Funeral Expenses: Can You Afford Them?

Since we have been discussing retirement and insurance coverage, one more type of insurance you need to think about having is a funeral plan. A funeral plan is different from a personal life insurance plan, in that you family can get access to the funds from the funeral plan in as little as twenty four hours after they submit the claim.

Having rapid access to funds is very important when your family is preparing for your funeral. It assures them that they can make the best plans possible without the worry of how to pay for it. They will know exactly how much they can spend to send you off to your eternal resting place.

While a personal life insurance plan can be bought with coverage that pays out in the hundreds of thousands of dollars, a funeral insurance plan is more in the $30,000 coverage range. Although a funeral may only cost around $8,000 to $15,000, your bereaved my need to take some time off from work to recover from your death. The knowledge that they will be able to do so because you took the time and paid for a funeral plan can really ease their mind in a difficult time.

What should you look for in a funeral insurance plan?

A good funeral plan should be easy for the survivors to file a claim. Getting the payout quickly is one of the most important features of a funeral plan because most funerals take place within a few days of the death of the insured. A straightforward, uncomplicated claim form would be most helpful for someone who is under the great stress of having lost someone they love.

Second, look for a plan that will cover you for as long as you live. A plan that expires when you are seventy is not good enough if your family tends to live into their late eighties or nineties. Ask before you buy a plan if it will cover you for as long as it is needed.

Another good feature of a funeral plan is one that lets you receive a portion of the premiums you have paid in every two or three years. Some plans refund 10% of the premiums every three years.  That is one benefit of a funeral plan that you can take advantage of yourself.  Shop around, and find a plan now that fits your needs to the end.