Nevada final expense insurance gives you the opportunity to take care of burdensome bills that can accumulate throughout the burial planning process. You do not want your loved ones to have to deal with this final expense with their own funds because they could not yet access your estate to pay these bills. If you take the time to purchase a Nevada burial expense insurance you can rest assured that all the financial assistance they will need will be readily available as soon as the insurance company files their claim.
Borrowing Against Your Policy
Like any type of insurance, you can borrow against your Nevada burial expense insurance if you need access to this money earlier than orignally planned. This advance can be used to pay other bills you might have, such as credit card debt. In order to keep your coverage after taking this loan, however, you will need to continue to keep up the expense of regular payments until you have paid off your debt and the cost of your policy. Failure to do so will result in a policy lapse which means you will not get the burial coverage you paid for.
Paying Other Bills
Nevada burial expense insurance is intended to pay for the final expense of your burial and memorial service. However, if you purchase a policy that includes more insurance coverage than your loved ones wind up using the remainder can be spent in a variety of different ways. NV law allows you to use this money as part of your estate, to pay of any other expense you might have such as outstanding debt or donate the excess insurance funds to a favorite charity.
Though it is not as common, you can purchase Nevada final expense insurance and pay the final expense of your funeral in advance as well. If you pre-pay for service at a Nevada funeral home you can use your insurance policy to pay back your estate when you pass away. You can specify that this money be used to pay off other bills or you can allow the funds to increase the value of your estate so your beneficiaries receive an increase in their inheritance. These different specifications will fall under different NV tax laws so be sure to discuss your intentions with your agent so your loved ones are prepared for these financial obligations.
Planning Your Burial
How much or how little preparation you want to put into your own ceremony is up to you. Nevada law does not require memorial services to be pre-planed though they do require beneficiaries to follow any specifications that are put into writing. You can purchase Nevada burial expense insurance for a general recommended amount if you do not wish to make any plans for your own burial or you can work with a funeral director to determine a specific final cost of your ceremony and purchase a matching insurance plan.
One of the main considerations Nevada residents will have to make when planning the final expense of their funeral is where their burial will take place. Many locations in NV are unsuitable for a traditional cemetery so you will need to plan accommodations such as a mausoleum instead. The final cost of these different options will vary, so you will need to discuss what accommodations are available in your area of Nevada with your Nevada final expense insurance agent to get an idea of what costs to plan for.
Nevada residents will also need to consider what they want to be buried in. Green funerals are becoming more common in this area, so if the idea of your remains being cared for with natural materials applies to you, you will need to ask your Nevada burial expense insurance agent what permits your relatives will need to gather and where in Nevada they may deposit your remains to stay within safety guidelines. Keep in mind that you may not be able to place your remains with those of your loved ones if they are kept in a traditional cemetery that is not zones for green burials.
There are many costs people do not think to include with their Nevada final expense insurance. Your loved ones will need to take time off work, travel to the area where the ceremony is taking place, food will need to be provided for those spending the day at the funeral home for visitation among other costs that add up quickly. Planning a portion of your policy to cover these kinds of expenses can be a kind gesture that will be much appreciated by those taking on the task of planning your ceremony during a time that is sure to be very emotional and stressful.