When Should You Have A Memorial Plan?
Death is one of the topics that most individuals are uncomfortable to talk about and no one can blame them. It is very painful to mourn over the loss of a loved one and from the perspective of the person that will soon meet his Maker; it is scary to think about leaving his family abruptly and unprepared. No one wins when someone dies and yet death is inevitable and you can do nothing about it. This is why it sis best to get a memorial plan as much as possible. But how early is the best time? Below are some instances wherein it is recommended to get such policy.
• When you are terminally ill – It will be wise to get a memorial plan when you are terminally ill. This way, your family will not be financially drained. They will be emotionally devastated due to your loss and it will be too much for them if they will have to seek funds for your funeral and burial expenses. You should take care of your hospital bills too. So before you get a memorial plan at this point of time, you should make sure that you can sustain the payment.
• When your health has deteriorated –you may also want to purchase a memorial policy when your health has significantly deteriorated yet you are not terminally ill. This is because you will be susceptible to both simple and fatal diseases at this stage. Remember that it also takes several years for you to pay the policy in full unless you paid one-time big time. This move is not to anticipate your own death. It is just to prepare your family for it so that your loss, in the event that it will happen in the near future, would not be that burdensome to them.
• When your work is hazardous –companies issue accidental death insurance most of the time to employees who are holding a hazardous position. This is included in their benefits package so that their respective families will not be left without a penny to spend especially of the employee’s wage is the only source of income. Although you already have a life insurance policy courtesy of the company you are working for, it will still be better to purchase a memorial plan so that the cash benefit that your family will receive from the insurance companies will be used in full for their adjusting period after your loss.
• When you are already aging –the older the people become, the closer his proximity to death will be. If you are already aging or even in just the middle age, you should purchase a memorial policy. Even if you can sustain your good health until you are old, you can still not avoid your death out of old age so there is no reason for you to tell that you have no need of a memorial plan. If you have other source of income other than your monthly pension, you might want to get a policy.
• If you are engaged in extreme sports –even the person who takes great caution all the time can die for some reason and engaging in extreme sports such as motor racing, skydiving and others puts you in closer proximity to death. Though you wear the essential protective gears, it will never be unlikely that you will meet an accident, whether minor or major. So if you are into such sports, take some time talking to your trusted agent.
• When you have very unhealthy lifestyle –when you are living a very unhealthy lifestyle, you should buy a memorial plan at once. Just one of the bad habits such as drinking alcohol, smoking and taking drugs will already have bad influences on our health. If you will combine these three, you are in for doom. It will worsen your health in no time and your family might be left emotionally and financially drained. Even if purchasing a memorial plan is not a cool thing to do, doing it is the right thing especially when you have such bad habits.
There is not really the best time to buy a memorial plan as nobody knows when you would die. However, being in one of the instances mentioned above makes its sensible to purchase a policy.
Article by Dunbar Winston of FuneralesReforma, who is a specialist in hispanic estate planning. For more information on contratos funerarios and servicios funerarios Guatemala, visit his site today.
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