Your family always comes first. And you don’t want your family to bear the financial burden of your last days. Regardless of you age, it’s important to decide how much want to protect your family so you can decide what type of plan you need.
Final Expense Plans are typically inexpensive policies to cover the cost of funeral services, burial, and other minor expenses.
You may want to have a higher benefit to not only cover funeral cost, but also give your family added protection against the loss of your income. Term Life insurance is the most affordable way to secure a larger benefit. As the name indicates, Term Life is an insurance policy for a specified period (from 5 to 30 years). In most cases you can covert the policy to a permanent plan at the end of the term.
Are you a co-owner of a business? Buy/Sell Agreements are legally binding agreements between co-owners in case one of the owners dies. The surviving co-owner would use the death benefit to buy out the company from the departed owner’s family. This ensures continuity in continuing business for the surviving owner and ensures the departed owner’s family is fairly compensated for their share of the business.