When you retire, one of the things you will have to address is what will happen when you pass on. While no one would wish to pass on, the reality is that death is inevitable. When death happens, loved ones are usually left with emotional pain and heartache because of losing someone. However, if you are the breadwinner of the family, the pain will extend beyond emotional to touch on finances.
The best gift you can leave your family when you are gone is a secure financial future. One of the expenses that you family will have to contend with is arranging for your funeral. Funeral arrangements are usually expensive and can drain the financial resources of the family. You can however ensure that your family does not suffer by taking a funeral insurance plan early in your life.
What is Funeral Plan Insurance?
A funeral insurance plan is a cover that is meant to relieve your loved ones of the financial constraints that come with having to arrange a funeral. The cover provides a specified payout, depending on the policy you took, and some additional benefits. For example, some insurance companies can provide both a funeral payout and a loss benefits to your next of kin.
Depending on the insurance company that you take a cover with, you can specify the uses of the funeral payout you are leaving your family. For instance, if you still have kids in school, you can indicate that part of the payout be used to pay their college tuition. This way, you will be guaranteeing the education of your children even when you … Read the rest...