No one knows when a loved will die. You can take steps now to pre-plan your funeral and have enough money to cover final expenses. The best insurance policy to have in place is the one that will cover the high costs associated with end of life expenses. The average person lives pay check to pay check with very little in savings. The average person has 3 months worth of savings. If a loved one dies, your savings will vanish to cover funeral home and hospital costs. Chances are, that won't be enough. Additionally, there will be no money left over should another financial emergency arise. The financial hardship you are now facing may be catastrophic. It only takes 1 life event to start a sequence of events towards bankruptcy.
The cost of a final expense policy pales in comparison to the cost of your monthly TV bill. The value of a final expense policy goes unmatched. Smart financial planning has all the benefits without disadvantages. Setting aside monthly payments and investing in your final expenses will give you peace of mind knowing your last and final bill will paid by you. Having a life policy in place will take away the financial burden left on your loved ones. You will be saving your family from having to ask friends, other family members, or even the bank for a loan to cover your final expenses.
The following individual circumstances are examples for owning a final expense policy.
~anyone who recently retired
~planning to retire
~currently collecting social security
~recently had a child or grandchild
~recently lost a loved one
~recently purchased a home
Final expense face values may be written up to $25,000. These are specialized policies with a specific need: to cover funeral costs and associated expenses. They will build cash value for the life of the policy. The are mobile and go where you go. The policy may be used at any funeral home in any state. Premiums do not go up and are based at current age of application. You are entitled to the full face value should you perish even after 1 monthly payment.
Think about all the things you buy in life to full fill immediate gratification. Then consider, "was that something I could live without?, what benefit does it serve?" Life insurance is there to pay your final expense and protect the financial health of your loved ones. The policy will prove to be more valuable than anything else.
Trisha M. Pacenti RN,BSN