Just like talking about birth control with teenagers or the possibility of rehab to an alcoholic, discussing taking out funeral insurance with a loved one is an awkward and often very upsetting subject. As is the case with most upsetting topics, though, if you don\’t discuss it in sufficient detail there can be serious emotional and financial costs. To facilitate this conversation, keep reminding yourself of what it would be like to be landed with a funeral bill for thousands of dollars when it could have been prevented with a couple of conversations.
When choosing funeral insurance cover, the first question to ask yourself is can you afford not to have it? This is a very difficult question, but it has to be asked. Many funeral insurance providers try their hardest to scare people into taking out cover, but to a certain extent this fear can be justified. When people are emotional and grieving, it is easy to be massaged into buying extras for a funeral for a loved one, even if you can\’t afford it. If they had cover, it would be much easier as the choices are limited and you don\’t have to pay anything out of your pocket.
If you have money in a savings account that bears interest and there are sufficient funds there to leave your estate with a profit as well as covering the costs of your funeral, it doesn\’t make much sense to have a funeral policy as you could probably earn more than the cost of the funeral in the savings account, leaving more to your beneficiaries.
Not everybody is well-heeled enough to be able to pay cash for a funeral out of their estate and not everybody has a rich relative who can do this for them. Most of us fall into the category of having to pay an insurance premium to prevent financial disaster befalling us or our families and friends. Consider your weekly spend and if it can afford an insurance premium – this is a smart thing to do financially and kind to your relatives.
When you go to sign up for a policy you will probably be asked to make a very difficult decision. Do you know if you want to be buried or do you want to be cremated? Do you know what your spouse\’s choice is? Do you know what your children would prefer? Have a good, long think about these questions before you phone, in case you are shocked by the question and give an answer you haven\’t thought out.
Other aspects that vary from funeral to funeral include whether you would like flowers (and what type, how many etc), do you want a DVD or slideshow presentation of photos to commemorate your life, do you want to provide catering?
There are also usually fees for a religious minister or other person to officiate the ceremony too and all of these come at a price and flow through to the cost of your insurance premium.
Don\’t let the negative and emotional aspects of considering a funeral insurance policy dissuade you from embarking on the conversation in the first place. It is critical to plan for this inevitable aspect of your future and the futures of those you care about, for your sake and theirs.
Visit funeral-policies.com to see information about funeral policies and to read some funeral messages designed for funeral services.