There are many things that you talk about with your family members. You talk about weekend plans, how the kids are doing in school, and vacation plans. You might share recipe ideas, home renovation tips, or recommend restaurants to try. Have you ever really sat down and talked with your loved ones about what will happen as they, or you, start to get older? Aging and death are seemingly taboo subjects, thinking about a time when your loved one is no longer around is frightening. It is, however, a topic that needs to be discussed. Without discussion and preparation, you and your family could be left struggling to get things in order while trying to process your grief, which can make an already difficult situation even harder. You can even be left struggling financially while trying to plan for a funeral. This is why preparations and final expense insurance are crucial.
What is Final Expense Insurance?
You’ve probably already heard a lot about life insurance and there’s a good chance that you have a policy. Have you ever heard of state final expense insurance though? Also commonly called state burial insurance, final expense insurance is designed specifically to cover the costs of a funeral and a burial or cremation, as well as any other associated costs. Where life insurance is there to help a family with dependent children cover the financial obligations, in addition to a funeral, while they recover following your loss, final expense insurance is a bit different. It is designed more with older adults in mind, those who don’t have the same financial obligations (such as mortgage payments and dependent children). Instead, it covers only the costs relating to a funeral, although it is possible to take out a policy that will provide a bit extra to cover any leftover debts such as a loan.
Death and Burials in North Carolina
Funerals are expensive. The national average ranges between $7,000 and $10,000 depending upon the services you choose, if the body is buried or cremated, and many other factors. Funeral costs in North Carolina fall below the national average of $5,744. Medical expenses associated with death, however, are closer to $11,000.
North Carolina doesn’t have any requirements when it comes to embalming and state law doesn’t specify a timeframe in which the body must be disposed. It is perfectly legal in the state of North Carolina to conduct a home funeral, although there are over 1,000 funeral homes in the state. There are even 3 natural green burial sites if this is more in line with your beliefs. You can choose to have the body cremated as well. There is, however, a 24-hour waiting period before a cremation can be performed. If you wish to scatter the ashes, there are few restrictions in the state, but it’s still important to check, and use common sense before you do so.
Preparing for Death
Preparing for death isn’t something you hear people talk a lot about. There’s a good chance you’ve never heard anyone discussing it before. Even still, it is an important thing to be prepared for. Unfortunately, death is inevitable. It’s an incredibly heart wrenching time that can be difficult to grapple with. It is possible, however, to be prepared for it. Preparation won’t take away the heartache, but it will make things a lot easier to deal with.
One of the most important things you can do to prepare for the death of a loved one is to prepare early. It is vital that you speak with your loved one about their wishes, both for long-term care as well as for what they would like after death. Having this discussion while your loved one is still of sound mind and able to make decisions for themselves. Go over things such as if they want to remain at home or receive care at an assisted living facility. Talk about where your loved one keeps important documents and make sure they are organized and up to date. All essential documents should be kept in a safe, secure location. You will need to discuss who will be in charge of making decisions for your loved one, whether that person is you or another family member. Additionally, you will want to discuss why your loved one should have a final expense insurance policy to help avoid surviving family members from suffering financially.
Comparing Multiple Quotes
Don’t just sign with the first final expense insurance provider you come across. While their policy might be just fine, there are a myriad of insurance providers that offer final expense insurance. Much like shopping for other types of insurance, doing your homework before choosing a provider is incredibly important. Different providers will offer similar insurance coverages for very different prices. When shopping for final expense insurance, get quotes for comparable coverages, just like you would with any other type of insurance. You should also look at exactly what you are getting for the premiums you are being offered. This will allow you to make the most informed decision and get the best deal.
With proper planning, you can better prepare yourself for the inevitable. Sure, no amount of planning will prepare you for the heartache of losing someone you care so deeply about, but preparation can help you to be ready to handle dealing with the other aspects that come with death. Being prepared with final expense insurance can help you to avoid a significant amount of stress and from falling into financial ruin.