37 million people took this route in 2011 alone. The action may not appear to be a big deal as you can just get a refund. However, sometimes, getting the payment is easier said than done. Your funds will be tied up and the investment in question, so weigh the pros and cons thoroughly before deciding if prepaying is right for you.
Final Expense Insurance Provides The Consumer With More Freedom
The applicant pays a particular premium monthly, which is typically affordable, to an insurance provider. The person is not committed to a specific burial site and is free to move around as frequently as they want. After you die, the company usually pays the beneficiary the sum within only a few days. This act prevents loved ones from being burdened with coming up with funds to cover upfront funeral costs. The money is not tied up, nor are they required to spend it on the burial.
Guaranteed Approval With The Final Expense Option
Unlike, traditional life insurance, there is not a medical examination required to obtain a final expense policy. It is designed for individuals between the ages of 50 and 80 and does not discriminate against folks with existing conditions. Many people choose this option to prevent their families from becoming overwhelmed with financial responsibilities.
Speak to one of our agents today to discover which kind of burial insurance is right for you. The premiums never increase, and the death benefit will not decrease. Coverage is available to residents of all 50 states, so contact Living Legacy for a consultation today or call us at 888-994-5475.