Using Your Life Insurance For the Final Send Off

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There is no one who is going to live forever. Therefore, funerals are inevitable. Funeral costs, just like wedding costs, are on the rise. Taking care of funeral expenses earlier saves loved ones the strain of paying later and saves them the embarrassment that could tag along. Pre-paid policies for the funeral are different from burial insurance covers. Burial insurance forms a part of whole life insurance. Life insurance for funeral will work if your life insurance has enough even for your send-off. Planning now will be an advantage to you who is leaving and most especially to those leave behind. Dying has become more expensive each day.

Where to turn

In life, there is term insurance and whole life insurance. Opting for the former will not guarantee a cover for funeral costs since you could end up surviving longer than what the policy suggests. It is therefore commendable to go for whole life insurance since it will end up covering an agreed sum upon your death.

Saving for the cost

Opening up a savings account allows you to pay regularly to ensure that there is enough money for the funeral costs. Now, since you cannot access the money upon your death, this call for you to have someone you trust completely to open a joint account. This will enable the person to access the money without any problem once you are gone. Remember that once you are out of the picture, this money ceases to be yours and the person can spend it however. Therefore, make sure you have total confidence in this person and that he or she will do as your wishes demand.

Pay using your property

Funeral costs can be met using a deceased's property. Banks will not just release the amount that is required unless they are able to lay their eyes on a legitimized bill and of course a copy of the death certificate. It is either this or appoint a solicitor and have them charge you for the property and the money could come in handy in dealing with the expenses.

State help

Not everyone gets state help. Qualification for it is if you get tax credits or some considered benefits. So, do not sit and wait that upon your death, the state will come running.

This said and done, let your life insurance cover your funeral costs and you end up with a happy family left behind!

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