Think ahead. I mean WAY ahead. To the end. It’s a serious thing. We might feel squeamish pondering it, but we’ve got to face the music. We’re all gonna go sometime. Did you know that a wise man thinks about death? Well he does, and we don’t just ponder on it for the sake of it. As men and women we want to ensure those most important to us are protected and set-up for the future.
Do you think I’m talking about life insurance? Nope, not going there, at least not this time.
“Protecting your loved ones” is a key pitch of life insurance providers—and it makes sense. Life insurance can help take care of your loved ones for the long run. But there’s something in addition to this that you should consider—funeral insurance. Have you ever given it a thought?
Funeral insurance, also known as burial insurance, is provided by companies like Lifebroker. If you had never heard of funeral insurance, neither had I until just a couple of weeks ago. Let me share with you what I’ve learned, and why I think it’s important we consider getting it on top of something like life insurance.
Why Funeral Insurance?
It Covers Often Unexpected Costs
A loved one’s death—or our own—takes its toll emotionally. No one wants to feel the added stress of financial decisions when they are processing and grieving someone’s passing. Families that have acquired funeral insurance don’t have to feel the same burden or feel like they must “cut corners” financially while working through burial and funeral costs
Funerals, burials, and internments can be very expensive. The cost of the whole process, embalmment, cremation, and even transportation can cost an exorbitant amounts of money—money that people don’t always budget for. You can protect those closest to you by getting yourself covered with funeral insurance. You can even by funeral insurance on someone else, and protect your own grieving time should that day come.
Peace of Mind
When someone passes away funeral insurance can provide you with peace of mind during a difficult season. It’s different from life insurance in that it is tailored to help with all expenses related to the passing of a family member, loved one, or even a close friend.
No Delay Compared to Collecting From An Estate Or Life Insurance
Someone’s estate can take months to be resolved. If a family or friend is waiting for these funds to pay for a burial and celebration of someone’s life, they may have to spend tens of thousands of dollars up front and wait to be “reimbursed.”
Many people don’t feel safe or comfortable doing that. People don’t like financial risks, and to ask someone to risk or carry debt while waiting for life insurance or estate money to come through can be nerve racking during a difficult time!
Funeral insurance pays a lump sum up front to the designee so they can quickly plan and pay for the proceedings.
How Much Does Funeral Insurance Cost?
If you are unable to afford the full premium of life insurance, funeral insurance is a good option to consider, or you can combine it with life insurance as an extra (and immediate) safeguard.
Assuming someone is a non-smoker, a male aged 50 may pay approximately $15 a month for coverage, or $12 for a female. For $10,000 or $15,000 of coverage, expect to simply double or triple that premium.
If a man or woman seeking coverage is 70, a $5000 cover may cost around $80-$90 for a man or $50 for a woman. Again, you would double or triple these premiums for $10,000 or $15,000 coverages.
If the individual is a smoker, expect to pay 50%-100% more for funeral insurance.
Give Funeral Insurance Some Thought
Funeral insurance isn’t something “exciting” to sit around and think about. It can be difficult to discuss with family. But just as with any financial or insurance decision, we should consider it on behalf of ourselves, our family’s sake, and even for our close friends.
[Featured image courtesy of http://dribbble.com/intersectionist]
