Is it worth investing in a final life insurance policy?


Thinking about the prospect of passing away isn’t pleasant, but there comes an age when you actually need to accept that this is the natural course of life. If you’ve been contemplating on this thought lately, you’re probably worried about your loved ones and how challenging this event will be for them. Because besides the emotional part, there are financial worries involved as well, when someone from the family passes away, perhaps it’s time to consider getting a final life insurance.

Even if you might not be eager to pay a monthly fee for this type of policy, it’s a wise decision to be making. Before you start comparing insurance companies and actually make a purchase, you should, however, look into the topic more in-depth.

Is this type of investment worth it?

Here are some relevant aspects to be aware of:

Easing the responsibilities of your loved ones

Let’s start with the most important aspect here and that is easing the responsibilities of your family. Although it’s a natural thing, no one is able to take easily the death of someone they love, and you passing away will trigger various emotions.

Having to plan the funeral of a dear family member is already difficult as it is, being obligated to handle the costs will only generate more unpleasantness. Your dear ones should commemorate your life instead of stressing over the money they have to spend on the burial plan. When the financial burden doesn’t fall on their shoulders, they will be able to mourn in peace, without any other problems  on their mind.

As someone who loves their family, wants the best for them, easing this responsibility should be your priority. You probably don’t want to cause any further stress or problems to the people closest to you, and this type of decision can have an impact.

Having the funeral plan would have wanted

While some people don’t exactly care what happens after they pass away, others would prefer a specific funeral approach. If you are part of the latter category, you may be worried that your burial won’t be handled the way you would have wanted.

Well, this is another strong reason why you should consider purchasing this type of policy. Because you are paying for it, you can have the final word in how things will be carried out. Whether you want to be cremated or you prefer traditional burial, you can express your ideas to your family, and they will have the budget necessary to do things exactly how you suggested them. From flowers to funeral home costs, depending on the specifics of your final life insurance policy, each expense can be completely covered and your funeral will be handled as discussed.


Photo by Vlad Sargu on Unsplash

More flexibility than a pre-arranged burial plan offers

Some seniors take into account the option of getting a pre-arranged burial plan. While this might seem like a good idea at first, after you analyze the topic more attentively, you will conclude that it can be rather inflexible. Besides the need of you having to get in contact with a funeral home and to handle a wide variety of tasks, a burial plan can also be more expensive than insurance. A policy is far more flexible here. Your family will be getting an amount of money and won’t have to deal with a limited burial plan that might be far from what you or they wanted

Covering potential unpaid debts

A final life insurance policy is more than just a way of paying for your funeral, it will give you the chance to have any debts covered after your death, and prevent putting your loved ones in the situation of doing that for you. Depending on the specifics of the policy, the amount can vary. Your family might be left with sufficient money to pay for the burial and handle other expenses related to the incident.

Because you can never be sure when the moment comes, you might leave certain debts behind without realizing. Your family shouldn’t have to pay for your debt out of their own pocket, and with this type of insurance policy, they won’t have to. It’s simply a safe way of ensuring that your death won’t financially  inconvenience anyone close to you.

How to choose the right option

If you do decide to go ahead and purchase this type of life insurance, you need to carefully asses all of your options. Comparing different companies and finding the best choice for you personally means having a few tips in mind:

  • Look into pricing – see what type of costs different insures have and what is actually included in the asking price. Different companies might demand different fees for virtually the same things, so doing your research is necessary.
  • Reliability – you want to get your insurance from a company that is reliable and actually provides the benefits initially promised. See for how long the said insurer has been in business and look over a few reviews online.
  • Responsiveness – you probably have some questions in mind, so you should get all the answer before signing or paying for anything. The insurance company you resort to should benefit from great customer service. They should clarify every single aspect for you from the start.

Bottom line

When you reach a certain age, you become more aware of the fact that unforeseen events can happen, and having extra protection can come in handy. Acknowledging the fact that all of us pass away at some point should determine you to consider pursuing actions that will help your family in case of your death. A final life insurance policy is a great example here. While it will demand an investment from your part, considering the benefits highlighted above, you can conclude that it’s worth directing some of your budget to this purchase. Your dear ones would already deal with the loss in itself, they shouldn’t be exposed to financial burdens during such sensitive times. See what options you have available, and give this possibility more of your thought.


Photo by Esther Ann on Unsplash

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