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Burial Insurance: Having the Conversation With Your Family
By Matt Schmidt
The average life expectancy for Americans is 78.6 years as of 2017, a statistically significant drop of .1 year from 2016. Women can expect to live on an average of 81.1 years, while men can expect an average of 76.1, according to a CNN report.
With life expectancy recently decreasing and always fluctuating, it’s essential to plan for the future and prepare for own mortality. Take a moment and reflect: how many loved ones in your family are nearing this age? Better yet, how many of those loved ones have you spoken to about mortality? The subject of mortality can take a moment for one to accept, but an inevitability in life.
Unfortunately, too many individuals choose to ignore the inevitable and force their loved ones to face high funeral bills after they’ve passed. If you’re still unsure whether or not you should plan for life after death, consider the effect death has on your family. If you don’t have liquid assets that your family can access, to address all of your final expenses, it’s probably a good idea to consider a burial insurance policy.
Like most consumers, you may not even know where to start when purchasing burial insurance. You see all those commercials on T.V. and you get all those junk mail solicitations. Are those the types of companies you should research? (HINT, those are usually the insurance companies you’ll want to avoid)
Choosing burial insurance that covers the cost for your family is one of the steps everyone should take in life. Selecting the right burial insurance policy for you or a loved one can be difficult, the fine-line details are crucial can’t be overlooked. Don’t go it alone! Simply contact us at 844-334-6143 and visit with an agent. They’ll determine what types of policies, and what rates you may qualify for. Before deciding on a plan, you should have an open conversation with your family about preparations for when the time comes.
Mortality is viewed differently by everyone based on religion or personal beliefs. However, there is one thing that unites us all: we all eventually pass. Acknowledging our own mortality should be a sign of strength, not fear or weakness.
Many successful CEOs used their mortality as a tool to live their life. Many business executives were taking a note from Steve Jobs speech 13 years ago, and writing their eulogies to fuel their decision-making process, according to Business Insider. If the decision to face death and write eulogies can help executives than inevitably anyone can meet their mortality for the sake of their loved ones?
If your family motivated, then consider how much stress is taken off the family by having a financial plan ready to be set in motion. The process of acceptance may take longer than you imagine, however, the sooner you accept, the sooner you can plan and move on with life. The longer you wait, and the more you age, the more likely one of your loved ones will bridge the conversation for you. If you aren’t ready to face your mortality by yourself, you might not be prepared for a loved one to meet it for you.
The price of your burial insurance policy is based on three main criteria:
If wanting to lock in the lowest possible premiums, you’d want to take out a senior insurance policy in your 60’s. As an example, rates would be much lower compared to burial insurance for seniors over 70.
Male, age 60, non tobacco user, $10,000 of burial insurance is $36.00 monthly
Male age 70, non tobacco user, $10,000 of burial insurance is $58.00 monthly
Hearing a family member bridge the conversation about their mortality can make one feel uneasy. Instead of waiting for the conversation, or even worse, the moment arises, consider talking to your loved ones first. We know NOBODY likes to think about these things, but it is important to have a financial plan in place, at the end of your life. No son or daughter wants to face the investable death of a parent. However, being prepared and approaching the subject for them, is one way to help bridge the unnecessary awkward moments in the conversation. Knowing that there is burial insurance on your parent provides children with peace of mind!
If you choose to bring the conversation to light, it’s important to remember a few key points to ensure the conversation is as smooth as possible. Discussing death is difficult for most people, but waiting for them to fall ill can bring cloud to every decision. Begin the end-of-life conversations while everyone is healthy is best for everyone involved, according to Psychology Today.
The conversation may be more difficult for loved ones who live a significant distance apart. The conversation should take place in person, while looking at your loved one so they understand your conversation comes from a place of love and understanding. Setting aside the appropriate time to visit and discuss with them is healthy for both sides.
If you do have a funeral insurance policy in place, you will want to share details of the policy with your beneficiaries. You’ll want to provide them the name of an insurance company you have coverage with, and the amount of the policy. These policy details will help them know exactly what policies you have in place.
For those who have the financial and emotional benefit of additional family members living with them, you’ll find convenience in finding a time and place to broach the subject. Ensure that all relevant family is apart of the conversation, including siblings of yours that may not live with you and your extended family. Allowing all of your loved one’s children to be apart of the conversation, shows unity and love that helps bring ease to the difficult conversation.
Do your homework ahead of time, research the numerous options available and be prepared to answer some of the basic questions your loved one might ask. Remember, having their affairs in order will help bring peace to them and allow them to focus on living their remaining days, and finish the post-life planning.
Approaching the conversation of your funeral with your children can be as difficult for them, as it is for you. If you’re the first to begin the discussion, you’ve accepted your mortality in one way or another. Recognizing our mortality can come across as a bit morbid, but in retrospect, it’s an act of love towards our family. Your children, however, probably haven’t given the subject much thought and aren’t ready to have the conversation of life after you. Helping them to understand the benefits of being prepared and having the appropriate insurance is far less stressful than avoiding the conversation until the bills arise. Paint the picture for them, the situation you’re helping them avoid by having an awkward conversation.
Funerals are a costly, and unexpected event in everyone’s life. A funeral can cost your family $14,000 or more depending on the amenities. Most families aren’t expecting a high cost and find themselves financially unprepared when unplanned deaths arise. Being unable to fulfill burial arrangements due to finances is the last act any child wants to endure while grieving their loved one.
Although the conversation is maybe abrupt for them to have, the discussion will help ensure the funeral doesn’t blindside them with unexpected bills outside of their emotions. By being prepared, no unexpected costs will rise, and the funeral will proceed with everyone’s intents coming together.
Since burial insurance policies are whole life insurance policies, they will cover your entire life. Ensuring that your family will receive the lump sum, tax free death benefit at the time of your death. If there is money left over, your family can use it however YOU/THEY see fit. There could be medical expenses, utility bills, cable bills or cell phone bills. Your family could hypothetically address ALL of these expenses, by taking out a burial insurance plan.
If you’re considering having this conversation with your loved one, know you’re making the responsible life move that so many individuals pass on until it’s too late. After the discussion is bridged, the final step is execution. After buying the coverage, it’s important to continue living life as you did before. Planning for life after death will relieve stress for everyone involved and allow growth to continue knowing everyone is ready for the future.
When considering final expense insurance coverage, don’t feel like you have to do all this on your own. We are here to help you! Since all we do is help people find affordable burial insurance coverage, we will ensure that the process of applying is as simple as possible.
An agent will first speak with you, and help you determine the right amount of insurance coverage. From there, they will ask a series of health questions, to simply determine what possible type of policy, and rates, you’ll qualify for. If your health is average to above average, you’ll most likely qualify for an immediate death benefit policy. IN the event your health isn’t the best, you’ll still have a guaranteed issue burial policy option.
Once you are ready to apply, our agents will help you complete the necessary paperwork. And don’t think you’ll be waiting around for weeks, for a decision from the insurance company. Most insurance carriers will make a decision in a matter of minutes, or days.
Contact us today, and let us provide you with all the information you need, to help make this important financial decision for you and your family. A 5 minute phone call to 844-334-6143 is all it takes!