We live our lives hoping for the best, trying to enjoy ourselves now while squirreling away some money to leave an inheritance. Most people do not like to talk about preparation and final costs of organizing and paying for a funeral. Despite the resistance, preparing now for the final moments of life can save your family heartache and unexpected financial burden.
Funeral costs have risen dramatically. The arrangements, the plot, the casket and all the items that need to be coordinated for a funeral in today’s economic environment can cost between $10,000 up to $30,000 perhaps higher. That is a substantial financial outlay that may not be easily accessible to your family at a moment of grief. No body at the time of grief wants to incur more debt.
As difficult as the subject may be, there are options that take the additional stress away from handling the cost of a funeral. Burial Insurance is one option. Insurance companies offer Burial Insurance. Though each state has its own regulations, these may prohibit Burial Insurance and pre-paying funeral expenses. Burial insurance usually does not require a medical examination. Sometimes, people name the Funeral Home as beneficiary to the insurance policy. Whether or not that is advisable should be discussed with your lawyer and/or insurance agent. Burial insurance can have high premiums and a time limitation on policy implementing should the owner die within the first year or two of the policy.
Permanent Life Insurance provides purchasers with several options: Whole Life, Universal Life, Variable Life, and Variable-Universal. All of these types of Permanent Life Insurance offer specific benefits. Whole Life might the simplest choice. Whole Life offers a death benefit with a cash accumulation account. Payments are level for the life of the policy.
In the case of Medicaid, an Irrevocable Funeral Trust can be set up with your agent to protect your family against Medicaid spend down and pay back. The policy amount is to cover the costs of funeral expenses, up to $15,000 per person, so the policy value can less than regular life insurance coverage . The cash accumulation is an additional bonus.
Finally, with Term Life Insurance you can fix the death benefit. At the end of the Term, say ten years, if you wish to increase the death benefit you can. With Permanent Life Insurance, you do not have the option of increasing or decreasing the death benefit.
It can be disturbing to think about the subject of death, but paying attention now to the inevitable can protect your family in many ways. Feel secure that your family will not have unexpected stress at a difficult time.
Call now and speak to a representative now. A knowledgeable agent will help you sort out your needs and answer your concerns. Together you can find the best policy at the price you can afford.