“Oh, but if we don’t talk about final expenses now, the kids could be strapped with bills later that will make their grief seem like a cake walk. We’d better talk about leaving something behind besides a mountain of debt.”
The truth is many people are reluctant to talk about how much it will cost to meet their final expenses because we don’t want to think about our own death. No matter how young, or old we are, there is always another day to plan for things like that, right? Not necessarily. Death happens everyday to young and old alike and the costs associated with dying that can be daunting. The cost of burial is one thing, but there are other expenses, like the funeral or memorial service, final medical expenses, legal fees and other debts. All of those expenses add up and I know I would rather my legacy to my family not be that burden.
Recently a close friend lost his mother. She’d been in poor health for a long time, but still didn’t want to plan for her end of life care, so as he took the initiative I watched the process. The up front cost of the funeral home alone without a casket was $2,500. That doesn’t seem like a lot, but that doesn’t include the cost of the funeral at the church, the headstone, interment, her final medical expenses and the cost of a probate attorney. I know she had a small life insurance policy, which I also know didn’t all of her final expenses.
A Simplified Whole Life Policy will do just that. With three different options based on your health history, you can make sure you don’t leave your loved ones paying your final bills for years to come. This policy allows you to plan ahead to make sure not only that your funeral expenses are covered, but the cemetery charges, your grave marker and probate fees can be paid for. You can plan the amount you purchase depending on the policy and your age at time of purchase.
There are other benefits to a Simplified Whole Life Policy, too. Just like other whole life policies, this policy builds cash value. Over the life of the policy you can use the money for other things like retirement and college funding without losing your death benefit.
Don’t wait until later to call an Financial Adviser at 800-564-3136 to talk about planning for your final expenses.