Tag: financial-planning

Managing Final Expenses: Tips for Seniors and Families.

Posted on by Maritza Osorio

An important issue that must be discussed with our families is when a member is in the twilight of life, and we do not know what to do with him or her once they die, and this is what is known as final expenses.

 Final expenses refer to costs associated with the end of a person’s life, such as funeral expenses, burial or cremation costs, and others related to the closure of life process. This may include:

1. Funerals and burials: Funeral services, caskets, cremation services, and cemetery plots.

2. Legal arrangements: Costs associated with the processing of wills, estate administration, and other legal services.

3. Debts and obligations: Pending payments of debts, taxes, and other financial commitments.

4.Memorial services: Costs of memorial services or events, such as publishing obituaries.

 How can we protect our older adults and families affected by the death of the former?:

1. Final expense insurance: This type of insurance helps cover the costs of final expenses, ensuring that family members do not face a significant financial burden. This insurance is typically more affordable and easier to obtain for seniors compared to other types of life insurance.

2. Planning ahead: Having a plan for final expenses can relieve stress and uncertainty for seniors and their families. Knowing that these costs are covered can provide peace of mind.

3. Avoid family debt: Prepaid or insured final expenses prevent costs from falling on surviving family members, who may not have the financial resources to handle them.

4. Facilitate the processing of matters: By planning and documenting final wishes, the emotional and logistical burden can be reduced for family members, who will not have to make difficult decisions in a time of grief.

In short, planning for final expenses and purchasing specific insurance for these expenses can provide a financial and emotional safety net for both seniors and their families.

If you want to delve deeper into the topic. In the links I leave below you will find more information about the costs of final expenses and other items in relation with it.

https://www.lhlic.com/es/seguro-de-gastos-finales/#:~:text=%C2%BFQu%C3%A9%20es%20un%20Seguro%20de,popular%20entre%20las%20personas%20mayores

https://www.dignitymemorial.com/es-es/pre-planning/funeral-costs/types-of-final-expense-insurance

I hope you liked this post, In my next publication I will talk about skin care of elderly people, because it can be the first sign of a health condition, and we must follow closely, to prevent it.

Life insurance

Posted on by Maritza Osorio

You’ve probably seen life insurance ads on television commercials, and you’ll wonder what they are about?

Life insurances are contracts in which the insurance company agrees to pay a sum of money to the designated beneficiary in the event of the death of the insured. Benefits for the policy owner and their family include providing financial security in difficult times, covering expenses such as debt, mortgages or education, and in some cases, accumulating cash value that can be withdrawn or borrowed during life.

Some companies in USA that sell life insurance are: New York Life, Northwestern Mutual, Metlife, Prudential Financial, and Mass Mutual.

The amount the beneficiary pays monthly, also known as the premium, is estimated primarily based on several factors, such as age, health, gender, lifestyle, and the amount of coverage desired.

Insurance companies use algorithms and rate tables based on current statistics and projections to determine premiums. The younger and healthier the insured is, the lower premiums they are likely to have, while factors such as smoking, having pre-existing medical conditions such as Diabetes Mellitus, Bronchial Asthma or Cancer, or requesting higher coverage can increase monthly premiums.

As a client, you have the right to ask questions of any financial advisor, or rather policy seller, who offers you the purchase of life insurance for a fixed monthly premium for life.

When economic and financial insecurity invades you due to the high costs of living and inflation, it is normal that you start looking for solutions and life insurance can be one of them, however I invite you to investigate the subject if you are interested, because I am not an expert in the field.

If you are interested in purchasing a life insurance policy, you may ask , for example, “How long does the coverage last?”, “What is the amount of coverage appropriate to your needs?”, What are the terms and conditions of the policy? What can happen if you want to cancel the policy? Does it cover serious illnesses or disabilities? Are there any exclusions or limitations I should be aware of? ? How will premiums be adjusted in the future? How is the claim process handled in the event of death?

As a conclusion to this post, I show you a financial product that can help you alleviate your financial problems, and like any decision it depends on the risk you are willing to take by purchasing a policy like this. I hope you had enjoy this post.

In my next post I will be talking about long term care. A term you may or may not know. If you live with an older adult, I urge you to investigate the issue.