No one wants to talk about the death of a family member. They certainly don’t bring up cremation insurance. But sharing your life with your family comes complete with beautiful experiences, happy memories, and, sometimes, uncomfortable conversations.
We may have particular wishes for the end of our lives but may still be nervous with the idea of bringing it up with family members. Although nobody is eager to bring more stress or anxiety to their family –and the thought of losing a loved one is liable to do just that – understanding cremation insurance or burial policies is important for estate planning.
Whether preparing for yourself or planning for someone important to you, you’ll help everybody involved by talking about it sooner rather than later. Many final expense policies can help you prepare for what’s down the road.
The value behind cremation insurance
Cremation insurance, just like most other final expense insurances, is known for covering the expenses of cremation, burial, and whatever ceremonies may accompany them. While this is, of course, the case, there is a lot more that cremation insurance can do for a family during these difficult times.
These types of insurance policies sometimes include extra funds in the benefit to fulfill other needs. For example, if there are outstanding debts that the surviving family members will need to meet for the deceased, funds to pay off those debts in full could be a part of the benefit.
Cremation insurance is about helping the family members that are left behind in whatever way possible. Family members may also use the funds as an income replacement for a recurring income that is lost. The policy can even pay for necessary travel expenses to bring other family members to attend services.
Investing in cremation insurance is not for everyone
Of course, investing in cremation insurance or any other type of final expense insurance may not be for everyone. Your family should review what you already have in place and explore how you will manage the financial strain brought on by the unfortunate passing.
You may even already have a substantial life insurance policy in place that will more than cover all of your family’s needs. If that is the case, paying out of pocket for cremation insurance will be superfluous.
It’s possible you may even have life insurance through a current or previous employer. Sometimes people won’t even remember opting in, and they don’t know they have coverage. Whether such policies would pay out can depend on the circumstances of the death and time of employment, but it would be worth looking into when help is needed.
Have you been preparing for end of life scenarios? Do you already have desired plans, or do you need to have conversions with your family members first?