In the wake of your demise, you leave so much more than the bereaved.
The grief of a lost one is enough to make loved ones despair, heaping financial issues on top of that loss is not how you want to leave your family — is it?
Along with your demise goes your income, which exemplifies the reason why life insurance and proper planning when you are alive is so very important.The surviving family members will have emotional, spiritual and financial needs of an immediate nature to be addressed following the passing of the insured. Most prevalent are the immediate costs brought forth with death. These costs can range from legal costs and funeral costs, to medical bills not covered by health insurance. Scary, isn’t it? These costs in unison and combined can often bankrupt a family.
Only a solid, well thought out insurance plan will assure your loved ones will be taken care of when you unexpectedly or expectedly leave them.
According to a 1999 National Funeral Directors Association, and a 2000 Government publication, the average cost for a funeral is about $6,000.00. Depending on the type of funeral arrangements made, these costs can soar into the tens of thousands of dollars. A properly crafted life insurance policy can more than cover these expenses. Adding an additional amount to your life insurance policy for this specific reason is always an option, so make sure you have purchased enough to cover your final death costs and to allow your family to be supported financially during their period of grief.
Money issues are the last thing you want your family to worry about when under such emotional stress.
Just remember that when you purchase a life insurance policy, the peace of mind it gives you is huge as it secures the future well–being of the surviving family you love.
Aside from your immediate costs as the recently deceased, there will most likely be a wealth of other expenses pending. When a person passes who is a provider for their family, either wholly or in part, the financial support they provided to their family disappears; worse than that, whatever debt the deceased may have incurred in life does not disappear, the next of kin become responsible for the outstanding balance on all accounts. This is usually always crippling if the right insurance policy has not been successfully put in place while the deceased was alive.
If you should perish and have a large amount of unpaid bills, “What are you going to do to take care of this financial burden so your family does not have to?” The best course of action for such a situation is to ensure your policy provides enough financial reimbursement to clear your remaining debt in one lump sum. This allows your family to complete the financial responsibilities of the deceased and not have to continue payments. This is especially important for dealings involving payments with an interest rate. In cases like this, involving for instance a mortgage, consult with a financial expert in addition to your insurance agent to prepare the best plan possible to handle your various expenses in the case of your passing.
In truth, you are not buying this policy for yourself.
The only selfish motive one might have in purchasing the best life insurance policy possible is the sense of accomplishment and satisfaction of knowing that their loved ones will be properly provided for, no matter what. There is a huge sense of pride and comfort that comes with establishing the security of your family for the day you leave this world.
Purchasing this policy is the last step you can take to make the transition for those who survive you as comfortable as possible.