With so many things on your to-do list, final arrangements and expenses are not often a priority. The truth is, though, that tomorrow is not promised to anyone. There is no greater gift to your loved ones than taking the time to prepare for this event. You may think it is too late or too costly to get a life insurance policy. The good news is, however, you can still take advantage of final expense insurance benefits.
This type of policy is designed to help with the price tag for these services. Read on to learn the benefits of final expense insurance.
Do You Really Need Final Expense Insurance
Unless you have been involved in preparing the final arrangements for someone else, you may be unaware of the expenses involved. The bills can add up quickly.
The average cost of a funeral in 2019 was around $10,000. It is a little cheaper if you decide to go with cremation, but it is still a significant amount.
If that number is shocking, you are not alone. Most people don’t like to think about dying or their burial expenses. So they don’t often prepare.
The easiest way to put everyone’s mind at ease is to invest in final expense insurance. Here’s why.
There Is Money for the Funeral
You do not want your loved ones to stress about how to come up with the money to pay for your funeral. They will already be mourning your loss and do not need to worry about tapping into their savings or even getting a loan.
They will want to plan a wonderful memorial service and could easily overspend and set them back financially for years. That would not be a good choice.
It is a wonderful gift to them to already have the funds set aside. They can focus on the memories and the love and know expenses will be covered.
There Is Money for Outstanding Bills
Just because you have passed does not mean the bills go away. Those you owe money to will still want their share.
If you died after a lengthy illness there may still be unpaid medical bills. The doctors and hospitals will look to your family to pay them. They are experiencing a great loss and that will be the last thing they want to think about.
There will also most likely be other payments due that don’t just stop at the time of your death. Don’t leave your loved ones searching for ways to pay these bills. Plan ahead.
It Provides Ongoing Financial Support
It has always been your goal to take care of your family. Once something has happened to you, they will be on their own. That is a distressing thought to both you and them.
Having final expense insurance benefits provides for ongoing financial support for your loved ones. This can be for living expenses, college, or any number of things needed for them to succeed.
What a comfort it will be for you know you have provided an extra cushion to get them through this trying time and back on their feet as they move forward in life without you.
You Can Put Your Wishes in Writing
While no one wants to plan their memorial service, who else is better to make those decisions?
Buying a final expense insurance policy gives you the time to sit back and really think about what you want. Do you want something big or just a small family gathering?
Who do you want to conduct the service? Have you picked out a funeral home? What about a casket? Is there a specific song you want to be sung or poem you want to be read?
These decisions are important as your memorial service will live on in the hearts and minds of everyone who attends. You need it to be a representation of who you truly are.
Easier on Your Loved Ones
Losing you will be challenging enough. Your loved ones do not need the added burden of making multiple decisions and answering difficult questions.
Knowing you have done everything you can to ease their burden during this time will bring you peace of mind.
From the planning stages to the monies available to pay for it all, being prepared provides those closest to you the freedom to grieve in their own way and simply follow the directions you have already set forth.
How to Plan Your Own Memorial Service
So maybe all this information has got you curious about planning your final service. It could be the first time you ever thought about it. What is involved?
In addition to the place and speakers, there are other things to consider. Do you want flowers? Some people prefer not to have money spent on flowers, and opt to have it donated to a worthy cause dear to them.
Do you want a time for family and friends to gather after the service? This is a tradition for many and often includes a meal or light refreshments. You will need to specify a place as many funeral homes do not allow for this activity.
You will also need to consider what type of guest book you would like. Some prefer a traditional hardbound book where people can sign and share thoughts or a memory. This is a tangible reminder for your loved ones to hold on to.
Others choose a more modern approach and go with an online guest book. There is no right or wrong way, just your preference.
You Can Have a Say
There are so many things in this life that are out of your control. When you die is one of the things. However, you can have a say in what happens afterward.
The purchase of final expense insurance is a loving act that pays out multiple benefits. You spell out instructions and final wishes so your loved ones don’t have to wrestle with those decisions. Then you provide the money to fund those wishes.
It is peace of mind for all involved.
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