Planning for Final Expenses – What Are The Choices?

by Michael on August 26, 2019

in Uncategorized

It is a universal truth that we will all face the end of our lives at some point. It is logical that we plan for such an eventuality to save hardship on our loved ones. At the same time, we often know we should do this but due to the subject matter, we just kind of put it off.

Well, I’m going to explain some different ways of doing this, and how I can help you with it.

There is, of course, life insurance. A person could purchase enough life insurance that their final expenses are just a small fraction of the cost. This means buying a permanent product as opposed to term insurance. Many of us buy term in order to maximize the death benefit while we are raising our families. And the cost is quite low. But the only problem with this is it can leave us less than prepared, when the term ends and we’ve lived to a normal old age. So assuming that a person did not buy permanent insurance, what can they do now?

There is whole life. Whole Life does not go up and is there no matter a person’s age when they pass away. However, most that are available will have a fairly high death benefit and therefore may be out of reach financially. And a person could also have developed some health issues that could impede the desired results.

Is there no hope?

No, there are actually two very good choices. The first is a person can contract with a funeral home and fund this with a type of insurance that guarantees payment. So the funeral home guarantees prices and the insurance company guarantees payment. This allows a person to prepay for “cremation” or a “direct burial” as they wish, with just a monthly payment. Because of the insurance behind it, the payment is guaranteed. Most people will qualify for this even with some health issues. (I have one of the very few products that fits this description and it works virtually anywhere).

Some would prefer the second option. This is a whole life policy aimed a final expenses. It is closer to the permanent policy I first spoke of, but is specifically targeted for lower amounts and for those with some health challenges. This allows for insurance to both pay for final expenses and also a little more for other costs a person may have, i.e. credit cards, hospital expenses, etc.

Which is better for a person depends on their specific situation. I can help you no matter what you need and can usually tell you on the phone what you can reasonably expect to get.

I work with a number of companies and will not only take care of your needs, I will do so at a very affordable cost.

Give me a call or email me, and I can help you decide what is best for you.

Michael Myers

CA License 0561502

Phone 209-390-1163

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