Burial Insurance for Your Parents
With burial and funeral costs reaching $10,000 or more, it is becoming more and more of a reality that parents are unable to afford their own final expenses. When this occurs, the burden of paying that expense usually falls on the shoulders of their sons and daughters. At the time a loved one passes, memorializing and celebrating their life should be the only concern of their family, not covering the financial burden of their final expenses. Unfortunately, that is not always the case. Even though the passing of a parent is inevitable, most people do not take time to discuss final expenses or planning with their family which means the family members are left without guidance or the finances to provide for their parents final expenses. At that point the financial burden is laid upon friends and family in the form of a lump sum cost that can currently can exceed $10,000.
What can you do to ensure that when the time comes, your parent's Final Expenses will not need to be provided by friends and family in the form of a lump sum payment?
A relative (generally, a son or daughter) who might face the burden of paying a family member's final expense at the time of their passing does have a low cost option to ease the pending financial burden. A relative can purchase final expense insurance for their family member to insure that when the time comes the financial burden will be covered. Unlike other forms of insurance coverage, final expense insurance coverage can cover individuals that have existing medical conditions and provide many other key benefits.
Key Features of Final Expense Insurance Coverage:
- No medical examination required
- Insured person is covered for life
- Premiums are locked-in and do not change
- Coverage cannot be canceled as long as you pay your premiums on time
- Proceeds can be used for burial costs and other end-of-life expenses
- Alleviates financial burden of final expenses from friends and family