Physicians Life Insurance Company® —
a member of the Physicians Mutual family
Looking to take control of your final expenses? Life insurance can help.
With many things in life, it’s usually better to be proactive rather than reactive.1 Things like getting regular health checkups, finding out why your car’s making that ticking sound, calling a long-lost friend before one more day passes by …
This skill is also important when it comes to figuring out how your final expenses will be paid. Because … let’s face it. Not every family has thousands of dollars in savings for unplanned final expenses; interest rates are cost-prohibitive; and crowdfunding campaigns rely on the kindness of (often) strangers.
Proactivity in life — and death — provides several benefits
Looking back over your life, you can probably recall a time you were proactive about something (like getting the timing belt replaced before your car broke down). Your proactivity gave you a greater sense of stability and security; reduced your stress; and gave you some sense of control.
Being proactive about your final expenses now will give your family the same benefits later: a little less stress, and a greater sense of security and control.
So, how to do that?
One way is through life insurance, which can be an affordable option to cover your final expenses. It’s a set amount that can take some of the stress off your loved ones at a very stressful time.
Turn awareness into action
While you’re now thinking about life insurance, it’s a great time to speak with a licensed insurance agent to see if you need it.
If the topic of life insurance is something you’ve been wanting to learn more about, check out these Q&As:
Q.Life insurance has always been on the back burner for me. How can I tell if I need it, and how will it help my loved ones?
A.If your death will impact someone financially, you may need life insurance.
Life insurance pays a cash benefit to your loved ones after you die. Its purpose is to help them pay funeral costs, final medical bills, daily living expenses, and outstanding debt
How much you need depends on your situation. Your benefit can help cover the above expenses, as well as give you the ability to leave something for your grandchildren, a special relative, care for your pet, or a charity.
More important is how your life insurance policy helps take care of your loved ones’ emotional needs, giving them the freedom to grieve and focus on healing as important bills get paid.
Q.Isn’t life insurance mostly for people with dependents?
A.Not necessarily. If you’re unmarried with no dependents, ask yourself if you have enough assets to cover your personal debts, possible medical bills and funeral bill if you were to pass away.
If you don’t, you may need at least enough life insurance to cover these costs so you don’t leave those unpaid expenses for your family or executor to deal with.
Q.If my main goal is to cover my funeral expenses, how much does that cost?
A.Depending on funeral type (burial or cremation), costs vary greatly. But here are a couple figures from the National Funeral Directors Association (NFDA) to give you an idea.
According to the NFDA’s 2023 Member General Price List Study:
- The national average cost of an adult funeral service with burial is $9,420,2 including a casket and a vault. (This cost doesn’t include cemetery, monument/marker or miscellaneous other expenses, such as flowers.)
- The national average cost of an adult funeral service with cremation is $6,9702 including a rental casket and urn. (This cost doesn’t include vault, cemetery, monument/marker or miscellaneous other expenses, such as flowers.)
Q.If I don’t want to have a service, can that lower the expense?
A.A little, but think about how a memorial service or celebration of life service can help your family. There’s nothing like being surrounded by family and friends to help each other bear a loss. A service of some kind can bring a lot of comfort to your family as they grieve and begin the healing process.
Q.Is there an option for me if I need life insurance and prefer not to go through a long, complicated process?
A.Yes. With a guaranteed acceptance life insurance policy, there are no health questions to answer to get coverage. It’s usually as simple as completing an application and sending in the first premium.
Q.I like the convenience of purchasing things online. How does that work with life insurance?
A.Many life insurance companies offer an easy online application. This allows you to shop for the life insurance that best meets your needs — including a guaranteed issue life insurance product.
And, with many companies, the products are available at the same price regardless of the buying method you choose — online, on the phone, through your trusted agent, or through the mail. The choice is yours.
Q.Before I buy life insurance, what should I know about the company I’m considering buying it from?
A.Here are a few points about a company you should familiarize yourself with:
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What are the company’s ratings through independent ratings companies, such as A.M. Best and Weiss Ratings?
Good financial strength ratings show a company’s ability to pay claims — including your death claim for your family.
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Does the company have a high customer satisfaction rating?
Friendly, helpful customer service representatives will make your family’s interaction with the company as easy as possible.
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How fast do they pay claims?
Quickly paid life insurance claims are vital for families who have bills to pay immediately.
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What is the company’s history? How long has it been in business? What’s its reputation?
A company’s longevity and stability are excellent indicators that you can count on it to fulfill its obligations to your family. And a company that cares about and gives back to the community is another way it shows how it cares about you and your family.
If you’re looking to take the reins of your final expenses, a licensed insurance agent can answer your questions about life insurance that can help give you and your family peace of mind.
Sources:
- “Reactive vs. Proactive: Tips for Being Proactive,” written by MasterClass, masterclass.com, last updated April 14, 2022, accessed June 22, 2023
- “NFDA Statistics,” National Funeral Directors Association, NFDA.org, October 2023
Get your “Final Wishes & Planning Kit”
This kit includes a family keepsake and a planning checklist to make your wishes clear and your loved ones’ next steps easier.