(FinancialHealth.net) – The rising cost of funerals has left many Americans unable to afford to bury their loved ones. When you plan for the end of your life, that’s definitely something you should consider. Fortunately, there’s a step you can take to make it easier on your family when you’ve passed on.
A funeral or burial policy is meant to help cover your urn, memorial service and other final expenses. However, your loved ones can also use it to pay for your debts when you are gone, too. These policies are usually smaller than an average life insurance policy.
When you’re looking for funeral insurance policies, you want to be careful. David Duford, owner of Duford Insurance Group, explains what to look out for and which plans to avoid.
The most important decision you can make to keep your plan affordable is to buy a policy early. These plans are usually sold to people between ages 50 to 85, but sometimes you can find them for people over age 30.
According to Lincoln Heritage Funeral Advantage, the average monthly premium for a 50-year-old male determined to be in good health is $16 for a $5,000 death benefit; a woman in a comparable state of health would pay $14 per month for the same amount. If health questions weren’t asked, those same policies would cost $20 and $15 each month, respectively.
Be sure to shop around when you’re looking for a policy. And always read the fine print so you’re completely aware of the insurance companies’ specific terms. If you have any questions, don’t be afraid to consult an agent to walk you through the procedure and explain the different plans to you.
~Here’s to Your Financial Health!
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