Introduction
When you visit a life insurance agency, you’ll find a range of services designed to help support loved ones after your passing, even some perfect for covering bereavement expenses. Some plans are specifically created to cover the last rites, the burial, or the funeral, and in these cases, the preferred ceremonies are always discussed beforehand.
Our life insurance company in Houston, Franklin Life And Annuity, is committed to helping clients find policies that suit their finances and needs, for we understand that everyone is different. No matter what you’re hoping for, we’ll work hard to find it. However, it’s important to note that a complex life insurance plan will go beyond covering bereavement expenses if that’s what you want.
Here are a few things you can ask a reliable life insurance company to help you include in your plan.
Education For Surviving Family
The funds from your life insurance plan are an integral part of taking care of your surviving family in your stead. For example, if you put a spouse down as your beneficiary, you can ask them to put the money toward your children’s college funds. Regardless of how much you contributed to these expenses, it’s natural that a bereavement will strain family income.
However, the best life insurance plans can help you minimize that and ensure that certain things still go according to plan. If your children are young, you can even put the money in a trust with a trustee who’ll keep the money safely invested so that it grows into an even larger lump sum by the time they reach college age.
Medical Care
The primary association with life insurance is that it’s set aside for after your passing, but this doesn’t have to be the case. A reliable life insurance company will be able to help you find a policy with living benefits, meaning that security is available even when you’re alive. For example, in some cases, they might recommend going for an accelerated death benefit, which means that if you’re diagnosed with a terminal illness, you can use a portion of the money set aside for your death benefit.
Long-term care and hospital stays can be extremely pricey when funded independently, and this cost can leave your family with medical debt. However, one should remember that this will leave a smaller sum in the death benefit. If you share your financial situation with an advisor, they can tell you what makes the most sense for you. Sometimes it could be better for you to finance all medical care and leave final expenses to life insurance.
Estate Planning
Hiring an attorney to manage your estate distribution is an expense that can be difficult for families to manage, especially if the attorney discovers any outstanding taxes. Any unpaid taxes will be inherited by descendants, and paying these off can be a huge part of covering bereavement costs. Furthermore, if your will is challenged on not being up to date, your family may face expenses when hiring legal representatives to defend their right to inherit.
Sadly, contested wills are more common than anyone would like to believe, and since the insurance payout surpasses the red tape that the estate is subject to, it can provide instant relief for grieving family members.
At Franklin Life And Annuity, we’re happy to spend time with clients to understand their needs so that we can offer sound recommendations for the best-suited plan. Since we work with multiple partners, we have a diverse range of options to choose from that can be adapted to your financials. We offer burial insurance, final expense insurance for seniors, and our fixed index annuity. Let us help you be prepared for anything, and reach out to our life insurance company in Houston by calling us at 281 688 8166.