Have you ever given thought to final expense insurance?
I am talking to the person who considers himself or herself in good health, not the person who is in a hospital bed knowing that s/he is about to die from a terminal illness.
The latter person has definitely given this some thought even if now is the first time.
Seriously, do you think using life insurance to take care of your final expenses is important?
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When we are in good health and everything is going just fine we tend to get lost in the euphoria of the moment. We want so much to keep everything that way that we avoid thinking of the negative. Unfortunately, this type of thinking can be quite detrimental to those we leave behind.
I know of many quite sad situations where people who were
feeling just fine dropped dead suddenly. It takes many years in my
business to accumulate knowledge on such experiences.
Owning final expense life insurance made a sad situation less difficult for the people who were prepared. For the unprepared the loss of a loved one coupled with the lack of cash can be quite a devastating experience.
Most people, when considering
think about a policy that would provide sufficient
cash or income
to help their loved ones carry on. That is great but shouldn't we also
think about taking care those expenses that will come into play
immediately upon the death of a breadwinner.
Some well thinking and frugal people have put away sufficient cash that can pay those last expenses. In this case a spouse, or a trusted loved one, had better have immediate access to that cash as it is quite possible that these assets will be frozen until the estate get through probate.
Here are some of the things that will likely come into play upon
death. Consider first that life insurance proceeds, if not part of an
estate, is paid as soon as the company is satisfied that the insured is
deceased. This money is usually paid free of Federal Income Taxes.
The likely first thing to consider, which naturally falls under final expense insurance, is funeral expenses. This usually averages about $10,000. You then need to think about the Attorneys Fees. I believe you can have a predetermined set amount but these fees can depend on the size of the estate.
You must consider Federal Estate Taxes. There are some people, aware of
the fact that Estate Taxes have been repealed, living under the illusion
that there will be no Estate Taxes to pay.
The fact is that Estate Tax assessments will instantly become due upon death. I explain in more detail on my page on Estate Taxes. A final expense insurance policy could take care of these costs.
There are probate costs to consider. The courts are going to charge a fee to do the work.
You can include the costs that are inevitable in your insurance
policy which covers all your life insurance needs but I recommend that
you have a separate final expense insurance policy as larger policies
tend to take longer to settle.
As this policy will be a fraction of your insurance, and their needs will be immediate, then your loved ones will likely get their hands on the cash more quickly.
Any life insurance policy can be used for final expense insurance but term insurance is the cheapest way to go.
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