Life Happens (Have a Plan!)

This month I’ve focused on writing about being prepared for the unexpected. We all know that Life Happens, and usually when we’re already busy and stressed. So it’s even more important to be financially ready with an emergency fund and insurance.

Which types of insurance do you have?

If you don’t have Life Insurance, Income Insurance, or Funeral Insurance, you should make it a goal this month to sit down with your family and figure out if you need it.

Then buy the insurance you need and make sure your family is prepared for the unexpected.

Don’t wait, because you just never know what tomorrow brings.

What Is Funeral Insurance?

One way to protect yourself and your family from unexpected costs is funeral insurance. As I write this today, my family and I are traveling to an unexpected funeral for a close family member. It’s sad and unexpected and we’ve spending a lot of time and money to remember her the right way.

And in addition to the sadness of a family member passing away, there’s the financial burden of paying for final expenses. The funeral expenses alone could cost $15,000 to $20,000.

That’s a lot of money to pay unexpectedly.

So it’s making me think a lot of myself and my family too.

Like I normally do when I don’t know where to look, I started researching online. Today I’ve been researching several options for funeral insurance to lessen the financial burden for my family. I found out that funeral insurance pays up to $30,000 in a lump sum payment, to be used towards the funeral and other final expenses. That plan would cost me $45.99 a month, based on my age and other factors. And the insurance company would make the funeral insurance payment in 24 hours, to allow time to pay for your family to make those final expenses. If you’re considering funeral insurance, click here for funeral coverage.

Is Funeral Insurance For You?

The nice thing about funeral insurance is that you make small monthly payments for the security of knowing that your family will be financially prepared to pay for your funeral and final expenses.

This is particularly true if you don’t have an emergency fund or savings set aside for these final expenses.

Most importantly, have a plan for you and your family.

Please share your thoughts.

Do You Have Funeral Insurance? What’s Your Plan?

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Leave a comment

  1. says

    Funereal expenses are generally unexpected and occur at an emotionally vulnerable point so pre-planning makes all the difference, though sometimes things can be over-planned.

    When my Grandfather passed, he had a specific plot and headstone that he had purchased many years before. Unfortunately these contracts were 20 years old and the headstone was lost due to the company being out of business. It was a mad scramble to try and find something he would have wanted combined with sadness that his wishes could not be carried out in the entirety.

  2. says

    My condolences for your loss.

    Loosing a family member is hard enough without having financial burdens placed on top of that pain as well.

    We have term insurance and after retirement will self-insure through accessible unregistered investments. I hope that’s the right strategy. For us it seems like the best one at this time, after the research I’ve done.

  3. says

    I’ve never really thought about funeral insurance before, but I was aware that you could prepay your funeral. Personally, I’d really like one of those green funerals where you’re just placed in a shroud in the ground – they’re a lot cheaper and seem so much better for the environment. I prefer to think of my body as actually being something useful like fertilizer than just… laying in a box.

    It’s such a sensitive time for everyone left behind. It seems so helpful to me to be able to have everything set. Then they don’t have to worry about silly things like what kind of box I’d be in or what I’d want done with my body. They could just celebrate the time we had together.

  4. says

    So sorry for your loss, Monica. Thanks for the reminder about insurance. I don’t currently have any kind of life or funeral insurance, and probably won’t consider for a while. I’m still unmarried without children and I have a healthy amount of savings that could be used by family members, if needed.

  5. says

    Sorry to hear about your loss. I don’t know if I’d invest in funeral insurance, but that may be because I want to be cremated and it costs a lot less than a typical burial. My husband and I have made sure to have enough life insurance to cover an unexpected death and replace a lost income for a short while. Though you can never have enough insurance, I think this might be one we skip for now.

  6. says

    $45.99 a month sounds pretty steep. My wife and I have life insurance policies, and the expectation would be that funeral expenses would be covered from there, and relatively speaking the life insurance policies are much cheaper. Still, I guess this might make sense for some to consider.

  7. says

    I’d say $45.99 a month, although an addition to monthly expenses, is easier to deal with and is “doable” that facing an unexpected expenses of up to $20K. There is a good reason for people to consider funeral insurance because death alone can be a big blow and an insurance in place can help soften that.

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