Prepayment and Insurance: Plan for What Lies Ahead

Woman carrying a rose to place above the coffin

Let’s be honest. Death is scary. With all the uncertainties, mysteries, and speculations surrounding the concept of death, it can be off-putting and frightening. However, what seems to be the worst part of a person’s demise is leaving behind family members and loved ones.

Death definitely affects families. Moreover, the preparation and costs of a funeral can increase the emotional toll on loved ones. But, you can at least give them a little relief by taking care of funeral matters beforehand. Yes, this sounds unpleasant and odd, but in reality, every living being will eventually reach the end of their existence, so why not be well-planned?

According to U.S. News and World Reports, making funeral arrangements is an unsettling task, but it can alleviate family members in terms of financing. Funeral costs can be high, so it’s beneficial to consider prepaid funeral plans to avoid adding to your loved ones’ grief.

Furthermore, a prearranged funeral lets you take the reins on all the decisions — from the burial site to the program of the ceremony. Some comprehensive plans even allow you to choose your own casket or cremation container. Although weird, it can somehow be helpful to know that you will be peacefully sent off in an appropriate manner approved by you.

Here are several ways you can take care of funeral expenses ahead of time:

Avail of a Prepaid Funeral Plan

Enter into a contract to arrange your funeral and burial. This will involve prepaying portions or all of the fees involved. According to the Federal Trade Commission, there are distinct laws of individual states concerned with providing security and protection in a customer’s prepayment of funeral services so it’s important that you be aware of these regulations.

There may also be specifications in the establishment where you’ll be availing of a plan. For instance, many mortuaries in Layton, Utah, affirms that the price of their pre-arranged funeral services will be locked upon prepayment, meaning it won’t be affected by inflation.

Buy Final Expense Insurance

talking with a grieving woman

Alternatively, you can purchase final expense insurance since it includes a death benefit that can be used to cover funeral costs as well as final medical fees. The Balance reports that the policy for final expense varies depending on specific terms, but typically, the benefit ranges between $5,000 to $50,000. In addition, it’s ideal to select an insurance plan with a minimum policy of $20,000.

Purchase Whole Life Insurance

This is a more costly insurance plan, but the higher price point only makes sense since the coverage is more comprehensive. In fact, this plan lasts for the purchaser’s entire lifetime. The whole life insurance entails premiums that are sustained at the same amount each year. The policy also provides a benefit to your beneficiaries upon your death. To add, although the policies vary, many include a cash value that’s allowable to borrow against for financing health care.

When you buy insurance or acquire a prepaid and prearranged funeral plan, it’s important to notify your family and loved ones. This will guarantee that the services and goods you paid for will be ultimately used in the future.

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