Just as everyone was born, everyone will pass from this life. Although, it may be tragic for some, death is a natural part of life. Even though it may be hard to accept your own mortality, it is important that everyone prepare themselves financially for their death. For instance, planning financially for a funeral will be a great way to show your family that you loved and cared for them. Here are some things you can do to make your funeral less stressful financially.
1. Prepay for the Funeral
As you near the end of your life it is important that you start to think about how your family will handle your passing. For many the stress of planning and paying for a funeral can just be added pain to an already open wound. You can help your family to grieve in peace by making sure that they don't have to worry about the finances associated with the funeral. One of the best ways to do this is to prepay for the funeral.
There are many advantages to prepaying for a funeral. One of them is you can lock in the price for the funeral when you first start planning it. Prices will inevitably raise over time because of inflation. However, if you can start paying for the funeral years before, you can control how much it will cost.
You can pay for the funeral in installments, like in a trust, where you don't have to pay for it all at once. By doing this your expenses have already been covered so that your family can use the funeral as a way to celebrate your life, rather than stress about how they are going to pay for it.
2. Get Life Insurance
Even if you are older you should have life insurance. Of course younger people who have families and minor children should have life insurance to help pay off debts and take care of daily living. But even retired people should have at least a small life insurance policy. You can't guarantee that your estate won't be disputed and probated, thus prolonging the time it takes for your family to get their money. So even though you may have good savings to care for your family, it could take a long time to get to them. With a life insurance policy it is paid on death so it can immediately help with expenses, such as a funeral and medical costs.
By doing at least one of these two things you can help ease the financial stress of paying for a funeral. For more information, talk to a professional like Bolton & Lunsford Funeral Homes.