David L. Olsen

Everything You Need to Know About Burial Insurance Plans Everything You Need to Know About Burial Insurance Plans When you pass away, you might not know what will happen next. You could leave a few debts, have a house and car, or even have a nest egg. But what about your final resting place? Where will your body be laid? How will your loved ones be financially taken care of after you leave? If you don’t already know these things, it’s time to take note. If so, now is the perfect time to start looking into these details. As we age and pass away, many benefits come with having burial insurance plans. Read on to learn everything about burial insurance plans and how they work. What Is Burial Insurance? If you’re considering getting burial insurance, you’re probably wondering what it is and how it works. Burial insurance, also known as final expense insurance, is a type of life insurance that pays for a person’s final expenses after they die, including the cost of burial, funerals, m...

How Final Expense Burial Insurance Can Relieve Financial Stress How Final Expense Burial Insurance Can Relieve Financial Stress Given that a global pandemic has wreaked havoc on the world over the past two years, the number of Americans without life insurance continues to surprise. Approximately one-quarter  of all Americans do not have life insurance coverage. An even greater share of the population is considered underinsured. The primary reason that Americans are forgoing insurance is that they cannot afford it. Ironically, burial insurance and other plans relieve financial stress. Read on to learn how final expense burial insurance can help your family’s financial situation. Explore topics such as burial insurance for seniors and what final expense insurance covers. Why Do You Need Final Expense Burial Insurance? Unfortunately, death is expensive and places a significant financial burden on families without insurance. According to the National Funeral Directors Association...

What Affects the Price of Burial Insurance Rates? What Affects the Price of Burial Insurance Rates? Life expectancy has soared in the United States, and there are more than 16 million people  between the ages of 75 and 84. We are healthier and fitter than ever, and it might seem as if you have plenty of time to think about your funeral. Your children certainly aren’t likely to bring it up anytime soon. But did you know that the longer you wait, the higher your burial insurance rates are likely to be? Sometimes planning ahead, even for the unpleasant things, can save you money. Keep reading to learn about what will raise your burial insurance costs.  What Is Burial Insurance? Burial insurance is a particular financial product aimed at covering any funeral expenses. It is a benefit that your family can also use to cover any final medical bills after you die. Traditional life insurance supports your loved ones financially, pays off debts, or prepares for a child’s ed...

Using Life Insurance to Cover Funeral Costs: Is It Possible? Using Life Insurance to Cover Funeral Costs: Is It Possible? The average cost of a funeral in the United States is almost $8,000. It is hard enough dealing with the emotional and administrative nightmare that comes with the death of a loved one. The last thing you want is your family panicking about where they will find that $8,000 to cover your funeral. Luckily, you have life insurance. That will be sufficient to pay for your funeral, right? The answer might be more complicated than you expect. While you could theoretically rely on life insurance to cover funeral costs,  several problems could crop up. Read on to understand whether it is genuinely possible to pay for all burial expenses with your life insurance or whether you need to develop a new plan. What Is Life Insurance? When you take out life insurance, you designate one or several people as beneficiaries. They will get paid a lump sum when you die. ...

5 Things to Consider When Comparing Prepaid Funeral Plans 5 Things to Consider When Comparing Prepaid Funeral Plans Funerals cost thousands of dollars . When a family is grieving the loss of a loved one, they do not need the extra stress of having to figure out how to pay for a proper burial.  Prepaid funeral plans can solve this problem. The right prepaid funeral insurance will alleviate your family’s financial stress and allow you to give them one last gift, even after you’ve died.  There are multiple prepaid plans out there. Here are a few things to consider as you look at different plans.  1. Payment Plans Are Available Burials cost a lot of money. You might not have the money you need for a prepaid funeral plan today. Most companies offer payment plans, though. When you choose to pay installments, establish how many installments you will have to pay and if you’ll have to pay interest on the unpaid balance. Then keep track of how many installments you...

Insurance for Seniors Over 80: What Are Your Options? Insurance for Seniors Over 80: What Are Your Options? 16% of the U.S. population was 65+ in 2019. That’s more than 54 million seniors. As the baby boomer generation ages, this number is expected to grow. As a senior, finding insurance can be tricky – especially if you’re over 80. That’s why we put together this guide. Keep reading to learn more about insurance for seniors and your options when you’re 80+. Medicare Advantage Medicare Advantage, also called Medicare Part C, offers additional coverage beyond Medicare Parts A and B. Think of it as bundling your healthcare plans for more comprehensive coverage. Medicare Advantage plans also offer Medicare Part D coverage, which covers prescription drugs.  Medigap Seniors who have Original Medicare (Parts A and B) might be left with high out-of-pocket costs for medical care. Medigap, also called Medicare Supplement Insurance, can help fill in those gaps. This type of insur...

What Is the Average Cost of a Funeral and Who Is Going to Pay For It? What Is the Average Cost of a Funeral and Who Is Going to Pay For It? It’s estimated that at least 6 million global citizens have perished due to Covid. Whether they passed away due to the virus itself or a related cause, none of them were likely prepared for it. The truth is that no one wants to think about their inevitable passing. If you have loved ones, though, then you need to. That’s because the average cost of a funeral is likely higher than you think. You don’t want to leave your loved ones unprepared to handle that burden. Read on to learn more about the cost of funerals in 2022 and how to manage it like a pro. The Average Cost of a Funeral Before we get into how funerals get paid for, you likely want to know how much they cost. The cost of a funeral depends on the type that you want. Traditional funerals involve a casket burial. Usually, there is a viewing before the deceased gets buried. According...