Final Expense in Pasco County?
Every county has dozens of companies and probably hundreds of salespeople selling life insurance products to anyone willing to sign on the dotted line. That might NOT be the best option for you and your family. Since you are reading this article you probably are searching for the best and most affordable way to protect your family. I wrote this article “Final Expense in Pasco County” because you are unique and not just another person to be sold.
It is my intention to answer most of your questions in this article, but if I miss something please email me at daniel@pascohernandoseniorservices.org and I will answer your question.
What is a Final Expense Plan?
A Final Expense is a life insurance product specifically designed for seniors who want a policy that will pay for funeral services and some of the other bills that we all have to pay when we die.
I understand that nobody wants to talk about dying, but if you don’t someone else will pay for your mistake. When you pass away, someone else will have to pay thousands of dollars to take care of your final bills. There is no way around this, just because you won’t be here to worry about that doesn’t make it go away for the people who care about you and who will be left to deal with those bills if you help them or not.
Guaranteed Issue, Graded & First Day
You might ask yourself here, what is he now talking about? You have to understand what Guaranteed Issue, Graded & First Day mean in the insurance world. These are the options you have based where you buy your plan and what your health allows you to buy. If you don’t understand what they mean, you can buy something you don’t understand and it can have severe consequences for your family and your wallet.
What is Guaranteed Issue?
A Guaranteed Issue is exaclty what it means. You sign your name on the dotted line, fill out the payment section and send it in. It’s guaranteed to be issued, you will get your policy in the mail soon. You might ask yourself why it is so easy. It’s easy because they don’t ask any medical history questions, the reason they do that is because if you die in the first 2 years of anything other than an accident, they will NOT pay out the policy!
Your beneficiary will get a check in the mail but it will only be a refund for the money that you gave the insurance company. If you die of cancer, covid, heart attack, and any or all the other reasons most people die from, you don’t get the money you wanted for your beneficiary. That is the reason why those insurance companies can offer this kind of coverage.
Don’t get me wrong, there is nothing wrong with a Guaranteed Issue plan, if that is the only plan you can get because of your health. Once the 2-year mark has passed the policy because a normal Whole Life plan which will pay if you die. I use these plans all the time for people who have cancer or other major health problems.
If you have major health issues but no insurance, a Guaranteed Issue plan is a great option that you need to buy now to start the 2-year wait today. You can’t lose any money because even if you are not with us for two years, you basically still saved up some money for your beneficiary because they will get back everything you paid into the plan.
How much will the funeral home cost my family?
You can look up funeral services on most funeral homes’ websites. I usually use Dobies funeral home as a reference because you know them if you live in the Tampa Bay area. We used Dobies services when my father passed away in 2021.
Have you asked yourself what you want to happen when you pass away.
- Do you want just to be cremated without anything else?
- Do you want to be cremated and have services performed?
- Do you want to be just buried without any bells and whistles?
- Do you want to be buried with the whole nine yards?
All of these questions will change the price drastically for your loved ones. You need to plan based on what you want to happen.
I can post a price list and a bunch of their options but to just break it down from a professional level and what I have to see is what people do over the years is as follows;
- If you want to be cremated, plan on $5,000 to $7,500. It it’s less the rest goes to your beneficiary. You can find local crematories that will do it for 2K-3K but that’s in today’s money. If you’re not planning on dying today plan on tomorrow’s prices.
- If you want to be buried you should not do anything below $10,000. People who want to buried usually buy plans between 10K – 15K.
As with everything in life, everything cost more every year. Think about the prices down the road and not today.
What else should I plan for?
Estate administration costs: If the deceased had assets and properties, there may be legal and administrative expenses associated with the distribution of the estate. These expenses can include probate fees, attorney fees, and executor fees.
Outstanding debts and taxes: The deceased person’s outstanding debts, such as credit card bills, mortgages, and loans, may need to be settled from their estate. Additionally, there might be taxes owed to the government, such as income tax or estate tax, which must be addressed.
Medical and end-of-life expenses: If the person was hospitalized before passing away, there may be medical bills and costs related to their care during that time. This can include hospital fees, doctor’s fees, medication costs, and any outstanding medical bills.
Estate settlement and inheritance costs: In some cases, beneficiaries or heirs may incur expenses related to the transfer of assets and inheritance, such as legal fees or fees associated with updating property titles and deeds.
It’s important to note that the specific expenses can vary depending on individual circumstances, location, and personal choices. The best way is to actually sit down and write everything down that you might have to leave money for. It’s not easy to do that but it’s important because if you don’t do it, whoever you leave those bills will have to do that while grieving your loss.
Ask yourself these questions?
1. Who will be responsible for everything the day I die?
2. What will that day look like to them?
3. Does that person have the cash right now to cover my final costs?
4. Do I want to be remembered in piece or do I want to be a financial burden?
