It’s a question that nobody likes to think about, but what would your family do if something happened to you? Funeral costs, unpaid medical bills, and co-signed credit card debt can put an unexpected burden on your family.
Can your family afford these big bills?
Before you answer that question, here are some statistics for the average American.
Funeral Expense – $7,181 1
Credit Card Debt – $15,706 2
Medical Debt – $8,700 3
According to James Cordero, Sales Manager of TZ Insurance Solutions, the funeral costs and other unexpected expenses are particularly difficult for families after the loss of a loved one. While family members are usually not responsible for the debts left behind when a loved one passes away, these “extra” expenses can be large and they often eat away some or all of the estate.
When this happens, the family may need to step in
When a son or daughter has to cover these expenses, it can be crippling for them. It’s hard enough grieving from the loss, the additional stress of a sudden financial burden can be devastating.
How affordable life insurance can save the day!
Unlike many more expensive life insurance plans, a guaranteed acceptance life insurance policy is fast, easy to get, and does NOT require a doctor exam, a bunch of medical questions, or much of anything else, other than a small monthly payment, if you’re between the ages of 45 and 85. It’s really perfect for many people planning their estate, and made specifically to cover your final expenses so that your family doesn’t have to figure out how to cover them, or sell any of their personal assets for these debts.
What about just setting up a savings account?
“This is actually a perfect solution if you’re able to fund it,” Cordero said. The problem, according to Cordero, is that often the savings account never gets properly funded or the money ends up getting used for something else, and when the time comes there’s either nothing or not enough to cover all of the final expenses.
“Even when people are really good about setting aside money every month into a savings account, $10/month over 2 years will be just over $240 at current interest rates, and that just isn’t enough,” he said. 4
Is Guaranteed Acceptance Life Insurance right for you?
For many Americans that aren’t leaving a large estate to their family, this could be just the right product for them – there’s a lot of benefits. Once you have a policy, your payment can’t go up and your coverage can’t get cancelled as long as you make your payments on time. This type of policy doesn’t involve a lot of hassles, it’s usually just a short form to fill out, a small check, and you’ve got insurance. The plans start as low as $10/month (pretty affordable) and the reliability of a plan that will stay in effect regardless of your age or health makes it pretty easy to plan for. 5
How can I find the best price?
If you want to get the best price, you need to shop around. To compare prices from some recognized carriers, you can get a free comparison from LifeInsuranceDirect.com. It pays to be an educated consumer – the main benefits of these plans are essentially the same, so don’t pay any more than you have to.