Why Senior Life Insurance Helps Your Loved Ones
It’s not uncommon to ask whether seniors should have life insurance. Some, in fact, will dismiss senior life insurance as a complete waste of money.
But they‘re not seeing it the right way. Senior life insurance is for those you leave behind. Here are a few reasons a policy can help your loved ones at the toughest of emotional times.
#1 – A Funeral Is Expensive and Costs More Every Year
According to the National Funeral Director’s Association, a funeral, as of 2009, costs $6,560. In fact, the cost of a funeral has only been rising. In 2006, it was $6,195, on average, and the cost rose by more than $1,000 in just nine years.
The last thing your family needs is a financial shock of that magnitude on top of their loss, or to be forced to price funeral homes while processing their grief.
In fact, some policies let you pay for burial insurance directly, so that can be funded instead of coming out of the main policy itself.
# 2 It Can Help Ensure the Financial Safety of Those You Leave Behind
A life insurance payout can be for a lot more than just your burial. You can also use it to arrange for a payout for those you leave behind.
If you’re concerned about your spouse’s financial security after you pass, life insurance can be an effective way of making sure they have some money in the bank when you pass on.
# 3 – It Restores a Measure of Control To Your Finances
If you’re relying on a policy that was issued by a company pension or a union, that may not be a wise decision. For example, members of the Canadian Auto Workers union lost their life insurance benefits during a negotiation, leaving some retired members facing enormous funeral costs.
Being able to control your finances this way means that you won’t have to worry later about how your family is going to pay for the funeral if a financial loss strikes at the worst possible time.
# 4 – It Allows You To Pre-Plan Your Funeral
It’s an uncomfortable and morbid idea for some, but preplanning your funeral can actually make a lot of sense. If you make the choices now, and write down what you want, it gives your grieving family members an “outline” to follow.
Instead of being forced to try and figure out what you might have wanted, they’ll know exactly what to do, and you might even be able to arrange for it to be done for them, sparing them more emotional difficulty.
This is especially important if you have specific religious concerns that you would like addressed, such as burial in a church cemetery or a service held in a specific religious institution.
A senior life insurance plan means that you’ll be able to pay for what you want, and that your family doesn’t have to struggle to cover expenses. It’s important to talk with any insurance company, such as M2 Insurance, you’re considering before taking out a policy, but remember that in the end, the policy is for those you love.
Contact us today at 512-963-5000 or to learn about about Burial Insurance plans or to get an online quote click HERE.