Let’s face it, nobody would want to talk about dying would they? But unfortunately, if you don’t want to leave loved ones with a financial headache when you die then its probably best you have that conversation sooner rather than later. The cost of a funeral can vary a lot depending on what you choose. For example, a direct cremation without a funeral service can halve the cost. This research from Sunlife details how much the cost of dying has increased. Funeral costs alone are now more than double what they were 15 years ago.
But unless you know the wishes of loved ones how will you know the kind of send-off they would want. Talking about death means that when the time comes your family could plan the type of funeral you wanted and one they would have planned to be able to afford. It’s important to communicate your wishes and, if you can, put money aside that can be used to cover the cost of this when the time comes.
Having life insurance will enable your loved ones to have money that will not only pay for your funeral, but also cover other financial burdens they may have. Upon your death, the value of your estate, including life insurance will go towards paying off any outstanding debts you may have. If you don’t have any life insurance or savings, your family may need to sell off your assets, such as your house, to cover the cost.
To ensure your loved ones don’t find themselves in financial difficulty, its important to ensure you have enough life insurance and savings. Speaking to a professional financial advisor about life insurance, and covering the cost of death, can alleviate a lot of the financial worries should the worst happen.