Funeral Planning Guide - Life Insurance

Will my life insurance bury me? Probably not! You purchased life insurance to protect your family’s financial standing in the event of your death. It’s life insurance not “death” insurance. How is your spouse going to pay the mortgage? Pay household bills? Send the kids to college? That is what life insurance is for!

If your life insurance is “assignable” then you can assign it to the funeral home. Question; why would you want to do that? Wouldn’t you want your life insurance to go to your designated beneficiary? Of course you do! Life goes on and you want your family to be able to pick up the pieces after your death.

Life Insurance- What it’s all aboutWe all hear about life insurance and how important it is to have. The bad thing is that most people will put off getting life insurance, telling themselves that they have plenty of time. The trouble is that no one knows exactly when their time is up. What makes this more difficult is if you have family and you neglect to get life insurance to help take care of your loved ones in the event that something happens to you. Most do not know or understand all the different type of life insurance that there is to choose from.

Below is a brief breakdown of the types of life insurance that you can get for yourself.

• Term life insurance- This is the simplest type of life insurance that you can get and perhaps one of the most common. There is nothing to invest and they make it plain and simple. You simply buy the policy for a certain period of time and if something happens to you in that time frame then your person or people that you have listed as your beneficiary, will get the lump sum of money.• Whole life insurance- This is pretty much like term life insurance but the difference is that you buy the policy to cover your entire life or your whole life where as term life insurance only covers you for a certain period of time. This policy is nice as your premiums generally do not change and this is widely offered by employers. Most employers will pay all of the policy premiums up to a certain amount of coverage for as long as you are with the company. • Universal life insurance- This one is a bit more complicated. This is where you can choose to put in more than the premium and your employer will get to choose the type of investment vehicle. They usually keep this to such things as mortgages and bonds. Any money that is done on this type of investment such as the money you invest or the money you earn on the returns will go into what is called a cash value account. There can be variables for this type of life insurance that will allow you to choose your investment vehicle.

• Variable life insurance- this is where you will have many more choices where you can invest such as stocks. You can then use the money that you earn to help pay the premiums on the policy. The amount of money that is paid to the beneficiary is either the amount at face value or the amount plus the money earned on the policy.

Having some type of life insurance policy is very important if you want to help protect your family from having to endure the costs of your funeral. This can be a costly part of passing and it is the last thing that your family and friends needs to worry about right when they lose you. Let’s face it, your family will be most concerned about the fact that they lost you and will have a hard time with that, let alone having to deal with the details of calling the funeral parlor and setting up all of those details.

The cost of life insurance can vary. The cost can be very minimal if you choose the policy through your employer. Most insurance agents can offer very cheap policies depending on the amount of money you are looking to have dispersed when you die. So no matter which way you choose to go, whether it is through your place of employment or your own personal policy, you can be sure that you will not have to go broke to get the coverage. You will have peace of mind that in the event that something happens to you, your family will be taken care of, and they will not have to worry about paying a hefty price to give you a proper burial.

It is very important that you have a life insurance policy for yourself, no matter what your age it as you never know when it is your time. You will want to have your loved ones taken care of so that they are not stuck with any financial burdens that you may have left behind.

Your funeral planning guide will have many options regarding prearrangements for funerals or pre-need options for purchasing cemetery property. Bottom line, life insurance is not for burial! You can contact a pre-need counselor at most cemeteries or a reputable funeral home. This is the best way to contain burial costs.Healing

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