A wedding, and a funeral are two of the biggest events we will have in life, yet they are met with a very different sentiment. Both are a big financial expense, yet one is a happy and joyous occasion, while the later is met with grief and more often than not burdens for others. When death is a non-negotiable in our lives, and 40 to 50 percent of marriages in the United States end in divorce, it makes you wonder why as a culture we hate to spend money for a funeral service, but don't hesitate to throw tons of money into a wedding? This is the question Overbaugh raised. A funeral is a celebration of a life, a memorial for a loved one. But more often than not, people are not able to provide the type of services they would like to for their love ones because of the high costs associated with a funeral.
People plan and save for a lot of things, weddings, college, houses, retirement, etc. But most people aren't saving or planning for their funerals. In fact, I don't think most people think about it until it has happened. Now please excuse my lack of tact, but when the only real sure thing in this life you can count on happening, is the fact that you will die, it doesn't make any sense to not plan and save for your funeral. When you don't save for it, who has to pay for it? That financial burden now goes to your grieving family, making a sad situation even more stressful. Planning a funeral is not something you want to do at the spur of the moment, in your height of grief. As a population we are going to really see the effects of this stress once the next generation of baby boomers leave the golden years.
What is preneed life insurance?
Preneed life insurance is an insurance policy whose benefits cover the cost of the predetermined expenses of a funeral, cremation or burial. The expenses typically include standard funeral home services, funeral merchandise, church services and even burial services and merchandise. The purpose of preneed life insurance is to set aside funds for your funeral, before the need arises, thereby protecting your loved ones and your financial assets.
Nice share! I’ve been looking into this at the request of my parents. I think it’s best not to pre-pay, but to leave instructions about what you want so loved ones will be able to take care of it.
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