Dwayne Fuller talks about the Importance of funeral pre-planning
Part I of a II part interview with Dwayne Fuller of Striffler Hamby Mortuary discussing the benefits of pre-planning funeral arrangements including information about written wills, power of attorney, probate court, and so many other items that can blindside you all at once, after a loved one has passed on.
Why Purchase Burial Insurance?
Burial insurance plans, also often referred to as final expense insurance, are not the same thing as traditional life insurance policies. Coverage includes the costs that are directly related for a funeral. People who purchase a policy typically do so to ease the financial and emotional burden on their loved ones after they pass away.
Young families may find it difficult to think about buying burial insurance. However, if there are children, the cost of burying a husband or a wife can leave the bereaved struggling to make ends meet after paying out-of-pocket for funeral expenses. Dealing with the grief of an untimely loss is difficult enough without the added burden of paying for a burial.
Funeral costs are very high. Most average more than several thousands of dollars and the price is only going to get higher. A burial policy will cover these expenses and help remaining family members stay solvent.
Many people refuse to think about the high cost of dieing and believe that they will never need a burial policy. The truth of the matter is that burial policies typically don’t cost very much. Most families start with a limited plan and add to it over time.
Burial insurance policies come with a variety of options. An insurance agent will help you to understand these options and should be able to provide quotes from a variety of companies. Once you understand your options, pick the most affordable one that meets your needs.
Remember that funerals really aren’t about you. They are more for the surviving family members. It is the same with a burial insurance policy. When you take the time to pick a policy that effectively covers all the costs from the funeral home to the grave site and stone, you are taking good care of the family that you love more than life itself.
Why Life Insurance is Important for People Over 70
As people age they often let their life insurance go. They believe that since they no longer have children living at home or in college they no longer need these services.
The truth of the matter is, that life insurance over age 70 is just as important as it was when you had children living at home or in school.
Many people reach their golden years having not saved enough money for retirement and other things that may crop up in life. One of these things is their death.
If you don’t have life insurance, your burial is on someone else’s list of responsibilities. Life insurance can give you the peace of mind that you’re going to be buried where you desire, in the form that you prefer.
If you don’t have any form of life insurance, your burial is left up to others who may not have the funds available to bury you. Final expense are well over $6,500 in today’s economy and they’re only going to continue to go up in price.
Many families don’t have that kind of money lying around so they’re left to pool funds and hopefully not have to make payments on your final expenses.
Most mortuaries won’t take payments on burial or cremation so this can present a huge challenge to families. If you have life insurance, your family can afford to bury you or have you cremated.
Life insurance will also provide your family with a means to settle any outstanding debt that you may have incurred in your final days.
Your family loves you and wants the best for you but they may find that without life insurance, they are left doing only what they can afford and not what you deserve.
Protecting Your Family With Life Insurance
Throughout your life you always have your family’s need in mind. You work very hard to make sure that there is food on the table, the kids are able to go to school, they have a roof over their heads, and you have extra cash to spend for out of town vacations. But what will happen if by a twist of fate, you are taken away from your family?
Life insurance allows your family to continue living the life that you have worked very hard to provide for them. The passing of a family’s breadwinner can be financially crippling to the one’s he will leave behind and life insurance helps you secure your family’s future once your financial support is gone. It provides funds that will help them get back on their feet and face life on their own.
Make a proper estimate of your life insurance needs
More often than not, policyholders debate whether they are leaving too much or too little for the family. Compute the things that you need to pay off like your mortgage, debts, education for the kids, car payments, and other expenses that your family may have. Using this figure you can now estimate how much coverage would be enough to provide their immediate needs in your passing. As a general rule, the amount that you leave your beneficiaries should be about 7 times your annual salary.
It is also ideal to recalculate the needs of the family against your current coverage every year that the policy is in force as our needs change constantly. You will never know when you will need your life insurance, so it is best to update your coverage. This ensures that all of your family’s needs are met in the event of your death.
Types of life insurance that can protect your family
There are a number of options that insurance companies offer to protect your family in the event of your unexpected death. Although they may add some features to the policies, the most basic type of life insurance are listed below:
- Term Insurance is a type of life insurance that covers you only for a certain period. The coverage of a term insurance is usually from 1 to 30 years. Some term insurance offers the option of renewal in case you want to lengthen the duration of your coverage. In term insurance, your family will receive the sum stated in the policy when you die within the period stated in the insurance policy. This amount will be very helpful with any immediate expenses they may have during your death and can provide the financial assistance that they need as they adjust to living without your financial support.
- Permanent Insurance is a type of life insurance that will cover you until your time of death and has no specified period covered. It is very common for these types of insurance policies to earn cash value while it is in force and this can either be withdrawn or loaned while you are alive to use for your unexpected expenses or added to the total lump sum amount that your family is supposed to receive when you die.