What is Funeral Insurance?
For most of us, the thought of purchasing funeral insurance conjures up visions of out-of-pocket costs that could drain our budget. However, that is far from the reality. In fact, there are some ways that you can get affordable funeral insurance – sometimes for free. Here are some tips to help you find those options:
Most funeral insurance plans today will offer you a discount for purchasing coverage from them. This is because they recognize that you want peace of mind knowing that your family will be covered in case of your death. Think about it – wouldn’t you want them to be prepared instead of caught off guard? Taking that into consideration, if you have other family members who are also planning to attend your funeral, they might be encouraged to purchase a separate policy from a different insurance company so that they have a bit of protection as well.
Check with any associations that you belong to. They may offer discounts on funeral insurance premiums based on a number of factors. These factors include membership to a professional association such as the American Funeral Legalists Association or the National Association of Insurance Commissioners. If your obituary was written by a funeral director who is a member of the association, it may also help in getting discounts.
You may be able to save money if you pay your funeral expenses out-of-pocket. There are several ways to do this. One way is to set up a beneficiary trust. Another is to have all of your beneficiaries pay a portion of your funeral expenses out-of-pocket. Another way is to set up a payment plan with your insurance company.
Check your policy description and see what kind of coverage you are actually receiving. If it states that you will be compensated for in-home care, it may not include non-medical coverage in the policy. You may be paying for your own funeral expenses as well as transportation costs to the mortuary. Be sure to check this out before taking out the policy.
Shop around and compare prices. Different companies will offer different prices on their plans. You can contact each company to obtain a quote for the coverage types and services that you need. They will be happy to assist you in finding the best price.
Talk to funeral directors. Some funeral directors may be willing to offer you a discount on the full payment of your funeral insurance premium if you write a personal expression of farewell to them. Another option is to have your obituary included in the company’s service book. It is also a good idea to let them know that you will be submitting a pre-pay funeral arrangement in advance this will help them provide you with funeral insurance at a cheaper rate. The pre-arrangement will also help them provide you with coverage for the taxes on your estate in the future.
How to choose Best Funeral Insurance for Seniors?
If you are unsure which type of coverage you need to talk to an insurance agent. They can help you make the best decision for your family. The funeral industry has its own rules, regulations, and terms of business. Make sure to ask questions and be careful about “gaming” the system. In the end, you want to provide your loved one with the highest level of comfort in heaven – so choose carefully.
Your final expenses depend on several factors including: the size of your family; your deceased relative’s medical history; and the amount of money you have available to cover funeral expenses. Talk to funeral homes before making final decisions about the type of insurance they can offer to cover your final expenses. It is important to ask if discounts are available for military families or for other groups such as senior citizens or disabled. Do your research so you know exactly what type of funeral insurance you need. Also, consider paying a portion of your funeral expenses up front if possible.
If you can’t pay all or some of your funeral expenses right away, take baby steps. Contact a funeral home as soon as possible for information about making funeral arrangements. Remember, your family will go through a lot of hard times when they are dealing with the loss of your loved one. Be sure to keep them well-informed about their loved one’s funeral arrangements.
Once you have funeral insurance, you’ll be covered when you need it the most. Take time to plan the funeral you want. A funeral should be something meaningful and memorable. It doesn’t matter if you have planned a traditional funeral or a unique one, you’ll be able to get the coverage you need. Just be sure to check out funeral insurance as soon as possible.