Why Do I Need Life Insurance?
So that you don’t leave the burden of final expenses to your loved ones at a tender time of loss ... give them peace of mind by planning ahead with life insurance!
Final Expense Whole Life Insurance
Final expense whole life insurance is a practical way to take care of your family, even when you can’t be there, and to make sure they aren’t burdened with unexpected expenses. It helps to cover the costs that come near the end of a person’s life, such as medical bills and funeral expenses and can leave other insurance you may have for beneficiares as intended. SFLIC’s final expense whole life insurance can help protect your family in many ways at a time of loss.
Pre-need insurance is a type of insurance policy used to fund most of the cost of an individual’s final arrangements that are planned ahead of the time that the need arises (the death of the individual), thus the term “pre-need.”
A pre-need product to fund funerals and final expenses can be a whole life insurance policy or an annuity policy, depending on certain criteria, such as the individual’s age and health condition. The amount of desired policy coverage is calculated when the policy is purchased, typically when arrangements are made and final expenses for certain services and merchandise you choose (such as caskets or urns) are determined. A contract for the chosen merchandise and services is often completed at this time, allowing you to lock in the cost of these chosen items at today’s prices, helping guard against inflation at future costs and relieving the stress of knowing wise financial decisions have been made.
Do I Need to Preplan?
Preplanned final arrangements and funeral plans can help alleviate a great deal of the emotional burden of decision making. Many decisions need to be made in a short amount of time when one passes away. This burden generally falls on the next of kin during one of the most difficult times in their lives. Making the majority of these decisions ahead of time is comforting and relieves a great deal of this stress allowing your loved one's peace of mind knowing they are honoring the wishes of their loved ones.
What is A Prepaid Funeral?
A “prepaid funeral” is exactly what it says it is; an option to prepay the majority of the funeral cost at today’s cost most often protecting funeral costs from inflation. Three of the states SFLIC serves – Arkansas, Mississippi, and Oklahoma - provide for the option to chose and pay for desired services and merchandise, locking in today’s cost to help guard against inflation on many final expense prearranged items.
Why Do I Need Pre-Need Funeral Insurance?
The beauty of a pre-need policy is that it allows you to fund or prepay your funeral, leaving nothing to question when the day comes—when the need arises. SFLIC has insurance and a series of annuity plans designed specifically for this purpose. A pre-need policy can provide options for a payment plan. Prefunding your final arrangements with a pre-need plan can relieve your family from emotional overspending that often happens, and you will have peace of mind that your wishes are known and stress relieved from you now and your loves ones later.
You do not have to set aside funds for your prearranged plan, but doing so protects you against escalating funeral costs. By locking in today’s eligible funeral costs and ensuring that the necessary funds are set aside, you help relieve yourself of unnecessary worry and your survivors of an unexpected expense. Contact us today for more information.