3 Steps to Buy the Best Final Expense plan for Your Parents

by Anil Kumar ~ May 01st 2018

Final expense plans are greatly reducing the burden of sudden arrangement a funeral when a loved one passes away. In this blog, we are going to explain the steps you can utilize to buy an affordable final expense plan for your parents.

1. Choose the Desired Type

To decide on the most suitable funeral plan for your parents, you are first supposed to decide how you want them to remember them. Every family has their own of beliefs and you can choose a funeral type for your family. You may choose a burial followed by a wake ceremony for your parent or you may go with a cremation plan and scatter the remains in a holy lake thereafter. You can talk to an insurance provider about your preferences and they will offer you cheap final expense quotes with different coverage and benefits. Depending on their features and affordability, you can choose a plan to execute funeral ceremony in a hassle-free way.

For a funeral insurance plan, you can talk to your nearest funeral home as well. You can tell your preferences to the funeral director and they show you different packages available for you. Depending on your requirements they will also tailor their plans and will help you with the one you want. Under these plans, you pay to pay directly to the funeral home and they will execute the funeral ceremony as mentioned in the plan.

2. Reduce the Cost

Like everyone, you will also wish to get the funeral insurance at a cheaper price and for the same, you are supposed to take care of few things. Usually, a standard funeral plan seems to cover almost all the expenses of a funeral service. But, there are products and services that aren’t included in the offered benefits. Below, are mention the same:

Products and Services Excluded in a typical burial plan

  • Headstone
  • Casket
  • Grave Marker
  • Viewing
  • Obituary Listing
  • Hearse
  • Embalming & Body Preparation
  • Death Certificate & More

You will have to pay additionally for the above-mentioned products and services and hence you should wisely choose only the services you need. While choosing the necessary products like headstone, casket, hearse and grave marker; you are supposed to go with one that isn’t much expensive and does the job.

To buy your best final expense insurance, you should go for the embalming & body preparation only if you need to transport the body to a different place or you need to wait for the loved ones visiting from another city. The wake ceremony to suggested only if you have a huge family and everyone is well-connected even after residing at different places. Death certificates and other formalities come under basic requirements and you are supposed to fulfill them as soon as possible.

3. Choose the Plan Wisely

Basically, there are three different plans available to you as well as your loved ones. Depending on the premiums and benefits provides, you can decide on a plan for them.

Traditional Plans

These are the oldest final expense plans in which you pay a fixed monthly income to an insurance provider and they take care of all the funeral related expenses. They ensure that the funeral is held as per wishes of the deceased or their loved ones and nobody has to pay anything from their pocket. These plans give a great relief to the loved ones as they don’t have to worry about the arrangements and expenses of the funeral ceremony.

Graded Benefit Plans

As the name suggests, these plans don’t offer the full funeral coverage immediate after buying but it reaches a 100 percent cover gradually in some 4 or 5 years. Under a typical graded benefit plan, you get a 25 % cover for the funerals in case the policyholder passes away in the first year itself. The coverage increases by 25 percent every year and from the beginning of the fourth year, the insured becomes eligible to receive full coverage of their funeral expenses.

Pre-Need Insurance

The offered are very much like the traditional plans but in these plans, you talk to the funeral home director and let them know your funeral related requirements. They will offer you some plans and you and tailor them as per your preferences. You will pay a lump sum amount to the funeral home and they will execute the funeral ceremony when the insured passes away. Some funeral homes also provide the option to pay the amount in affordable installments.

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