The Best Reasons To Have a Burial Insurance Policy In Pennsylvania
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Nobody likes to think about their own death. Nevertheless, whether you are 75 and retired or 30 with small children, you owe it to your family to make sure that your obligations are paid off. Additionally, they will also require cash to cover your burial expenses. Your family may face financial hardship if you were to pass away today without any notice.
A cost-effective way to cover your final expenses is to purchase a burial insurance policy, which is also referred to as funeral insurance or burial insurance. This type of insurance can help your family pay for your funeral/burial and can also use the money to help pay off debts, including any medical bills you leave behind.
In Pennsylvania, purchasing burial insurance coverage is an easy and uncomplicated process. Although the experience will be the same across the board, there is some general information that might aid in your decision-making.
Major reasons for death in Pennsylvania
In the United States, heart diseases are responsible for the death of lots of people. In Pennsylvania too, heart diseases are a major reason behind people’s death. However, there are other major reasons for death included as well. As per the Centers for Disease Control (CDC), the following are the main cause of death in the state of Pennsylvania:
- Heart disease
- Chronic lower
- Respiratory disease
- Accidents
- Alzheimer’s disease
- Flu/pneumonia
- Diabetes
- Septicemia
- Kidney disease
- Stroke
- Cancer
Different reasons why you need to have a burial insurance policy in Pennsylvania
A lot of families are not completely aware of the expense of a funeral. Sadly, there isn’t any government funding available in the United States to assist in covering these costs. A few people are qualified for a little burial or cremation benefit through the Department of Human Services or workers’ compensation, and government benefits pay out $255 in total.
The majority of families cover the funeral expenses for their loved ones by themselves. They usually make use of their savings to bury their loved ones. However, you can simply avoid burdening your family members just by purchasing burial insurance coverage.
Reasons why you should purchase a burial insurance policy for your family.
Covers your entire funeral or burial insurance
A burial insurance policy will pay for any debts or responsibilities you leave behind after your passing, with funeral fees being the most important factor. Your loved ones would be so relieved if you cover your burial expenses by yourself or give them some cash to cover any funeral-related costs with the help of this particular type of insurance policy.
Can be used in the form of a Gift
You might decide to give a portion of your death benefit as a gift to someone you care about, whether they are a family member or not. After paying for the funeral expenses, you may use the remaining funds in any way you see fit.
Repay your loans with the help of burial insurance
What would happen if you passed away yet owing money on debts, with regards to using the final expense insurance coverage for other purposes? With the death benefit, your family may utilize the money to pay off any outstanding loans or other debts to lessen the burden. This is obviously something you wouldn’t want your mourning family to have to deal with.
Pay your estate taxes
The worth of your estate is taxable as of 2022 if it exceeds $12.06 million ($24.12 million for couples). Instead of making your family sell their assets, the leftover death benefit might be used to pay those taxes.
You can make things extremely easy and hassle-free for your friend and family if you opt for a burial insurance policy. More importantly, you won’t have to depend on someone else to cover all the expenses related to your burial.