When you near the end of your life, it is hard to get coverage. Without any life insurance, your loved ones have to shoulder the burial costs that could run into thousands of dollars when you pass away.
Funeral expenses have skyrocketed and could be anywhere between the range of $7000 to $12000. Most seniors don’t like the thought of leaving this world with loved ones left to fend the bills associated with last rites. Here are a few reasons why you must invest in a final expense policy if you are above 60.
Funds Funeral Costs
Gary P. Cubeta of Insurance for Final Expense mentions that the final expense insurance covers funeral-related costs, and you can read more about it at https://insuranceforfinalexpense.com/affordable-burial-insurance/. The final expense insurance also ensures you do not leave any debt after you pass away. Your loved ones get the funds for your funeral immediately, and they can complete the last rites without any delay.
The final expense insurance also leaves some money for your loved ones, which would provide them with some relief.
Helps in the Payment of Medical Bills
Suppose you were hospitalized before death and passed away in the hospital; your family members will have to pay the medical bills. Depending on the insurance amount, the final expense insurance will help your family members pay your medical bills. Even if the medical bill is greater than your insurance, the insurance still reduces some financial burden on your family members.
Financial Support for Loved Ones
After you pass away, your family members have to take an off from their work and complete your last rites. They will not have any income when they are not working. The insurance amount can provide some financial cushion to your family members, and they can use the insurance amount for your funeral and meet their other expenses.
The good thing about final expense insurance is that the person nominated by you can use the insurance amount for any purpose. The use of funds is not limited to meeting your funeral expenses alone.
Pay Your Loans
If you have taken personal loans in your old age and pass away, your family will be held responsible for paying these loans. Your family members would be spending thousands of dollars for your funeral. The last thing you would want is your loved ones paying for your loans also.
The final expense insurance amount can be used to repay your loan or any other loans you might have taken. It will provide your loved ones with some respite as they can use the insurance amount to pay off your loans.
Take Full Control of Your Funeral
Every senior has some thoughts or wishes about the way his or her last rites should be performed. Some seniors want their bodies to be buried at a particular place, while others want their ashes to be put at home or elsewhere.
When you take final expense insurance, you have complete control over your funeral after you pass away. You can inform your family members about the insurance and your last wishes about the funeral. Your loved ones will not have any difficulty fulfilling your last wishes. The insurance amount will be sufficient to carry out your funeral the way you want.
If you do not purchase final expense insurance and your family is facing financial difficulty after you pass away, they might not be able to complete your last wish due to lack of funds.
Serve as a Gift
Many seniors like to leave behind some gift to their loved ones after they leave this world. The final expense insurance amount can be one such special gift for the person you love the most. That person could be your family member or someone outside the family. Your family can give the remaining amount to whom you want the money to be provided.
To Pay Estate Taxes
If your estate value is more than $11.58 million, the remaining value is subject to taxation. The final expense insurance amount can be used to pay the taxes. It will reduce the financial burden on your family members, and they do not have to sell the property to pay estate taxes.
The final expense insurance provides immediate funds to your loved ones when you pass away. Although final expense insurance is easy to apply for and there is no medical examination needed for approval, very few insurance companies will give you coverage at an old age. Hence, make sure to buy one at the earliest with the help of good agents.