Death is one of the painful experiences for those left behind. It is important that one considers planning for it not because they expect it to happen soon but because they want those they live behind to have peace of mind when dealing with it.
One should also mind their health so that they can elongate their life. This involves eating well, doing exercises, and minding their weight to eliminate the causes of some lifestyle diseases which will is a major killer nowadays. This will ensure you stay long with your family hence reduce the cost of burial as you will have invested enough. Though death is certain, it is better if one is prepared. One should consider buying funeral insurance policy.
Here are steps that will help you as you in buying this policy
1. Estimating the funeral expenses
One should determine how much their funeral or those of family members would cost. It is also important to put into consideration the other bills that may be left behind like medical bills, credit card bills, and any other bills that may arise that time. It is necessary for one to come up with a rough estimate of this amount.
2. Determine if you will leave behind enough money
One should know the kind of investments they have in place and how much would they be worth at the time of their demise. This will help them in finding out whether that amount will be enough to cater for the expenses while at the same time leave enough for those left behind for their upkeep.
3. Decide if the funeral insurance will be a viable option
After considering how much you will have left behind by then, if it won’t be enough then the best option will be buying a funeral insurance policy. There are various policies to look for in the market. Some of the features include:
Level premiums which don’t change with increasing age
Whole life policy which has an accumulation of cash values
Provided by a top rated insurance company which will assure you of quality services
4. Deciding on the type of insurance you want
There are various types of insurance covers. They are mostly marketed as a funeral, burial or final expense insurance. They are of two types guaranteed and underwritten
Guaranteed accept anyone of any age irrespective of their medical conditions. However, this translates to higher premiums since a greater risk is assumed by the insurance. The disadvantage is should one die before the grading period then their dependents get limited amounts.
The underwritten policy is determined by one’s health. One may be denied that policy based on their health factors since they are subjected to a medical examination. It is important that one reads the policy thoroughly to ensure they understand it well.
According to funeralhelps.com, one should decide whether the policy will be for a term or it will be whole life. One should make sure the cover they take will be in effect at the time of their death.
5. The cost of the policy
One should be prepared to spend now that it is rare to get a deal on insurance products since they are highly regulated. The rates will vary depending on where you are taking the policy from and which type of policy one is taking. One should also research thoroughly on the company they are purchasing from the policy.