People who are considering life insurance usually debate whether they need it or not. If anyone will suffer financially after a person’s death, that person should have Final Expense Insurance, sometimes called Burial Expense Insurance. This death benefit is meant to help surviving family members or dependents cope with the financial difficulties of losing the deceased’s income and paying for final expenses. Final Expense Insurance is not subject to federal income tax.
In order to determine how much Final Expense Insurance to buy, it is important to consider what surviving loved ones would need if death occurred suddenly. Be sure to consider monthly living expenses, debts, and final expenses when calculating costs. These are the essentials. There are also several more considerations. For example, college money for surviving children is a beneficial addition to a Final Expense Insurance funding plan. Long-term financial goals, a surviving spouse’s retirement, and several other factors must also be considered. It’s best to speak with a qualified agent to discuss individual needs and determine what amount is sufficient. There are several aspects to consider in purchasing life insurance.
Many couples who get married don’t think they need to purchase Final Expense Insurance coverage until they have children. However, it is important to know that the debts of one spouse must be paid by the surviving spouse in most situations. For example, if one of the individuals earns the sole income and has sufficient debt, the surviving spouse with the lesser income would face many serious struggles by inheriting such debt. Also, the surviving family would have to look for money to pay for the burial expenses.
Having a Burial Expense Insurance policy will give you peace of mind that in case of sudden death, your family will not be burdened with funeral and burial costs. Moreover, final expenses will be taken care of. This way, they will be able to deal with your loss without having to worry about the money.
Parents With Young Children
Whether parents are single or married, it’s important to have enough life insurance to cover the costs of child care. If one spouse stays at home and cares for the children, it’s important to be sure that they will all have enough money to live on. It’s also important to have Final Expense Insurance for the spouse who stays at home to care for the children. Without that spouse in the picture, the cost of transporting and caring for the children will be an issue. It may also be necessary to pay for housekeeping services.
Single parents should always make sure that their children will have enough money to survive on. If possible, it’s best to leave extra money to contribute to their college education. Having a Final Expense Insurance policy is a smart move for parents especially if there’s no spouse who will take care of the debts that are left behind after death. The proceeds of the policy will be used to settle not only funeral and burial costs but also other financial obligations of the parent who passed away.
Having a Final Expense Insurance policy is truly helpful if the children are still young. Imagine your kids worrying about where to get money for their needs. There may be relatives who will be willing to take care of them but with the benefits that they can receive from the insurance company, your relatives will also be given enough time for the transition of having additional responsibilities in their hands.
Parents With Grown Children
Married parents with grown children must still consider the needs of their spouses. If one faces the inevitable, funeral and burial expenses are something that needs to be planned ahead. It is also important to put what one wants into writing. By doing so, an estimate of the amount needed will be available and can be used in planning for the Burial Insurance policy coverage to be purchased.
It is also best for parents with grown children to make sure they leave enough money that their children will be able to pay their final expenses. This is possible if one has a Final Expense Insurance policy ready so that a trusted beneficiary can settle all that needs to be paid. The children will be relieved from having to worry about taking care of things left by their parents’ demise.
Although many singles think they don’t need Final Expense Insurance, this coverage is beneficial to have. Surviving parents, siblings, or other acquaintances may benefit from the money. Aging parents may need extra money for health care. For example, parents who inherit this benefit may be able to afford a private room instead of a shared room in a nursing home.
Being single means you have to always be prepared in case you die. Think about who will take care of your funeral and burial rites. Maybe you have parents and siblings but it is best if you don’t have to depend on them because they too have their own financial needs. Purchasing Final Expense Insurance will give a serenity that when faced with death, the financial worries will no longer add to the emotional stress of those the loved ones of the insured.
There are several reasons for any person to purchase life insurance. Even those who have no family members and few friends still have values that are important to them. In these cases, it’s helpful and satisfying to set up a life insurance benefit amount to go to a preferred charity. Final Expense Insurance is best to buy knowing that expenses relating to death are significantly huge. To learn more about Final Expense Insurance and what options are best, speak with a licensed insurance agent.
To find out more about Final Expense Insurance and to get a free and confidential quote, call the professionals at BBIFinancial at (800) 958-1525 during normal business hours or contact us through our website www.BBIFinancial.net more information.