Death is the ultimate truth of life. And it is also a fact that if you do not take up the responsibility of your funeral expenses, someone else from your family would have to take it up when you pass away. During those emotionally tough times, if they do not have enough savings to cope up with this sudden expenditure, they would be stressed financially as well. Why put unnecessary stress on your family members when you can pre pay your funeral expenses with just a little bit of planning. You can take up a funeral insurance policy and save your family from all the trouble. You can decide how much you want to be spent on your funeral and then take a policy according to that. The insurance company would then pay your funeral expenses.
Some key benefits of funeral insurance
- Your funeral expenses would be pre-paid. This means that your family members would not need to worry about taking up the expense. There wouldn’t be financial burden on them and knowing that, you would lay in your grave peacefully.
- Most of the service providers would provide you 2 options, either you can pay the policy premium in full one-time, or you can pay in installments. So, if your salary is not that good or if you don’t want to spend all your savings in a flick, you still have the option to go for monthly payments and get the funeral insurance.
- One major benefit that funeral insurance policy holds is that the tax is not applicable on the interest earned. So, if you have some savings and you want to invest it but you do not want to pay tax on your interest earnings, taking up this insurance would be a good idea.
- People having some preexisting medical conditions need not be worried. This policy, unlike other life insurance policies, does not require you to pass some medical tests. You can apply for it anyways, even if you were into smoking or drinking in the recent past.
- Last but not the least, you would be at peace lifelong. The policy would ensure that your funeral expenses would be taken care of.
It would be a good idea to discuss your plans with your family. Make sure that once you have taken the insurance, your family knows about it. They should know where all the important documents are and what all benefits you would get at the time of claim. Most of the times, you have the option to choose your funeral home. In such a case, let your family know in advance how and where your funeral would be held and how the bank is supposed to pay for the same. It is really difficult to discuss these matters with your family, especially if they are not ready. But right information would save them from a lot of trouble later. Let your family know that you care enough for them to plan ahead. They would be more than happy to know that you want to take care of their concerns even after your death.