At some point, we will all face it — the end of our lives. Now you can’t ignore the rising costs of planning burial, but if you prepare for it way ahead, you (or your family) will pay a lot lesser compared with when the time comes that you pass away.
TR King Insurance Marketing, a company selling final expense insurance, knows that there is an increased overhead cost in funerals due to needs that were not present before. For instance, activities done in the deceased person’s home now need a dedicated area for privacy and sanitation concerns.
An average funeral would cost around $7,500, but many cemeteries require vaults, which can raise the expense to as high as $11,000.
An insurance company estimated that this cost could rise up to $18,000 by 2030. Now that’s a financial burden that don’t want to leave to your family as it is one they don’t need in grieving times.
Final Expense Insurance
Final expense insurance covers not only your funeral and burial expenses, but it can also pay for outstanding debts and other remaining costs. You could choose a designated beneficiary and an agent to ensure that the funds are properly allocated.
Similar to a savings account, the value of your policy increases as you pay. Unlike health insurance, you won’t need any medical exam to get coverage, and any change in your health condition won’t cancel the policy.
Most policies don’t have a waiting period. It can provide death benefits from your day of coverage, and you don’t even have to be tied up with any service provider. This level of flexibility removes a lot of worries from your family.
It might tempt you to put the issue out of your mind, but the better way to deal with it is to be proactive. The fact is, death is imminent, so it’s best to prepare.