Surely nobody likes to contemplate their own demise, but it is an inevitability staring at all of us. With our passing comes the need to take care of our final arrangements. What is to be done with your remains? Will you be cremated or do you prefer a casket and burial? Do you want a big funeral for friends, family, and acquaintances, or do you prefer a smaller ceremony for just those closest to you? What about a casket, headstone, or urn? More importantly, who is going to pay for all of this, ensuring your final wishes are carried out? If you want to avoid leaving this financial burden on your loved ones, you might want to consider a burial insurance plan.
Suffering through the loss of a loved one is difficult enough without being handed the tab for the funeral on top of it. A burial insurance policy, or sometimes known as a funeral insurance policy, can be setup in advance to take care of the costs associated with your final wishes. The policy can cover things like the casket, burial plot, flowers, headstone, memorial service, transportation of your remains, and even fees for the minister of your service.
The overriding advantage of such an insurance policy is it provides a fairly simple way to plan, arrange, and fund your funeral all in advance. This leaves you with the peace of mind knowing that you did all you could to help them in dealing with a difficult situation without the added discomfort of hastily planning and making all these arrangement themselves.
It is also worth noting that funeral costs can easily tally up to a minimum of $5000, and costs in excess of $15,000 are not unheard of. That is why so many people decide on a funeral insurance policy rather than leave this potential financial burden to those they leave behind.
A burial insurance policy is often a whole life policy with death benefits. While they are often purchased as a standalone separate policy, they can also be part of a larger life insurance policy.
Deciding which policy is the right one for you can sometimes be a little more challenging than making the decision whether to buy one or not. With a few exceptions, you will almost certainly be insurable. However, depending on factors such as your age and any known health issues, you may be presented with different options. If you are facing serious health concerns today, you will likely need to look at specific policies designated for such a situation.
Like any insurance, the cost can vary based factors such as your age, health, and most significantly on the amount of coverage you wish to obtain. Based on these factors, you could be looking at a monthly premium of just $10 a month or upwards of $500. You may perhaps pay even more if you are looking for much higher coverage options. If cost is a concern, there are cheaper options through purchasing a group policy for several family members.
To determine what coverage limit will suit your needs, it is advisable to sit down with a funeral director and plan out your funeral and final wishes ahead of time. This way you have a degree of cost certainty and can shop for the appropriate coverage amount to fulfill your wishes.
Having such a policy as well as having your funeral arrangements preplanned can alleviate a lot of the stress your loved ones will already be under after your passing.
June is social responsibility month for us and so we feature what might be helpful to our many Benny Goodman and Sinatra fans
One of the most important things that the elderly need in their old age is the right insurance policy that will help them to live comfortable and peaceful lives. Remember that accidents, calamities and disasters have no age restriction and can occur at any one time in a person’s life. This is why the elderly must have the right insurance plan that will keep them well protected. Some of the important insurances that even the elderly should keep in mind are life insurance, health insurance and travel insurance.
Life insurance is one of the most important insurance policies for the elderly. While some insurance companies may charge the elderly higher premiums than the youth, others have specialized plans targeting the elderly and offering them competitive rates. This is because in this fast paced world, it is easy for anyone to get sick and die and not just the elderly.
Another important policy for the elderly is travel insurance. Growing old shouldn’t mean that the elderly should lose their adventurous streak. This policy is designed for the elderly who love to travel either locally or internationally. While many insurance companies will provide travel insurance for a specific age group and not for the aged, there are companies that offer travel insurance for those aged 65 and beyond. These companies will factor in the cost of medical treatments, the age of the elderly and other factors when calculating the premiums to be paid.
Health insurance is more important for the aged than for the youth because after retirement, medical expenses tend to rise. While not all insurance companies will provide health insurance for the elderly, some companies offer health insurance for those aged above 75 with a few exclusions included in the policies.
When getting insurance for the elderly, make sure you read the policy well before buying so that should you need to make a claim, you will know what is covered for by the insurance company and what isn’t.