Funeral Life Insurance
What is funeral life insurance?
Most of us understand the value of life insurance coverage in ensuring that our family can continue to fund their normal costs in the case of our death. The goal is for peace of mind, to make sure you have enough money to pay off your debts and cover expenses.
Funeral insurance is a tool that can assist your loved ones in covering the costs and burden of your final arrangements. It is more than just a life insurance policy as it provides all of your funeral and burial wishes. Your heirs will not be wondering what you would have wanted for your choice of end-of-life celebrations. It’s not just insurance. It’s a pre-planned event that you leave for your heirs.
Funeral Plans are not a form of investment or retirement plan. Its primary and only purpose is to cover costs like memorial services, coffins, flowers, cremation, or a plot, anything to do with the funeral itself.
Benefits of Funeral Insurance
- In Canada, it is advisable for seniors aged 70 years and above to think about funeral expenses and be sure that the funeral home will take care of all arrangements. The premiums might be slightly higher as they are designed to pay for the funeral in today’s dollars but with the future value of the arrangements regardless of the cost of benefits in the future.
- The cost depends on the amount of coverage needed, the age and health conditions of the insured. Another vital reason for purchasing coverage is to provide peace of mind that all the arrangements have been decided upon with fixed cost.
- The premium is paid for the costs and arranged before death with the funeral home. Experior financial provides peace of mind through the right quote and price tag from a reputable insurance company.
Types of Funeral Insurance
Burial and preneed burial insurance are two forms of funeral expense life insurance policies. Having any of these types of funeral insurance plans will help you budget for your funeral/final expenses in advance.
- Burial Insurance
Burial and Preneed Burial Insurance are two forms of funeral expense life insurance policies. Having any of these types of funeral insurance plans will help you budget and plan for your funeral expenses in advance.
Funeral expense life insurance pays for your burial or cremation costs when you pass away. Because many people are unaware that funerals can cost thousands of dollars, they do not plan ahead. Families or loved ones who must bear the funeral bills may face financial difficulty as a result of not pre-planning a funeral.
Burial life insurance distributes the death benefit of your policy straight to your funeral home. However, if you have a $15,000 burial insurance plan but your funeral costs are only $10,000, your beneficiary will receive the difference to pay for any other final obligations such as unpaid medical bills, legal fees, or any other debts you may owe.
- Preneed Burial Insurance
This can relieve loved ones of the administrative burden of planning a funeral during a difficult time. You can work with the funeral home of your choosing to pick, specify, and pay for exactly what you want for your funeral if you choose to obtain preneed insurance. This can help your family avoid making unpleasant decisions that aren’t in line with your wishes. As well it can help to avoid conflict amongst loved ones.
This means that loved ones making the last arrangements must cooperate with the funeral service provider chosen by their loved one before their death. One of the most significant advantages of a pre-need plan is that it lets consumers pay for items that are currently less expensive than they will be in the future.