Do You Need a Financial Plan To Pay For Final Expenses?

One of the most expensive events in daily life is a funeral. Today, the average funeral can run between $5 000 to $12 000 just to cover the cost of mortuary and cemetery fees. While many people have life insurance policies through their employer or their financial adviser, most people don't have a financial plan to pay expressly for their final expenses. Even with life insurance, the amount you have set aside for your family can be quickly reduced by the large costs associated with a funeral. As the totals add up, the amount of your life insurance goes down, leaving less to for which your family can be supported. So, is there an advantage to having a policy to pay for your final expenses?

The answer is, of course, yes. Today's final needs planning services come with several benefits that outweigh typical life insurances. Since it was created specifically to pay for your funeral, your account can only be accessed by the owner or by an executor at the time of your death. If you were to enter a nursing home or other type of facility, the funds your plan has accumulated can never be accessed to pay for their costs.

Most plans are adaptable to any living situation, so you can contribute as little as $5 a month to your plan. Of course, you can always alter your payment amount and schedule if you want to raise the amount in your plan over time.

When you open a final needs plan, you'll be assigned an advisor who will help you choose your payment plan. This advisor will also be responsible for all of the necessary paperwork that your death will create. He or she will fill out all of the necessary forms and documents to notify government and financial institutions of your death, so that all of your accounts can be properly cancelled.

Experienced advisors will ensure that every ‘t' is crossed and every ‘i' is dotted. As a professional who deals with these forms every day, he or she will never miss any document that could potentially disrupt benefit payments from getting to your family. Your family will never have to worry if they missed contacting a vital institution when your advisor is there. Knowing they have an expert on their side will relieve your family of any unnecessary stress that bureaucratic administration can cause.

You can also appoint your advisor as executor of your will, interacting directly with the funeral home so that your funeral occurs just as your wanted it to. You'll discuss your preferences during a meeting. You can also discuss the option of designing and paying for your own monument, so you'll be remembered the way you want to be remembered.

As final needs plans are becoming more popular these days, the market has become overwhelmed with providers claiming they have your best interest in mind. Not every provider can offer the best service. Only those working with the Elephas Group can deliver on what they promise. One of their experienced advisors can easily look at your financial situation, recommend appropriate coverage, and facilitate your funeral to your exact specification. To see the full range of benefits to working with the Elephas Group, check out Theelephasgroup.ca today. Looking at final arrangements is not a subject most of us are comfortable with, but it's something you need to consider if you want to protect your family from the overwhelming cost of a funeral. Your family will be grateful you took the initiative with this important matter.