Financial obligations minus liquid assets. To calculate obligations: Add your annual salary (times the number of years that you want to replace income) + your mortgage balance + your other debts + future needs such as college and funeral costs.
Anyone who has lost a loved one, knows how difficult loss can be. The emotions can be overwhelming, but one quickly finds how hard of a time it can be financially as well. The cost of a funeral can add up quickly, and the last thing someone needs to worry about in such a difficult time is if they will be able to cover the funeral expenses. That is why planning ahead to find a policy that fits your needs is critical.
A tough topic to discuss. Final expenses are the expenses a person acquires at the time of death. This usually includes burial arrangements and medical expenses. The average burial runs around $8,000 - $12,000. This does not include funeral. Funerals as morbid as they may sound can be as expensive as a wedding. It is a gathering of loved ones and depending on where funeral services are held and how many people attend, the average funeral can run around $10,000 - $20,000. Medical expenses are another story and have no cap on how expensive they can turn out to be.
Peace of mind for Seniors
Burial insurance or final expense insurance is a basic life insurance policy that covers people till they reach the age of 100. It is an easy insurance to obtain, much simpler than complicated whole life or term policies. A burial insurance or final expense insurance policy gives your loved ones the opportunity to cover the expenses of a funeral with the flexibility to choose how to use the existing policy at the time of a loved ones death. Besides the peace of mind that a final expense insurance policy offers, it also offers never changing premiums, a policy that accumulates a cash value and permanent coverage making it a wise investment decision for your future.