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1616 NE 36th St, Oklahoma City, OK 73111 Oklahoma City, OK 73111
(405) 424-3339 diann@besidestillwatersok.com

Death is inevitable. And since there is nothing that you can do to prevent it, the least that you can do is cover any funeral expenses. In planning ahead, there are steps that you have to take to protect yourself and your loved ones in the case that there is any death. To do this, you either have to contemplate on purchasing life insurance, pre-need insurance or maybe both. However, first, you have to grasp the concepts of these terms so that you are better able to make a sound and well-informed decision.

Life Insurance

There are many different types of life insurance policies, one such being the burial insurance. With this life insurance policy, you are able to cover any funeral or cremation costs. It is usually forgotten that a funeral is a very expensive arrangement that can easily cost up to a few thousand dollars. Also, at times your loved ones who are left behind are not able to foot this bill, hence leading to financial hardships. To prevent this from happening to your family, it is smart to find an insurance company that provides life insurance that is best suited for your budget and needs. Life insurance can vary from company to company and may come in the form of whole life policy or term policy. Each policy comes with a death benefit that can go up to $20,000. When you die, this death benefit is paid to the beneficiaries who will then use the money to cover the costs of the funeral or for any other issues such as high healthcare bills, legal fees or other looming debts.

Pre-Need Insurance

Similar to the life insurance policy, pre-need insurance was created to allow you to set aside the money to cover any funeral expenses before the death. By doing this, you will prevent your family and loved ones from being burdened with high funeral expenses. Also, like life insurance, it can be offered as a term life policy or permanent policy. The main difference between the life insurance and the pre-need insurance is that when you pass away, the money does not go to a beneficiary but rather to the funeral service provider of your choice with no delay. You are then able to take care of the predetermined funeral costs, for example, the church services and standard burial services and merchandise. Also, it has the added benefit of protecting you against inflation since you are paying for services in today’s prices. Another positive note is that when you have paid the policy total’s cost, the policy goes into effect and will last your entire life.

It is important that you put precautions place for your unavoidable death. When you do this, you will not only make sure that there are no issues with your funeral, but also that your family is not faced with huge funeral expenses. Life Insurance and Pre-need Insurance are the two primary ways that you can address this concern. Just make sure that you pick a policy provided by an insurance company that takes care of your specific needs.

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