Everyone is a little uncomfortable talking about things like funeral insurance and death, but a funeral is an inevitability of every human being. Though it may be a bit distasteful, it still makes good sense to prepare for that inevitability as well as possible. These 5 tips will help you to begin that preparation by helping you to find affordable funeral insurance.
Funeral Insurance Tip #1 – Find a Reputable Provider
The first step to finding an affordable funeral insurance plan is to locate a reputable insurance provider. This can be either an insurance company that provides the service, or a funeral director who is licensed to sell funeral insurance. A good provider will offer good rates as well as good benefits which will eliminate the possibility of any future complications.
Funeral Insurance Tip #2 – Check Your Existing Life or Health Plan to see if You Are Already Covered
Some insurance companies include coverage for funeral expenses in their existing life or health plans. Examine any current policies you may have thoroughly to find our exactly what’s covered, as you may find that a complete funeral insurance package is not needed.
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Funeral Insurance Tip #3 – Calculate the Potential Cost of your Funeral
Once you decide on exactly what your funeral will consist of, it will be easier to calculate its potential cost, thereby enabling you to more accurately consider whether the cost of any funeral insurance is worth the coverage provided and the premiums you’ll have to pay. Things to consider are: whether or you’ll be interned or cremated, what will be included in the service, whether you’ll need to rent a venue or not, and things like catering and transportation costs.
Funeral Insurance Tip #4 – Estimate What Your Total Final Expenses Will Be
There will more than likely be expenses that need to be met at the time of your death other than the funeral service. A funeral insurance policy can be used to offset any medical expanses you may occur, taxes owed, or the cost of your burial plot. Remember to factor in inflation and double check any existing policies for cross-coverage.
Funeral Insurance Tip #5 – Consider Any Potential Funeral Insurance Plans Carefully
Besides examining your existing insurance policies, it is important to thoroughly consider any potential funeral insurance policies you may be thinking about purchasing.
When a funeral insurance policy offers a “total funeral coverage” plan, it doesn’t automatically mean that absolutely every expense will be met. Go over the details of any funeral insurance policy you consider with a fine tooth comb, hashing out details, and questioning the extent of specific coverage. Ask if it will pay for the services of the funeral director, whether or not it can be used to pay taxes etc. Any reputable funeral insurance dealer will be happy to answer your questions and explain the details of your coverage thoroughly. Remember to inquire as to whether or not the cash value increases over time, and ensure that your surviving family members are protected fro having to pay hefty death taxes.