You talk with your loved ones about many things. One thing you probably don’t discuss, however, is death. No one really likes to think about a time when their loved ones will no longer be with them, but it is an unfortunate reality that we all must face. Nothing can take away the hurt of losing someone you care about and preparing for such an event can help to alleviate a lot of the stress associated with it. Not only that; preparing for death and a funeral can help you to be familiar with the costs. If the money for a funeral is not already set aside, final expense insurance can be an incredible asset for saving you from a substantial amount of financial turmoil.
Covering Funeral Costs
State final expense insurance, also sometimes called state burial insurance, is an essential insurance to have, not unlike automobile insurance and health insurance. Younger adults, those with dependent children, are told that a state life insurance policy is crucial. Life insurance is crucial for providing financial security for your spouse and children in the event of your untimely death. Seniors, however, don’t usually need all of the coverages that life insurance policies provide.
As you age, your insurance needs change. With a life insurance policy, the money provided is there to help your family manage financially, allowing your spouse to pay the rent or mortgage for a while and take care of the children. Seniors usually do not have these same obligations. There’s a good chance that if they own their home, they have fully paid it off and own it outright. There’s also a really good chance that seniors do not have dependent children in the home anymore. Their children are grown and financially independent. While a state senior life insurance policy is possible, life insurance for seniors can often be more expensive than what many want to pay. Final expense insurance is designed with seniors in mind. It is made specifically to cover the costs of a funeral service and burial or cremation, and all of the associated costs. Policies can also be tailored to cover costs if your loved one has any debts in their name, such as a loan or credit card balance.
Death and Burials in Missouri
Missouri funeral costs fall below the national average (which range from $7,000 to $10,000). In Missouri, the average was $5,476, with the average medical costs associated with dying being around $10,470.
Most states do not require embalming following death, as refrigeration serves a similar purpose. In the state of Missouri, embalming or refrigeration is required if the disposition of the body doesn’t occur within 24 hours. Missouri also requires embalming in the event that death was due to an infectious disease and cremation won’t occur within 24 hours or the body will be shipped by common carrier and won’t reach its destination within 24 hours and isn’t placed in a sealed casket.
In the state of Missouri, it is completely legal to host a funeral at home, and you can even perform a home burial. In order to bury your loved one on your own property, however, the plot of land cannot exceed one acre. A deed needs to be drawn up and the land needs to be deeded in trust to the County Commission. There are specific regulations that need to be followed, so it is essential that you check if this is something that your loved one wants.
How to Plan for the Death
Planning for the death of a loved one is far from an easy task. It’s probably one of the hardest things you will ever have to do. While difficult, it is essential. One of the most important things you can do when planning, however, is to include your loved one in your plans. Having a discussion about their death might be awkward at first, but their input is vital. This way, you can honor their wishes and give them the respect they deserve.
In addition to discussing their long-term care wishes, such as if they want to receive care at home or move to an assisted living facility, it is also important to go over where important documents are located and if your loved one has a will in place. Make sure you know who your loved one wants to advocate for them when they can’t make decisions on their own. In order to do this, their chosen person, whether it is you or someone else, will have to get power of attorney. Finally, make sure that you discuss the importance of final expense insurance, especially if your loved one doesn’t have money set aside specifically for the costs of their funeral.
The Importance of Getting Multiple Quotes
When shopping for insurance policies, the typical pattern is to look at multiple companies and compare the costs of the quotes you receive, as well as compare the coverages you get for those costs. You probably did this when looking for car insurance and when taking out a renter’s or homeowner’s insurance policy. This same tactic should be used when shopping for final expense insurance. Even though final expense insurance providers are essentially providing you money for the same thing, money to cover the costs of a funeral, a burial, and everything associated with them, premiums vary greatly from provider to provider. Don’t just compare premiums, however. Make sure that you look over what you are getting for those premiums and choose the one that will give you the best deal for the least amount of money.
Dealing with the death of a loved one can be incredibly difficult. While nothing can take away the pain of your loss, there are things that you can do to make an already stressful time a little easier to manage. Planning for death is uncomfortable, but it is essential, helping you to avoid a lot of confusion during a time when you might not be able to think clearly. A significant amount of financial distress can also be avoided with a final expense insurance policy.