No one likes to think about a time when their loved ones will no longer be in their lives. The thought is often so unbearable that many people don’t even discuss what will happen when the time finally arrives, leaving you and the rest of your family scrambling to get your loved one’s affairs in order and plan a funeral, all while trying to process your grief. Not only do you have to plan a funeral, you also have to pay for it. The costs of a funeral can blindside many families, leaving them wondering how they are going to be able to afford giving their loved one the respect they deserve in death. Planning ahead of time can help to avoid a lot of confusion, and you can avoid financial stress with final expense insurance.
What is Final Expense Insurance?
Throughout your life, you will have many types of insurance policies. These policies include car insurance, renters or homeowner’s insurance, and health insurance. When you have a spouse and young children who depend on you, state life insurance is highly recommended. This type of insurance is designed to provide financially for your family in the event that something happens to you. As you age, your insurance needs change. Adults who don’t have the same financial obligations (their mortgage is paid off and their children are grown and financially independent) may not need a life insurance policy anymore. A state senior life insurance policy might not make much sense, so a state final expense insurance policy is recommended instead.
Funerals are expensive. The average cost ranges between $7,000 and $10,000. If you don’t have the money set aside to cover the cost of a funeral, the bill after planning a funeral can be quite shocking, not to mention devastating. Final expense insurance is specifically designed for older individuals who no longer need a regular life insurance policy. It is there to cover the costs of a funeral and burial, helping to provide financial relief for family members who are already dealing with the grief of losing their loved one. Policies can even be tailored to provide a little extra to help families cover the costs of any final debts left behind.
Burials in Georgia
There are around 1,000 funeral homes and crematoriums in the state of Georgia. Through the Georgia Cemetery and Funeral Services act of 2000, most cemeteries and funeral service providers must be registered with the Secretary of State.
While the national average cost of a funeral is between $7,000 and $10,000, the state of Georgia actually falls below that average. As of August 2017, the average cost of funeral expenses was $5,470. The average medical costs associated with dying were around $10,450.
Believe it or not, while most bodies are buried in established cemeteries, there are no state laws in Georgia about burying a loved one on your own property. There may, however, be local regulations, so if this is something you are considering, you will need to check with county and city zoning ordinances. If you opt for cremation and wish to scatter ashes, there are a few regulations in place in the state. Be sure to check before you scatter.
Planning for Death
Thinking about the death of a family member, or even your own death, can be a difficult subject to tackle, but it is one that should be discussed. It is important to understand the wishes of your loved one, such as where they wish to be buried or if they want to be cremated. Plan for what will happen in the event that your loved one becomes incapacitated. This may include designating a power of attorney and if your loved one wants to receive in home care or move to an assisted living facility. Make sure that all financial documents are organized and kept together and create or update the will. Do all of these things early, while your loved one is still of sound mind. If your loved one does not have a savings set aside for their funeral costs, it is important that you discuss state burial or final expense insurance.
Much like choosing car or homeowner’s insurance, there are multiple different companies that offer final expense insurance. You don’t have to settle for the first one you come across. In fact, it is recommended that you get multiple quotes from different companies. This is because different insurers will have varying costs, even for similar coverages. You may find that one company may charge more for certain coverages, or they may even charge more for less coverage. Before you sign with an insurance company, make sure that you get quotes for comparable coverages and look at everything each company is offering so that you are able to make the best decision to meet your specific needs.
Losing a loved one is devastating. Being prepared for such an event, however, can help to make such an emotional event a little easier to manage. With final life expense insurance, you can also help to avoid the financial burden a funeral and burial can add to an already difficult time. While it cannot ease the pain of your loss, it can help to provide you with some financial protection.