Final Expense Insurance

Final Expense Insurance

Is it Ever too Late to Insure for Final Expenses?

You’ll be happy to know that it’s never too late to insure for final expenses; however, it’s not the type of purchase you make every day, so it’s always best to consult with a knowledgeable professional who can guide you towards the best choice for your circumstances. By its very definition, insurance is an agreement where someone pays a premium in exchange for a guarantee of compensation at an unknown future time of loss, like death.

With regard to purchasing insurance for final expenses, the general rule of thumb is to buy it when you are young and healthy. There is good reason for that.  Nearly all life insurance and final expense polices require some degree of underwriting. Generally, rates are based upon age and health, so older individuals will almost assuredly pay higher premiums.

What is Final Expense Insurance?

Final expense insurance policies are not one-size-fits-all. Here’s a quick preview of a few different types of policies:

  • Preneed Funeral Insurance – a policy, linked to a specific funeral service provider, that is in effect for your entire life once premiums are paid in full.
  • Final Expense Insurance – a policy that isn’t linked to a funeral service provider and can be either term or permanent insurance.
  • Burial Insurance – usually a term life insurance policy for a specified amount that is payable upon death to a named beneficiary.

Funerals are Expensive – and Prices Will Only Grow Higher

Few things are certain when planning for end-of-life expenses. However, one thing that is certain is that funeral expenses are increasing. According to the National Funeral Directors Association, the cost of a funeral with burial has risen 28.6% over the last decade. Considering  current funeral costs of about $10,000 and future rising costs due to inflation, you’ll want to consider purchasing a policy sooner rather than later. As with any type of insurance, there comes a point where the cost of insurance surpasses the benefit that it provides. That’s the point where wise consumers choose to self-insure from their personal savings or other assets.

What is the Best First Step?

How do you decide which plan to purchase or if it makes sense to buy one at all? This is the time that it makes sense to consult with a funeral insurance professional that specializes in final expense planning—one who can review your individual needs, present you with sensible options, and guide you towards the best decision for your family. The best time to make insurance decisions is when you are calm and clear-headed. Give yourself peace of mind in knowing that you already have a plan for final expenses, so that you can focus on more important things at a future time that is sure to be wrought with emotion.

Funeral Insurance

End of Life and Funeral Insurance

Everything You Need to Know About
Funeral Insurance

The Average Cost of a Funeral is $10,000 (AARP.org)

 

10 Important Things to Know About
Funeral or Burial Insurance:

 

1.) NO medical exam required
2.) Premiums NEVER increase
3.) Accumulates CASH value
4.) Insurance NEVER decreases
5.) EASY to obtain up to age 80
6.) Protection is GUARANTEED
7.) Prepays ALL funeral costs
8.) Prepay any expenses or debts
9.) Your beneficiary can ALWAYS be changed
10.) QUICK coverage ranges from $2,500 to $50,000

Additional Helpful Resources:

3 Most Common Ways to Plan a Funeral

How to Prepay Funeral Expenses

Key Burial Insurance Details

Top 10 End of Life Plan Benefits

 

4 FREE Guides to End of Life Planning

Four Key Guides to End of Life Planning

Our Personal Gift to You and Your Loved Ones…

4 FREE Guides to Creating a Smart End of Life Plan

(Note: You can download, print, or save each guide below at NO COST)

Please Watch This Brief Video About Creating Your End of Life Plan:

1.  Completing Your Family Record Guide:

• Benefits of keeping all of your financial affairs in one place

• A complete list of key matters to have readily available

• Who can access and how often to update this information

2. Guide to Knowing Your 3 Best Options to Pre-Pay Funeral Expenses:

Pre Need Plan – How this plan works, who it fits, pros and cons

Final Expense Plan – How this plan works, who it fits, pros and cons

• Cemetery Pre-Purchase Kit – Burial Versus Funeral Pre-Planning

3. Guide to Choosing a Will Versus a Trust:

• The importance of creating an estate plan and how to start

• Easy-to-understand difference between a Last Will versus Living Trust

• Helpful ways to determine which is one is best for you

4. Guide to Creating a Love Drawer:

• Benefits of keeping all of your financial affairs in one place

• A complete list of key end of life matters to have readily available

• Who can access and how often to update this information

See Exactly Why a “Love Drawer” is So Valuable For EVERY Family:

 

Preplan Funeral Expenses

Pre Need

Preplanning for Funeral Costs and Expenses

The final expense cost of regular adult funeral including basic items, can be significant. To give you a quick overview of the funeral costs, we’ve developed a quick chart.  Keep in mind, these basic items do not include cemetery costs, cemetery monuments, or grave marker costs – nor any other miscellaneous charges such as for funeral flowers or obituaries.

$1,595             Non-declinable basic services fee

$  233              Removal/transfer of remains to funeral home

$  550              Embalming

$  203              Other preparation of the body

$  406              Use of facilities/staff for viewing

$  463              Use of facilities/staff for funeral ceremony

$  251              Use of a hearse

$  120              Use of a service car/van

$  119              Basic memorial printed package

$2,255             Metal Casket

$1,128             Vault

Total Cost  $7,323

For  more information about specific Final Expense Costs or strategies to Prepay Funeral Expenses and End of Life Planning, you’ll find a wealth of information throughout our website, FuneralResources.com.

 

Preplan Your Funeral

Funeral Costs

Top 10 Reasons to PrePlan Your Funeral

When You Die, Show Your Family How Much You Love Them…
Minimize Their Emotional and Financial Pressures

When you die, it should be obvious that your family and loved ones will be emotionally devastated as they try to cope with this grief and loss, but adding the stress of funeral costs and funeral plans is a burden you can help relieve.  So knowing these facts, one of the greatest gifts of love is to minimize (or preferably eliminate) as much of the emotional and financial pressures as possible.

The sad reality is that more than 70% of those who die today fail to leave behind as much as a Last Will for their family and loved ones.  As unacceptable as that may sound, it gets even worse.  More than 85% of those who die today leave their family with no knowledge of their end of life plans, preferences, or how to pay for their funeral expenses.

Top 10 Reasons to Preplan Your Funeral

1.  Upon your passing, most people don’t have any idea how to get started, what they should know, or who they can turn to.  If you preplan a funeral or burial arrangements, this significantly minimizes the stress and pressures that can accompany such a difficult time of grief and loss.

2.  This advanced planning offers you the opportunity to decide and control just about every detail of your memorial service and how you will be remembered.

3.  By documenting your last wishes, you can ensure that you and your remains are handled, cared for, and placed somewhere that fits you and your preference.

4.  By creating a plan for your final affairs, this can also minimize or eliminate any uncertainties or disputes among your family members. For example, one of the small details that can actually cause serious family disagreements are special family heirlooms.

5.  Preplanning takes the guesswork out of the common questions of “what do we do next” or “what would you have wanted”? A properly structured preplan ensures that your loved ones know exactly what to do, as well as instructions on how to most efficiently implement your bequests.

6.  After suffering the loss of a loved one, some of the biggest challenges your family will face are thing like time constraints, little or no experience with these matters, and limited access to the best possible help and guidance.  Therefore, one of the biggest advantages of creating a sound end of life plan is that, if it is properly structured, it can reduce (or even eliminate) the large majority of these difficulties.

7.  Through preplanning your funeral, as well as paying for your burial and covering your final expenses in advance, this creates a much better overall experience and memorial service for you, your family, and even your Funeral Director.

8.  Since preplanning reduces or avoids a great deal of the obstacles involved in planning a funeral, this extra time allows your family to work through other important matters such as dealing with the grief and loss, planning your memorial service, notifying your loved ones, creating your obituary, writing a funeral eulogy, etc.  The more free time your family has, the much more likely it is they can create a truly special celebration of your life and memories.

9.  After completing your preplanning preferences for your family, this actually ends up enhancing your future too. By having these details planned out in advance, you can now enjoy the “peace of mind” to live every day knowing that you have taken the time to leave behind one of the greatest gifts of love.

10.  By selflessly taking the time to create a comprehensive end of life plan, you will always be remembered in a special way. Your family and loved ones will never forget the fact that you sacrificed your time and resources to take care of these all-important details. In reality, what you’ve done is created an everlasting memory that shows just how much you truly love the ones you care most about.

Action Item – Give Your Family What They Deserve:

When it comes to the things that are important in our lives, proper planning and preparation are some of the key to a successful outcome.  In this situation, my sincere hope is that these 10 reasons serve as an inspiration and incentive to start this planning and preparation today, and become proactive about these all-important estate planning matters. 

Although most families never talk about these kinds of things, just about every family member and loved one would prefer to have these plans in place.  Quite frankly, I think they should demand this from you.  So at the very least, leave your family with two things they absolutely deserve:

1) A Last Will or Living Trust
2) A comprehensive end of life plan, which includes pre-arranging your final plans, preferences, and also your funeral costs

I can assure you that your family will thank you, see how much you loved and cared about them, and also remember your efforts as being one of the greatest gifts you have ever given them.

 
Christopher P. Hill, Founder
FuneralResources.com

5 Easy Steps to Create Your End of Life Plan

End of Life Plan Steps

5 Easy Steps Create an End of Life Plan

The Greatest Gift Your Family Will Always Remember

Live As If There’s No Tomorrow

The truth is nobody likes to talk about death or dying.  However, the unfortunate reality is that all of us will be forced to deal with this difficult situation at some point, and often times it happens when we least expect it.

Another harsh reality is that the large majority of financial professionals and families overlook or ignore the importance of incorporating a smart end of life plan as a part of a comprehensive financial plan.

I firmly believe that nobody would ever want their family and loved ones to have to deal with any unnecessary emotional and financial decisions (or costly expenses), during what could arguably be the worst times of their life.  However, yet another harsh reality is that over 70% of people who die fail to leave their family and loved ones as much as a basic Will, also called a Last Will and Testament.

Use These 5 Easy Steps:

I’ve put together 5 easy steps that should help every family improve their financial plan, simply by adding these key pieces of a smart end of life plan:

1.  Finish your Last Will or Living Trust, Living Will and other end of life directives.

2.  Complete our FREE Family Record Guide, which contains funeral plans including:

• A budget for the funeral costs that will be involved
• Your preference on a burial or cremation
• The location of your burial, or where you wish your ashes scattered
• Decide if you want a large memorial service or a small one
• Pre-arrange the caskets or cremation urns you like
• Choose officiates and others you want to run or speak at your service
• Pick the funeral music and Video Tribute you wish to have played
• What you would want engraved on your tombstone

3.  Create a “love drawer”, which is a central location where you keep all your end of life plans mentioned above. Choose someone to tell, and update it every two years.

4.  Consider using funeral insurance, such as pre need or final expense plans, which are specifically designed to pre-pay for all of your plans and funeral expenses

5.  Take advantage of the new memorial technology tools such as:

• Consider funeral webcasting on the Internet, so everyone possible can “attend”
• Build your own personal DVD Video Tribute, complete with songs and pictures
• Create and design a memorial website, who loved ones can share together online

Benefits to You and Your Family

By taking these steps now and creating your end of life plan in advance, you are sending your family a very strong message – which says that you cared enough to make this difficult time a little easier.  Not only with they thank you, but they will remember this selfless gift of love forever!

Chris Hill, Founder
https://funeralresources.com