Losing a loved one is hard enough. Your family shouldn’t have to face the expense of paying for your funeral, too. The average funeral in the United States now over $5,000 for a simple ceremony. Most families don’t have that much cash around, especially in the event of an unexpected death. Unfortunately, the expenses of losing a loved one don’t end at the funeral home. Paying for the funeral is often just the beginning.
Debts Don’t Disappear After Death
If your loved one accumulated a lot of debt before they died, you might be responsible for paying the bills. It will depend on a number of factors, including whether or not you were a cosigner on the debt. In some instances, such as with houses and vehicles, if you can take over the payments, you should be able to inherit those assets without any issues. However, if you can’t, the lender will have a right to take your loved one’s property away. When it comes to unsecured debt such as credit cards, some institutions will discharge the debt upon notice that the account holder has passed away; however, some companies may still try to get you to pay off that final bill, depending on the amount. It’s a good idea to speak to a lawyer after the passing of a loved one and determine exactly what you may be legally responsible for paying off.
Expenses Can Pile Up Quickly
It’s not just debts that are an issue when your loved one passes away, either. Expenses surrounding their loss can pile up fast, leaving you with your own debt to manage. This is especially true if they were the primary earner of the household. Suddenly, paying the household bills can become significantly more difficult. Even small expenses like eating out more when you don’t feel like cooking can add up quickly. Unfortunately, all of these means the stress of losing your loved one is simply compounded by the financial pressures you are facing.
How to Protect Your Loved Ones From These Financial Pressures
There are a number of things that you can do in order to ease the financial pressures on your family in the event of your death.
- Purchase funeral insurance. These policies will cover the cost of your funeral, sometimes up to $35,000 for qualifying applicants. The monthly costs are low but the peace of mind from these policies is enormous.
- Make sure you have life insurance. A life insurance policy will help cover your final expenses, including debts, as well as provide money for your family to live off of for a period of time. This financial cushion gives them the ability to grieve in peace without making any hurried decisions.
- Plan ahead and talk to your loved ones. No one looks forward to having a discussion about their passing, but it’s an important thing to do. Having a plan, knowing what to expect, and making sure your loved ones have the information they need will help them in their time of grief. Make having these discussions a priority, no matter how difficult they might be.
Our Team Is Ready to Help
Midgard Life Insurance Services offers final expense solutions that will help cover the expenses of your funeral as well as other end-of-life financial obligations. Our policies don’t require a health exam and are offered at affordable monthly rates. If you’d like to make sure your family is cared for after your death and help eliminate some of the stress that would result due to your passing, it’s time to talk to our team. Give us a call or contact us through our website today.