Funerals are expensive. Every year the cost of funerals rise. It is not only the cost of caskets and cemetery plots that you have to consider. You also have to consider service fees for the ceremony, headstones/tombstones, transportation fees, and even clergy donations. Adding all those expenses sums up to a sizeable amount. And on top of that, funeral costs are not the only expense you have to consider.
Outside of funeral costs, you will also need to prepare for outstanding bills and balance of existing loans. Examples of outstanding bills would be credit card, medical, and utilities that might be left behind. Mortgages, housing loans, car loans, and others should also be considered.
How to prepare for final expenses
Luckily, there is a lot you can do to help your loved ones. You would not want to leave them the burden of settling all your final expenses without help. First, plan your will to consider final expenses. Often, this is a common overlooked consideration. There is a lot of expenses when dealing with inheritance. From everyday and administrative costs to taxes, it will get expensive. How else can you get funding for these expenses?
A life insurance policy can help greatly with this. If your policy is whole life insurance, then it builds cash value over time which you can use to pay the bills. The cash benefit your beneficiary receives will assist them in settling your final expenses. It is also possible to get payment in advance to settle your medical bills. This will help leave less expenses to your loved ones.
It is still possible to purchase life insurance even if you are aged 50 to 80. A medical exam may not even be required. This will depend on the health information you supply.
As grim and uncomfortable as final expenses can be, it is a very serious matter. With proper planning and foresight, bidding farewell to your loved ones can be less taxing and heavy. A proper life insurance policy can help in a big way.At Jonathan Leonard Insurance, we aim to provide comprehensive insurance policies that make your life easier. You can get more information about our products and services by calling our agency at (302) 887-9025. Get your free quote today by CLICKING HERE.