Many Americans choose to live without life insurance. About 48%, to be exact. When they pass on, there are a great many expenses and unexpected financial burdens that may arise. Without life insurance, these burdens may cause a lot of trouble for the family members that are left behind. If you’re over the age of 50, then you should definitely start thinking about how you can protect your spouse and loved ones after you pass. To learn more about why life insurance can dispel the financial problems that come along with passing on, then keep reading.
Funerals cost quite a bit.
The cost of funerals is at an all-time high. The average funeral cost used to be about $6,000, but it has now risen to an average of $8,000 to $10,000. Cremation offers a slightly less expensive option averaging about $3,000 when arranged through a funeral home. However, no matter which option you choose, there are several thousand dollars’ worth of financial burden. Without life insurance the entire cost falls to the loved ones that are left behind. Some families may not be able to afford such high costs, but when you invest in life insurance the burden is significantly reduced. Many retirement homes offer a payment plan to cover the expenses of passing on, so make sure to inquire. Some funeral homes also offer negotiable pricing options. Check out several different options before committing to one.
Debts must be paid.
When someone passes on, the debts left behind fall to the estate. When the deceased does not have protected assets, those assets may fall into probate. Debt collectors can then contest for those funds before any inheritance is paid out. Furthermore, if the deceased has not named any beneficiaries, their funds will go into probate and this process can take several years to complete. This can be a serious problem for spouses left behind, as they may need those funds to continue to preserve their quality of life. Seniors without life insurance are putting their spouses at risk, especially if that spouse is dependent on the financial support of the person who may pass. Rather than leaving it up to chance, invest in life insurance to protect your loved ones.
Life insurance can make the death of a loved one easier.
Debts and funeral costs can often make the loss of a loved one more painful and stressful for the family. When you invest in life insurance, many of those costs can be covered in advance. That way, the family can focus on what really counts: Grieving.
Global Premier Benefits
Are you interested in learning more about the benefits of Medicare Advantage? Contact Global Premier Benefits today! Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. We have agents and clients in more than 16 states, including the District of Columbia. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Call us at 1-866-229-8447 to speak with a certified specialist to see if you qualify for extra help! You can also keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.