Leaving this life behind can get expensive. Not for you, but for the loved ones you will be leaving behind. That is why life insurance is a great way for us to protect the ones we love, even if we are no longer with them. Our final expenses are not limited to funeral costs. There will be taxes and other associated costs, ceremony fees, clergy donations, and even leftover loans and mortgages.
Whole life insurance is a guaranteed life insurance policy. It remains in force during your whole lifetime and upon your death, payout is guaranteed to your beneficiaries. This is, of course, subject if your required premiums are paid.
It is something you never want to talk about. It is something awkward and always untimely to mention. However, it is something that must be discussed at some point. It is painful leaving your loved ones, however it will be worse if you leave them with unplanned expenses. Final expenses are more than funeral costs. Proper planning is needed in order to properly settle your estate. Below is a short guide to managing final expenses.
Protecting our loved ones from financial hardships when we can’t be there for them anymore is the main reason why we get a life insurance policy. But what if you only need to protect them from long term expenses such as the mortgage, a home equity loan or your children’s education? A return-of-premium-life insurance assures that you will get your money back if you outlive your policy term. This type of insurance guarantees that you’d be able to give your loved ones the financial protection they need.