As you approach retirement age, it is important to consider your next steps. One factor that should be handled as early as possible is your final wishes. End-of-life insurance will help you avoid placing the burdens of inherited expenses, fees, and funeral costs on your family. Consider the following factors to determine when to begin end-of-life planning.

3 Factors to Consider When Buying End-of-Life Insurance

1. Age

Perhaps the most important element to keep in mind is your age. Although death is a difficult topic to broach, the earlier you begin planning, the better the benefits. For instance, the cost of your policy will be lower if you buy at 45 than at 75. This is because the value of your plan increases as you pay into it, and the younger you are, the more time you’ll have to add to your balance. End-of-life insurance policies have larger initial premiums for older individuals, as well.

2. Family

End-of-life insurance policies allow you to select the beneficiary, so you can choose who is responsible for carrying out your instructions and distributing benefits. Most will choose their partner or child to carry out this duty. The earlier you take out a policy, the higher the benefits will be for your loved ones. Planning ahead will help you avoid saddling your family with old debts, legal fees, and medical bills.

3. Funeral Costs

The costs of a funeral add up much more quickly than most individuals expect. Between service fees, a casket, and a burial plot, funerals end up costing thousands of dollars. Most individuals do not want to place those expenses on family members after they’ve passed. End-of-life insurance covers funeral costs, so the more you are able to contribute to your plan, the less your family will need to worry about payments in their time of mourning.

When you’re ready to begin planning for the future, talk to the skilled financial advisors at Better Life Management. Based in Volusia County, FL, their compassionate staff will guide you toward the best end-of-life insurance plan to leave your family secure and debt-free. Visit them online to learn more about their end-of-life insurance options. To speak with a financial planning expert about insurance packages and coverage, call (855) 256-4968.