Some of the greatest lessons in life can be learned from remodeling or renovation projects. Unfortunately, if you’re like me, most of these lessons are learned by doing the wrong thing first. This is often referred to as learning from your mistakes.
It’s probably safe to say that all of us have done this at some point in our lives. While our mistakes can be great teaching tools, we would probably all agree that it’s much better to learn from others’ mistakes.
This adage can be applied to the process of purchasing a burial insurance policy. Too often, seniors purchase a burial insurance plan and then check it off their to-do list. They never revisit the plan, and this can leave some very important areas unaddressed. To learn from this common mistake, let’s explore three areas that should be addressed after a senior life plan has been purchased.
The first thing you should do after purchasing a burial insurance policy is to let someone else know that the policy exists. This may seem like common sense, but it’s often forgotten. Though a senior life policy is a great asset, it’s of no use if no one knows it exists. You can tell your whole family or one specific person about the policy, the reasons for purchase, and how you intend for the burial policy to be used.
The second thing that should be done is to set up a living will or an advance directive. This is a legal document expressing your wishes regarding medical care should you be unable to communicate. This documentation is important for two reasons. First, it ensures that your wishes are followed regarding medical treatment. Second, it ensures that these decisions are not placed on family or friends, which can create a lot of tension as well as undue stress.
The last area to be addressed is typically the most difficult. We believe it’s important for our clients to participate in the planning of their own funeral services and recommend that they have conversations with their families and friends. These conversations may be uncomfortable, but they can serve several purposes.
By communicating your preferences, it provides peace of mind to those left behind that they are honoring you appropriately for this final service. It can help family and friends not to overspend on funeral services because they are in an emotional state. Lastly, it allows those left behind to focus on grieving, because all of the decisions and arrangements have been made.
Looking at these three areas you can see that the process does not end with the purchase of a burial insurance policy. Hopefully, you can use these suggestions to learn from others’ mistakes rather than making these mistakes yourself.
If you have any questions or would like to explore your options for burial insurance or whole life insurance coverage, feel free to speak with one of our licensed insurance professionals at 866-699-1884. We are licensed throughout the country and would be glad to assist in any way that we can.