Beyond Life Insurance: Why You Should Consider Funeral Insurance and How It Protects Your Family 20 Comments
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Itâ€™s a serious thing. A tough pill to swallow. We might feel uncomfortable thinking about it, but a wise man thinks about death. We donâ€™t just ponder on the future for the sake of itâ€”we want to make sure our loved ones are protected and set-up for the future.
â€śProtecting your loved onesâ€ť is a key pitch of life insurance providersâ€”and it makes sense. But thereâ€™s an additional piece to consider beyond just life insurance, and that is funeral insurance. Have you ever thought about it?
Here are some thoughts to consider when thinking if buying funeral insurance is a protective investment to consider.
Why Funeral Insurance?
A loved oneâ€™s deathâ€”or our ownâ€”takes its toll emotionally. No one wants to feel the added stress of financial decisions when they are processing and grieving someoneâ€™s passing. Families that have acquired funeral insurance donâ€™t have to feel the same burden or feel like they must â€ścut cornersâ€ť financially while working through burial and funeral costs.
Funerals, burials, and internments can be very expensive. You can protect others by getting yourself funeral insurance, and you can protect your own grieving time by buying burial insurance on someone else.
Funeral insurance can provide you the peace of mind during a difficult season when someone passes away. It differs from life insurance in that it is tailored to help with all expenses related to the passing of a loved one or close friend.
An individualâ€™s estate can take weeks or months to be resolved. If a family or friend is waiting for these funds to become available to pay for a funeral, they may have to spend tens of thousands of dollars up front and wait to be â€śreimbursed.â€ť It can be something people donâ€™t feel comfortable having to deal with. Funeral insurance pays a lump sum up front to the designee so they can quickly plan and pay for the proceedings.
Whatâ€™s the Cost of Funeral Insurance?
Individuals may not be able to pay the cost of complete life insurance, so funeral insurance is a good option to consider.
Assuming someone is a non-smoker, a male aged 50 may pay approximately $15 a month for coverage, or $12 for a female. For $10,000 or $15,000 of coverage, expect to simply double or triple that premium.
If a man or woman seeking coverage is 70, a $5000 cover may cost around $80-$90 for a man or $50 for a woman. Again, you would double or triple these premiums for $10,000 or $15,000 coverages.
If the individual is a smoker, expect to pay 50%-100% more for funeral insurance.
Give Funeral Insurance Some Thought
Life and funeral insurance can be difficult to discuss and think about. But just as with any financial or insurance decision, it should be considered for our own sake, our familyâ€™s sake, and even for our close friends.
Author Bio: Todd is a blogger for hire while managing the content at the two extraordinary sites he co-owns. Check out how heâ€™s helping men become better men at Fearless Men and the insight he has to make your money grow at AllThingsFinance.