subject: Funeral Insurance – What Final Expenses Can You Cover with Funeral Insurance [print this page] Funeral Insurance What Final Expenses Can You Cover with Funeral Insurance
The term funeral insurance can be a bit misleading. You can have the insurance funds go towards any expense you want covered after you pass. Funeral coverage is actually a small life insurance policy. As with all other life insurance policies, once the funds pass to a beneficiary, that person can use the funds in any way he or she chooses. Many of those covered choose the beneficiary as the executor of the estate as well. This ensures that the beneficiary can cover the cost of the final expenses and deal with the estate as well. It should only go into the hands of someone the covered individual trusts.
Funeral expenses are the most common reason for purchasing funeral insurance. When you realize just how expensive funeral costs can be, getting coverage only makes sense. You need to cover the cost of the funeral home as well as the burial plot preparations. You cover the service costs and the cost of purchasing a gravestone. You also cover costs if you need to go somewhere distant such as a family plot in another state. Many people want to cover the costs their closest relatives spend in coming to their memorial. There are many reasons to get burial coverage.
Many people purchase extra funeral insurance to cover final debts. Many people face a critical illness at the end of their lives. That may leave medical expenses that the estate will need to cover. Adding a bit of insurance to help offset those costs is a good idea. It will give your executor leeway in making sure any outstanding debts get coverage before settling the estate. Many times last minute medical expenses will wipe out the estate of many people. That burden goes away with adequate burial insurance.
Some individuals choose to purchase funeral insurance to provide a little something to their loved ones. Covering the expenses of the estate is one way to do this. If you have something to leave your family, covering the last minute costs will allow you to preserve this legacy. Some choose to add even more to their insurance to make sure this happens. It really does not matter how you want the money distributed. It is yours to designate as you wish. The most important part is finding a trusted individual to help carry out those final wishes. Make sure you give this coverage as a final gift to your loved ones.
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