Who wants to think ahead to their burial needs and why a burial policy is important? Not too many people… for this reason, countless families are left with the daunting task of planning funeral services for a loved one without the financial resources to pay for final expenses. If you are one of the many who haven’t thought about your life insurance needs or have put off pulling the trigger, now is the time to act. If you need convincing, here are ten reasons you need to secure your burial policy today.
#10- Family First
When you think about having life insurance, it is something that is selfless. You are putting a burial policy in place for your family, not for yourself. Who wants their family to struggle through an already difficult time because they aren’t sure of your final wishes and how to follow through with them. Typically when a person puts a whole life insurance plan into place to pay for burial or funeral expenses, they are also able to make sure their family knows what their wishes are for memorial services and other details. Burial policies take care of family.
#9- Financial Planning
During your twilight years, most people are on a budget because the income you have must last longer with less money coming in. That is the time to make sure the “must haves” are part of your financial plan. Of course you will think of housing, transportation, health insurance, and other provisions you wouldn’t dream of living without. However many overlook their life insurance as a must have. By including it upfront in your retirement planning, you will know it is taken care of before other discretionary spending take up the extra money in your budget.
#8- Cost of Burial
Many folks don’t realize that the average funeral is over $10,000 and that doesn’t even count other final expenses such as remaining debts and legal expenses. With the cost of funerals so expensive and rising with each passing year, this expense isn’t something small that family members can absorb. A burial policy is designed to pay for this expense and ensure your family can afford for your wishes to be carried out.
#7- Based on Today’s Good Health
Approvals and premiums for a burial policy are based in part on your health history. Most people are as healthy as they will ever be right now. One of the benefits of a whole life policy is that once they are in place, they can never be cancelled due to age or health. So by getting a plan in place today, you are getting that policy based on today’s good health compared to tomorrow’s unknowns.
#6- Based on Today’s Age
Along with your current and past health profile, the other main factor in getting the best burial policy is your age. With each birthday, the rate at the time of approval goes up so today is the day you would be approved for the lowest monthly premium for burial insurance. Once your plan is in place, the monthly premium can NEVER be raised, regardless of a change in your health or as you grow older. Whole life insurance plans are set in place for your whole life, no cancellation or rate increase as long as premiums are being paid.
#5- Lowest Premiums are Available Today
You are hard pressed to think of many things in your budget that decrease over time rather than increase with inflation. Insurance premiums are no different. Over time, the cost of issuing a life insurance plan goes up. That means that today’s rates are the lowest you will ever pay, not just because of the health and age reasons mentioned above, but simply because cost of doing business will go up over time as well.
#4- Easier to Budget Now
We can all think about that subscription we have or going to get a monthly lunch or daily coffee. Those expenses are something we don’t really think about and didn’t miss from our budget. Planning for your burial policy now means it will be more affordable and can work into your budget as a priority. Once the payment is part of your routine, much like the other small expenses you have, it won’t be missed and it will have long lasting benefits when your family is taken care of in their time of need.
One of the best benefits of whole life insurance is the flexibility it provides for the insured and your family. By paying out death benefit to your beneficiary, they are able to execute your wishes without the constraints of having the funds paid to a funeral home or go through a third party. Your beneficiary can arrange your memorial services, pay any debts you would like, handle legal fees, and even provide monies where you designate such as a grandchild’s college fund or to some other family member or beloved charity. A burial policy can do much more than pay for your burial with a lot of flexibility for you and your family.
#2- Peace of Mind
A burial policy can do more than just provide the financial means for your family to pay your final expenses. It can give you and your family something that you can’t put a price tag on- peace of mind. There is something to be said for being able to go to sleep each night knowing that the important things in life are taken care of. Having your funeral insurance in place is one of those important things.
Yes, family again… your burial policy is for the love of your family. It may seem like something that can wait but at Assurance Life we hear too many stories of folks signing up for their life insurance because they just went through burying a family member who didn’t have life insurance and they don’t want to put their own family through that ordeal. Making sure your family is protected and can have the peace of mind knowing that your needs after death will be taken care of is an act of love that will be part of the legacy you leave behind. Talk to your family and start your burial policy today. Assurance Life works with 25 of top burial insurance companies, including Mutual of Omaha, Prosperity Life Group, AIG, and Sentinel Security Life to name a few.