Consequences of Not Carrying a Final Expense Insurance Policy
By: Ryan Attelle
When we pass on, not only do we leave an emotional void in our family lives, we also leave behind our outstanding finances. Burial cost and funeral arrangements can be expensive. Help protect your family from the burden of these cost.
When an individual fails to make final expence arrangements ahead of time the survived family is left with the burden of figuring all of this out. And the timing couldn't be any worse. They just lost a major member of there family. Usually funeral arrangement are the last thing you want to leave them with. A funeral usually cost anywhere between $5,000 - $10,000. A sudden expense that size can be very costly and long lasting for most family’s. Final expense insurance may be the perfect solution to providing for burial and funeral costs in advance. It's the right thing to do.
This doesn’t just apply to those 55 and older ether. If your expecting to be a survivor of a close family member you can take action as well. Some of those who need final expense insurance simply don't have the finances available to get it. This could be due to retirement, downsizing, medical issues, what have you. The process is fairly simple because there are no real medical questions or samples that need to be submitted. And overall pretty much any per-existing condition is acceptable. This makes it simple and easy for anyone else to apply for final expense insurance on another behalf.
To really understand the situation it may be a good idea to sit down with your elder and have a conversation concerning the situation. It's tough we know, because lets face it, no on wants to talk about there own death. But the difficulty of the conversation is far less than the difficulty of the financial burden placed on you should this situation not be addressed. It is important that you drive the conversation because ultimately the responsibility will fall on you. The real question is would you rather pay a small premium per month now, for coverage that will pay for all potential funeral expenses. If anything else the price of the insurance is well worth the security of knowing your covered should anything happen.
Its also important to consider there spouse. If both are in retirement they are probably on a tight set budget. The financial burden on a surviving retiree can be devastating, leaving them with a constant struggle for the rest of there retirement. No child wants that for there parent, and no spouse want that for them self's or loved ones.
Many seniors may have a policy they have acquired many years ago. It may be time to dust it off and see what is in it. A lot of policy’s may not even cover the cost of today’s rate. It is important to check up and make sure you know exactly what you have. Look at those policy’s and see what the value is. Call up the company and find out “what is the value of this policy should my elder pass away today?”
In the end, burial costs are an uncomfortable truth we all have to face one way or another. It is up to us if we face them now, and take action so that everyone is properly prepared. The other options is to avoid it until the inevitable happens. Whether you yourself are in need of a policy, or your a close relative to someone who will pass before you it is important to have a plan, a plan that consist of final expense insurance.
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