For many of us the thought of death is just too morbid a subject to discuss. Our final affairs are as far away as a trip to the moons of Saturn for many of us, but we still need to be prepared. Many of us need to begin considering the burden that we may leave behind for our love ones if we don’t handle our final preparations properly.
Within the last few weeks, I have had the unfortunate experience of losing my beloved grandmother. In her death, she has taught me many valuable lessons that I had not learned during her life. Hopefully, her experiences and preparedness will help many of you as it has helped me with my final preparations. My grandmother was a Kidney transplant patient and getting life insurance was not an easy process. She was able to acquire a small policy, but it didn’t give her the peace of mind that she wanted.
For most of us the biggest questions that comes to our mind are how long should i get life insurance for? And what type of insurance should I get? Here are the alternative for that.
Pre-Pay Final Resting Expenses
My grandmother was able to acquire a small burial policy, but she felt that this wasn’t enough. Several years prior, she along with my great-grandmother acquired several burial plots. My great-grandmother even went as far as to having the financing for her final services done in advance. Not only did this relieve a great deal of the financial burden, but it allowed the family more time to grieve.
Although neither my grandmother nor great-grandmother had any debt on real property, we were able to find policies for my great-grandmother’s home that would have paid off the debt of the property in full in the event of her death. This is a great idea for people with many years left on a mortgage.
Guaranteed Life Insurance
My grandmother was able to get one of these policies even though the major insurers had turned her down due to her condition. Although guaranteed policies don’t pay out a lot of money, they do provide grieving families with a small amount of added assurances that final expenses will be handled.
Basic Savings Account
My grandmother also had the foresight to set up a basic savings account with a bank that offered her the highest interest rate she could find. She continually paid money into this accounts religiously for well over ten years and in the end it really helped resolving her final bills.
Insurance on Loans
Although we only had one small loan to deal with, she had insurance on that loan that covered the debt in full. This did get me to thinking about auto, boat and other loans that offer insurance that will pay off in the event of the borrower. This is another great idea to take the burden off of your family.