Years in the industry taught me a few things about burial insurance. First, everyone needs it. Burial insurance is simply good business. Whether you have money in savings, life insurance, or think your family will be able to “pull the funds together” from your assets, you need a final expense policy.

While we all know our death will come at some point, the events leading to our deaths are never clear. Will we be in a horrible accident? Will we face a long-term illness? Will our death be swift and unexpected? In any of these scenarios, the cash you have on hand could be needed in order for your family to survive until they can resume their lives. If your funds are frozen or utilized elsewhere, what will your family use to pay the mortgage, car payment or college tuition for the children? Without those funds, can they cover their basic life sustaining needs?

If you are involved in an accident, there is always the chance of legal action taken against your estate. This means legal fees, court dates, and uncertainty.  These are unexpected expenses which your family will have to deal with.

There are also final expenses that must be dealt with through probate. While this rarely involves life insurance, the funds you think your family has to live on can be seriously affected in some situations.

What if your death was caused by illness? Most people think if they have medical insurance  they are covered. This is not always true. A disease such as cancer will push your medical insurance to the edge and then some. Here are some of the costs that can drain you financially even if you are well insured:

• Co-pays
• Out of pocket expenses
• Maximum payment limits of your policy
• Out of network providers (who may be the specialist you need)
• Medications that your insurance may not cover
• The cost of in-home equipment to assist you in moving, sleeping, bathing, and walking
• The cost of having in-home nursing, adult care, therapy, and transportation

These are expenses that drain your financial situation, before your death!

So I need final expense insurance, what now?

In order for you to get the proper policy, you need to know a few things about the differences in insurance policies. Some people think they simply need to find a cheap life insurance policy and everything is covered.

There are policies that are a whole life insurance policy (which require no medical exam). These policies are costly compared to other policies. You pay them an inflated rate every month and when you die, they cut a check to your beneficiary for the amount of money you chose. That person has the right to do whatever they choose to do with the money. They do not have to use it to take care of your final expenses, pay for your funeral, or anything else if they choose not to. (Burial insurance is “funeral insurance”. It is money designated to pay for your funeral, period.)

Death insurance (sometimes called Accidental Death or Dismemberment insurance) is cheaper than life insurance. It pays your beneficiary in the event of an accident that causes your death. Like life insurance, it will pay your beneficiary a lump sum amount. But it only pays if you die as the result of an accident. This can be a stand-alone policy or can be added to some life insurance policies. If you are part of an industry where people are often hurt or killed in job-related accidents, it could be worth your while to get a death insurance quote.

Final expenses insurance is a loving way to help your family in the event of your death. Final expense rates are among the lowest insurance costs. This policy pays your loved ones, allowing them to pay for funeral-related expenses that your family could be expected to pay for out of pocket. While you are shopping for the best policy to fill in the gaps in your life, you should absolutely get a final expenses quote.

We all hope we will not face anything at the end of our life that undoes all we worked for. We all want our families to be able to grieve our deaths and move on with their lives. The idea of them struggling financially and going through this frustration and grief at the same time is heartbreaking. A little preparation now ensures a less painful transition for those we leave behind. The costs are low and the payoff is priceless.