Have you made your retirement plans?
Even if you have not really made a proper retirement plan, you must have thought what you are going to do after retirement; almost all of us do that at some stage of our career.
As we get older, our wish list keeps getting longer and we look forward to fulfill our long held wishes and dreams once we get free from the chains of work. This is why our retirement plans are mainly focused on accumulating as much finances as possible. Also, no one wants to be financially dependent on anyone; even on their own children. This is another reason that majority of people focus on wealth accumulation and saving aspects of the retirement planning process.
But, in all the efforts to save money, you forget about the expenses your family will have bear upon your death. We are talking about the funeral expenses. As opposed to the common belief, a high amount of money is required for one’s funeral; from $4000 to as much as $14,000.
The loss of a family member or a loved one is a difficult time when people go through emotional trauma and stress. This when coupled with the stress to arrange finances for the funeral only make the situation worse.
So, why not think ahead of time and make the difficult time, after your death, a bit easy for your family?
This is exactly the reason that we recommend including funeral insurance a part of your retirement planning.
Sadly, a lot of people do not think this way. If you are one such person, let us tell you that you are making one of the biggest retirement planning mistakes.
What Is Funeral Insurance And Why Do You Need It?
Like any other insurance policy, funeral insurance ensures that your family is paid with a lump sum amount after your departure from the world. This makes organising the funeral a lot easier for your loved ones. Also, it will help reduce their financial burden; they may have other expenses to deal with, such as any debts, loans or unpaid bills you leave behind.
Buying funeral insurance, also called burial insurance, is recommended to make sure the legacy you leave behind is not debts and financial burdens. By offering them peace of mind (with regard to funeral expenses), this insurance allows your loved ones to bid you farewell and cherish your memories just the way you wanted. Insurance providers such as Freedom Insurance group make it convenient for you to plan your funeral in advance and reserve required finances.
To know how much money will be needed for a specific type of funeral and to formulate an easy instalment plan, search for a licensed insurance agent. They will help you choose the perfect funeral insurance plan, while staying within your budget.