You make plans for many things. You plan trips, you plan for work events, and you help prepare your children for school. Planning for the death of a loved one is probably at the very bottom of your list of things to do, if the thought has even ever crossed your mind before. While a scary thought, death is unfortunately inevitable. Talking about it, let alone even thinking about it, can be quite awkward and uncomfortable. Ignoring the inevitable, however, can leave you unprepared when it comes to dealing with the legal and financial issues that arise after your loved one is gone, including the cost of their funeral and burial. Being prepared can help to avoid many unnecessary issues that might come up, and final expense insurance is just one way you can do just that.
Paying for Funeral and Burial Costs
State final expense insurance is a type of insurance designed to cover exactly as the name suggests. It is also sometimes called state burial insurance, which can make the point of this type of insurance even more clear. State final expense insurance is there to help individuals cover the cost of a funeral service and burial or cremation, as well as all other associated costs. The target audience for final expense insurance is older individuals, those who don’t really have a need for state life insurance anymore. While state senior life insurance is possible, life insurance tends to become more expensive the older you are, so these policies might not make much sense. With final expense insurance, the policy strictly covers the costs associated with a funeral, so that’s all you’re paying for. It is possible to take out a policy that covers a little extra, which can be used to help pay for any bills or other financial obligations that your loved one might leave behind.
Death and Burials in Ohio
Based on the national average of funeral and burial costs, which range between $7,000 and $10,000, Ohio is actually one of the more affordable states to die in. The average cost of a funeral in the state of Ohio was $5,634 in August of 2017. The state also had an average cost of $10,770 for medical expenses associated with dying.
In the state of Ohio, every death must be recorded with the local registrar of vital statistics. The funeral director, or other person in charge of the body, must present the death certificate to a medical professional, who then has 48 hours to complete the certificate and return it. The person in charge can then file it with the registrar.
Ohio has no requirements when it comes to embalming, but if your loved one died from a communicable disease, the body must be buried or cremated within 24 hours. In the event of death due to communicable disease, the body can’t be taken into a church or other public place. Only adult members of the immediate family and other necessary adults can be present for the burial or cremation. The only way to have a public or church funeral is without the body present.
The state of Ohio has a strong burial tradition. Cremations, however, are becoming more popular and now account for 25% of all funerals.
Planning for Death
The thought of losing a loved one is hard enough, but having to plan for that day can be even more so. No matter how hard it may be, however, it is something needs to be done in order to avoid confusion, arguments, and financial distress. When making plans for the death of a loved one, it is crucial that you get their input. You might not like the idea of talking to them about their death and there’s a good chance they might find it a little awkward too. You don’t have to sit down and hash out everything in one go, though. You can have several small discussions.
As you make plans, ask your loved one how they would prefer to live as they get older. Many adults prefer to stay in their own homes these days, rather than opting for the traditional nursing home. It’s possible to get in-home care professionals in the event that you or other loved ones can’t provide them with the care they need. Other adults are opting for assisted living facilities, where they can live in an apartment in an organized community and also receive the professional care they need.
Going over important documents is also a must. Make sure all legal and financial documents are organized and updated. Make sure your loved one has an updated will. All important documents should be kept in a safe place where you can easily get to them when the time comes. It’s also advisable for your loved one to designate a power of attorney to make decisions on their behalf when they are no longer able.
Finally, another important thing to discuss is funeral arrangements for your loved one. Ask them what they would like. Some individuals want to be buried while others might prefer to be cremated and scattered. Knowing these wishes can help you to get a rough estimate of how much their funeral costs will be. If your loved one doesn’t have the money set aside for their own funeral, you should speak with them about the importance of having final expense insurance.
Getting Multiple Quotes
When you shopped for car insurance, health insurance, or any other type of insurance for that matter, you didn’t settle on the first quote you were given. There’s a good chance that you got a few quotes and compared them to get the best deal. The same should be done with final expense insurance. Sure, final expense insurance providers all offer basically the same thing, but they all do it at very different costs. Get quotes for the same types of coverage and compare exactly what each quote is offering. This will help you to get the best deal to meet the specific needs of your loved one.
Dealing with the death of a loved one is hard enough. There are ways to make it easier to manage, however. Taking action early to prepare for the inevitable will help to avoid unnecessary confusion, potential arguments, and substantial stress. With the addition of final expense insurance, you can rest assured that planning a funeral following the loss of your loved one won’t leave you financially bereft in the process.