in the industry taught me a few things about burial insurance. First,
everyone needs it. Burial insurance is simply good business. Whether you
have money in savings, life insurance, or think your family will be able to
“pull the funds together” from your assets, you need a final
we all know our death will come at some point, the events leading to our
deaths are never clear. Will we be in a horrible accident? Will we face a
long-term illness? Will our death be swift and unexpected? In any of these
scenarios, the cash you have on hand could be needed in order for your
family to survive until they can resume their lives. If your funds are
frozen or utilized elsewhere, what will your family use to pay the
mortgage, car payment or college tuition for the children? Without those
funds, can they cover their basic life sustaining needs?
you are involved in an accident, there is always the chance of legal action
taken against your estate. This means legal fees, court dates, and
uncertainty. These are unexpected expenses which your family will
have to deal with.
There are also final expenses that must be dealt with through probate.
While this rarely involves life insurance, the funds you think your family
has to live on can be seriously affected in some situations.
What if your death was caused by illness? Most people think if they have medical insurance they are covered. This is not always true. A disease such as cancer will push your medical insurance to the edge and then some. Here are
some of the costs that
can drain you financially even if you are well insured:
of pocket expenses
payment limits of your policy
of network providers (who may be the specialist you need)
that your insurance may not cover
cost of in-home equipment to assist you in moving, sleeping, bathing,
cost of having in-home nursing, adult care, therapy, and
are expenses that drain your financial situation, before your death!
I need final expense insurance, what now?
order for you to get the proper policy, you need to know a few things about
the differences in insurance policies. Some people think they simply need
to find a cheap life insurance policy and everything is covered.
are policies that are a whole life insurance policy (which require no
medical exam). These policies are costly compared to other policies. You
pay them an inflated rate every month and when you die, they cut a check to
your beneficiary for the amount of money you chose. That person has the
right to do whatever they choose to do with the money. They do not have to
use it to take care of your final expenses, pay for your funeral, or
anything else if they choose not to. (Burial insurance is “funeral
insurance”. It is money designated to pay for your funeral, period.)
Death insurance (sometimes
called Accidental Death or Dismemberment insurance) is cheaper than life
insurance. It pays your beneficiary in the event of an accident that causes
your death. Like life insurance, it will pay your beneficiary a lump sum
amount. But it only pays if you die as the result of an accident. This can
be a stand-alone policy or can be added to some life insurance policies. If
you are part of an industry where people are often hurt or killed in
job-related accidents, it could be worth your while to get a death
a loving way to help your family in the event of your death. Final expense
rates are among the lowest insurance costs. This policy pays your loved
ones, allowing them to pay for funeral-related expenses that your family
could be expected to pay for out of pocket. While you are shopping for the
best policy to fill in the gaps in your life, you should absolutely get a
final expenses quote.
all hope we will not face anything at the end of our life that undoes all
we worked for. We all want our families to be able to grieve our deaths and
move on with their lives. The idea of them struggling financially and going
through this frustration and grief at the same time is heartbreaking. A
little preparation now ensures a less painful transition for those we leave
behind. The costs are low and the payoff is priceless.