Most Americans die with outstanding debt and exorbitant funeral costs that cause their family to go into a financial crisis. Burial insurance helps you protect your family for any unwarranted surprises.
Unfortunately, people get older or they get sick which forces you to think about the events that occur when you pass away. Final Expense insurance is also known as burial insurance. Burial insurance is actually a type of life insurance product that helps people pay for their final expenses. Enrolling in a Burial Insurance program can help protect your family and remove any financial obligation from your loved ones when you pass away.
Can you afford not to be prepared when you pass?
It’s not a popular subject to think about, but will you be prepared when you pass away? This is not a question about being comfortable with death, but a question about your financial well-being. Being financially prepared for your funeral expenses will remove any stress on your family when you pass. Will you be prepared to pay for your funeral when you die or will you leave the financial burden on your loved ones in your family? Over 1 in 5 adults in America doubt they will be able to pay off their debts when they die. These debts include car loans, credit card debts, mortgages and even student loans. If 1 in 5 Americans cannot pay off their debt before they pass away, how could they possibly afford to pay for their own funeral? Burial insurance solves this problem, providing coverage on all final expenses for your funeral.
Average funeral costs
Although it might seem a little absurd, funeral costs have continued to swell over the years. Today, average funeral costs range between $5,000 to as much as $10,000 if not more. Many times people say they do not need much for their funeral, but the expenses add up quickly. Costs will include the funeral home services, a cemetery plot, burial services, a headstone and post service expenses as well.
Credit card debt
If you thought credit card debt was a major problem for young adults only, you might be surprised to learn that many Americans between the ages of 46-75 have an average credit card debt of $6,000-$10,000 when they die. Not only does that put additional expenses on the diciest’s family, it gives powerful financial institutions a reason to come after their family during vulnerable times.
What’s worse than a credit card company coming after you? The United States Government. If you owe taxes when you die, the IRS has even more power and can assert a lien against the assets of your estate. A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. These tax debts must be resolved before any assets get passed along to your loved ones.
Comparing your options for your loved ones
Deciding how to satisfy all outstanding debts and resolve your final expenses has always been a hassle in the past. With the introduction to online comparison and enrollment providers, you can find Final Expense Insurance for as low as $14 per month and provide maximum coverage for your family when you die. Burial insurance not only will help pay for your funeral expenses, but it will provide secure funds for your family when they need it most.
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