We have come to learn that funeral planning is not an easy task emotionally, but that it is necessary. Trying to find funeral insurance for under 50 year olds can be a challenge for many. When you are trying to plan early, but just don’t find the perfect cover, it can be frustrating. We are fortunate to live in a time where brokers are willing to drop the limit on the age you can get funeral cover. With this in mind, you need to ask yourself, how early is too early? If you are under 50 and have been thinking about funeral planning lately, here are some pros and cons you might want to consider.
Pros
Affordable
One of the biggest pros to finding funeral insurance for under 50 year olds is that you will be paying lower premiums. Your expected life is much longer than those over 50, which is why the premiums are less. It may be beneficial to take out your funeral policy at a younger age and negotiate a fixed rate. This is going to help you down the line when you are older.
Cash Back
Because of your young age, you might qualify for a cash back option. If you pay your policy and keep it up to date for a set amount of time, you can claim your premiums back. This is a great benefit to younger individuals because extra money is always welcome. Funeral insurance for under 50 year olds can be beneficial if you do it the right way. When you take out your policy, be sure to ask your broker about it.
Life is not guaranteed
If only age determine when we pass, this choice would be so much easier. The fact of the matter is that it should never be too young to think about funeral costs. Unfortunately, we are all subdued to die one day and by the time you hit 30, you might already have a family. We need to plan for the unexpected and having funeral insurance for under 50 available is much needed.
Debt free family
By the time you are 50 years old, you probably have a family that you are trying to protect. If something were to happen to you at the age of 49, would that leave your young family in debt. The need to start funeral planning early is valid and should not be ignored. Funeral costs is never the problem of the person who passed, but those who are left behind. If you are at a stage in your life where you have a young family you want to protect against debt, this is something to consider.
Cons
Losing out on funds
If you start funeral planning, let’s say, in your 20s and live a long and happy life, you might lose out on some of your funds. By the time you are 70, you have paid a lot of premiums to your insurance broker. This is going to be a negative if your policy does not have a cash back option. Take your premiums, less funeral costs and the balance is the funds you would ultimately lose.
Approval pending
As much as brokers are trying to lower the age you can get funeral cover, it is not the case with many. You cannot simply walk into a broker’s office and demand that they give you the best funeral cover. After you apply, you need to go through a process that will hopefully end with an approval. It is important for younger individuals to get medically tested for any underlying illnesses that they might not be aware of. As we age, we are more likely to visit the doctor often and be aware of any medical conditions. If something does happen to you and it comes out that you had a medical condition that is not covered, that could be devastating for your family. It would also be such a huge lost in funds you have been paying over to the broker religiously.
Increasing costs
You need to make it clear to your insurance broker that you want to lock in your premiums at a set amount. If not, you could be facing annual increases that might become more of a burden down the line. Funeral costs do increase as time passes, but you are paying over a monthly fee for one moment. Do not settle for the first broker you speak to if you are not happy with what is being offered. You might be able to afford the low premiums now, but if it is constantly increasing, you could be getting into debt down the line. Funeral insurance should take away from the dreaded word “debt” and not add to it.
The risk to saying NO
Many young people believe that they don’t have to think about funeral planning just yet, but there are risks attached to that kind of thinking. Funeral planning can never happen too early, unless you are a minor. If you have a family of your own, consider this option. The same applies if you still have your parents who cannot cover funeral costs at the drop of a hat.
It is also important to note that you have to do what you believe is necessary for you right now. If you are unsure try and do a little bit of research to see if it is something you are willing to invest in. Your life and those around you are what you want to analyse when making this decision. Make sure you are in a position to pay the premiums every month when you commit to start funeral planning.
Conclusion
Funeral insurance for under 50 is becoming more popular because we are becoming aware and willing to discuss the inevitable. It is ultimately a personal decision, but it never hurts to discover what is out there for your younger self. It can benefit you more than harm you, it is something to consider.
If you are interested in having a closer look at insurance for under 50, click on the link below.
