By Angela L. Braden
If you love your family, take out a life insurance policy on yourself. Your family and friends shouldn’t have to beg, borrow, and steal to come up with the money to put you in the ground or cremate you.
The one guarantee we have in life is that we will surely die. Therefore, it is wise and responsible to get a life insurance policy that will, at the very least, cover your funeral expenses.
Studies show that burial costs average $12,000. If there is not enough money in savings and no life insurance policy to draw from, your family will be left with the exhausting task of raising all the money to provide you a decent and respectable burial.
Do you really want your family begging on Facebook, washing the neighbors’ cars, and frying up countless chicken dinners to come up with $12,000 in a week? I would think not.
Losing your family member is difficult in itself. Not having the money to bury or cremate them turns the familial loss into a family crisis.
If money is an issue, talk to an insurance agent about a term policy. Those policies are not the most recommended by insurance agents. However, they are cheaper than whole life policies. When your money is looking up, go ahead and get that whole life policy. It really is a great investment. But in the meantime, get any kind of policy that is large enough to cover the cost of “putting you away.”
If you’re worried that a life insurance company will not approve you for coverage because of your age and/or serious illnesses you may possess, ask the agent about a guaranteed life insurance policy. Those policies are designed to offer an end of life benefit to individuals that may be up in age and/or significantly ill.
Keep in mind that these guaranteed life policies can be a little pricy. In addition, many of these policies will not pay the full benefit of the policy until you’ve been paying the policy premium for 24 months. Talk to your agent, they will explain all the criteria and details of that particular life insurance coverage.
Make sure you tell your family where the life insurance policy is in the house. Your family shouldn’t need to tear up the house, looking for the policy you mentioned to them “back in the day.” While you’re on this side of the ground, find a safe place to place the policy and let someone you trust know where it is. It’s a good idea to purchase a fire-proof safe to place your life insurance policy and other important paperwork in.
Lastly, be sure to update the beneficiary on the life insurance policy. I’ve heard nightmarish stories of individuals dying; but when the family members pull out the policy, the person listed as the beneficiary is dead too. I’ve even heard of spouses being horrified by the fact that their significant other still had their ex listed as the beneficiary.
It only takes a few minutes to update the beneficiary section on your life insurance policy. Be sure to select someone that is responsible, trustworthy, and committed to carrying out your “end of life” wishes.
If you need an agent to discuss the purchase of a life insurance policy to meet your very specific needs, contact Yolanda Spivey at: www.mwhitney.com – email@example.com
**If You Love Your Family is a weekly column written by Angela L. Braden. She’s an expert in motivation, personal development, interpersonal relationships, and diversity management. Learn more about how this blind woman is helping individuals and organizations see their way to their personal best at http://www.facebook.com/bradenspeaks.**