If you have, you are probably not sure if you have enough to cover your final expenses? Read this short article, and we’ll help you figure out how much you will need.
Most of us think that Final Expenses Insurance is just a nicer way of saying “Funeral Insurance”.
However, this isn’t true. This type of Insurance does much more than paying for the funeral.
Final expense insurance should cover more than just the funeral expenses.
Final Expenses Coverage is a special type of Insurance that requires No Medical Examination. Most people can qualify for it by answering a few questions, regardless of their health situation. This insurance is paid out to your beneficiary (usually a spouse or family member) and it pays for lot of other expenses that your family will have to pay off after your death. Many of these expenses are legal obligations so they can’t be ignored.
No one wants their family to be burdened with unexpected expenses upon the death of a loved one, but it happens. However, this does not have to happen to your family….if you know your actual final expenses, and you plan accordingly.
To help you estimate your actual final expenses, we have put together this simple 4-step guide to help you figure out your financial situation. If you’d rather talk this through with an Insurance expert, please call us at 1-877-967-4323, or use the e-mail form that follows. All of our experts are located in Newfoundland. No exceptions.
Calculate Your Final Expense Needs
- STEP 1 – Estimate Your Final Expenses. This amount will include Funeral Expenses, Your Outstanding Taxes, as well as any other debts that you have. Do you have a mortgage, credit card debt? Include it all.
- STEP 2 – Figure Out if You will Leave Behind Enough Money to Cover Your Final Expenses. Do some simple math. Write down the amount of money you have in your RRSP, Savings etc., subtract the amount you calculated in step 1. Will there be any money left?
- STEP 3 – Decide If You Need Funeral Insurance. If the number you got in step 2 is close to zero (or less than zero) you need Final expenses insurance.
- STEP 4: Get a Funeral Insurance Quote. There’s no reason to wait to do this. To get your FREE, No-Obligation Quote, fill out the form to the right (or below if you are on a phone) or call us at 1-877-967-4323
Coverage is not that expensive….
- Our average client invests in $10,000 coverage.
- A woman aged 55, who is a non-smoker can get this coverage for as low as $20.70 per month.
- A woman aged 65, who is a non-smoker can get this coverage for as low as $31.42 per month.
About Pre-paying For a Funeral Using Installments Through a Funeral Home
Many people ask us about prepaying for your funeral using an Installment Plans offered through a funeral home. They are actually not a bad deal, however there are two drawbacks that you should be made aware of:
- If you should die before the full amount is paid off, your family will have to pay for the remainder of the balance. With the Insurance option, your expenses are covered the day you sign your policy.
- Installment plans only cover the cost of the funeral expenses. Nothing else. Insurance plans will usually cost less per month than a funeral installment plan, and the beneficiary controls how the money is spent.