Plan Your Funeral Costs
Estimate Your Final Expenses
Your first step is to figure out how much you’ll need to cover your end-of-life expenses. The cost of your funeral is the first thing that comes to mind and it’s often the largest single cost. But there are other “final expenses” to consider – remaining medical bills, legal costs, living expenses, and credit card bills, to name a few.
Will You Leave Behind Enough Money
The key question is will there be enough money in your estate to cover your final expenses? You may need the help of a financial advisor to figure this out. A secondary question is–will your survivors have immediate access to the funds in your estate to pay your bills? Your money could be tied up in probate and that could be a problem since funeral providers (and cemeteries) expect payment at the time of the funeral.
Decide If You Will Need Final Expense Insurance
If you do not expect to have available funds at the end of your life to cover your final expenses then a funeral insurance policy might make sense for you. Even if you expect to leave behind enough money, you may not want your estate to be depleted by your final expenses. Having a funeral insurance policy is one way to ensure that your entire estate will be available to your family.
Find The Coverage You Want
There are many specialized policies available on the market today to help you cover your final expenses. They may be marketed as funeral insurance, burial insurance or final expense insurance. One feature these policies have in common is that the coverage is typically capped at $25,000 to $40,000, as compared to regular life insurance coverage of $50,000 or more.
- Level – With this type of final expense insurance, you don’t have to worry about being covered; your coverage will take effect right away, and the full face value will be paid when you pass away, regardless of how soon it might occur after coverage has been purchased.
- Graded – Graded policies are a solid option for those who aren’t in the best of health but who want as much coverage as possible. With graded coverage, there is a 24-month waiting period before the full death benefit will be paid, but the beneficiary will be paid a percentage of the benefit.
- Modified – With a modified policy, you are subject to a waiting period that generally lasts for two years. If something happens during this time period, the beneficiary will be repaid the amount of the premiums paid along with a small percentage.
Get A Quote Online
Comparing final expense insurance policies to save money is a great way to ensure that your family is protected while keeping you from spending too much. There are different ways that you will be able to compare all of the policies that are available, but doing so online will be the most convenient way that is available to you.
You will not even have to leave the comfort of your own home to find the best policy available for your family right now.
Find an Insurance Provider
There are lots of different final expense insurance providers for you to look into, but below are some of the best. Since they offer policies to seniors between the ages of 50 and 85, they could be a great choice for you or your parents.
All of these companies provide top plans, have affordable rates and come highly recommended, but seeking quotes from each will help you find the one that is right for you.