From Funeral Insurance To A Will: Plan For Death & Illness
Planning for your own death, illness or disability is not something any
of us would welcome doing. However, the reality is that such planning
will not only save your family a lot of trauma, anguish and money it
will also ensure that your voice is heard at a time when you are unable
to speak for yourself. From funeral insurance to a funeral plan, here
are some of the more important points you need to consider.
Funeral insurance
Don’t let the cost of your funeral become your family’s problem. Funeral
insurance will pay out a lump sum to the beneficiaries of the policy to
cover funeral and other expenses. Each and every member of your family
should be covered by funeral insurance.
A funeral plan
A funeral plan details what type of funeral you would like and can include input on:
- The ceremony you would like from the minister to songs/hymns, flowers, poems and readings etc
- Whether you would like to be cremated or buried and a choice of coffin or urn
- If you choose to be buried, details of where you would like to be laid to rest and purchase a cemetery plot
- If you choose to be cremated explain how and where you would like your ashes to be scattered
- Prepare a list of people that you would like invited to your funeral, if you prefer a private service
A living will
A living will is an advance medical directive that details what type of
medical care you would like to receive if you are ever unable to
communicate your wishes, for example if you have a terminal condition or
you are in a permanent vegetative state.
A will
A will, also known as a will and testament, is the document in which you
detail how you would like your assets to be distributed in the event of
your death. You can also use your will to nominate a legal guardian for
your children if they are minors.
Power of attorney
Power of attorney is a legal document that gives a person the power to
act on your behalf in financial and legal affairs if you are ever ill or
disabled. You also need to draw up a medical power of attorney, a
document that gives a person the right to make medical decisions on your
behalf if you are ever unable to do so.
Life insurance
It goes without saying that if you have any dependants or any debt you
need life cover. A life insurance policy pays out in the event of your
death, funds that your beneficiaries can use to pay off your unpaid debt
and cover living expenses and education costs for your family.
Disability and chronic illness cover
Disability cover insures your income if you are ever disabled and unable
to work due to illness or injury. Just as important is chronic illness
cover which pays out if you are ever diagnosed with a chronic illness,
for example cancer, heart attack or stroke.
Note that all legal documents mentioned above must be legally drawn up according to the relevant laws in your country or state.
