With manyseniors living longer not necessarily better, all of there savings and assets will probably be eaten up by a long term care or long term care facility. What does this mean to there children, when it comes time for burial, there is nothing left and this can cause turmoil in families. Life Insurance is a better option than purchasing a prepaid funeral from a funeral home.
These policies usually fall into the category of “no medical questions asked”, “limited medical questions asked”, or “no medical required” life insurance.
Is An Insurance Policy Better Than Prepaying?
If you are dealing with a major insurance company, there is no risk of the money not being there when you die.
If you purchase a prepaid plan from a funeral home on installments, and you die before you have paid in full, the only money available to pay your expenses is what you have paid in. It could be a number of years before it is paid for, so the risk of dying and leaving the expense to others will exist until it is fully paid.
With a proper life insurance policy, you are covered from the time you sign the application or the time you are approved depending on the policy.
We are a team of independent financial advisors that will shop the best rate for you.