BY RACHEL DOVE

Over the past few months, I have lost friends and extended family members to death, all under the age of 60. Although we know death is no respecter of person and the young can pass as quickly as the elderly, it’s still our nature to not expect it.

The same can be said for the mindset of those within my circle, that being evident in the fact they had not prepared for their departure and had not acquired a life or burial insurance policy.

Let’s face facts: Unless the end of time occurs while we still live on this earth, we are none getting out alive.

With that thought in mind, we owe it to those we leave behind to consider the financial woes we will create for them if we fail to do our part and plan ahead.

I’ve often heard people speak of the expense of life insurance and their inability to afford the monthly cost. Still, after thoroughly researching options, there are numerous policies available that may even fit the tightest of budgets. Although they aren’t going to make your beneficiary rich when you pass, they will cover most funeral and burial costs if used wisely.

For those over 50, we are all aware of the well-known $9.95 policy worth $10,000, but the fine print also reminds you that the amount is not payable unless the policy has been paid on for a minimum of two years. That is a common practice of the majority of insurance agencies. The maximum age for this particular coverage is 85.

The thought comes to mind for me that the quicker we take out the policy, the faster the two years will pass.

For those lucky enough to have life insurance included in their employee benefits package, they are often required to undergo a physical or answer questions about their health or sign a release for medical records. Some companies refuse to pay if death is attributed to a pre-existing condition or one that was not disclosed in the questionnaire. That is why research is so important. A separate policy may be needed as a supplement to the one provided by your employer. If possible, one should always seek the advice of an insurance agent they trust.

When choosing a life insurance plan, it is important to do your homework. Know what you can afford, the amount of insurance you need to acquire to cover your final costs and other needs of your family if possible. Also consider the ‘death by accident’ option that may include a double indemnity clause that would pay out double the amount of the policy should death be attributed to a variable accident. Don’t stress if you can only inform a basic policy. Know that whatever the amount is, it will be greatly appreciated by those left to settle your estate and take care of your final arrangements and needs.

One last thought that I feel is important. Although no one likes to think about or much less discuss their final wishes, please consider the importance of a will. Without a valid will that clearly states your final wishes, it will be up to probate court to make decisions regarding your estate, which could also include who will be raising your minor children should you and your spouse both expire or if you are a single parent.

Besides having a valid will, you may also choose to make your final arrangements with the funeral home of your choice or entrust them with a clergyman, family member or friend. This has become a more common practice than in the past among the older population who wish to ease the burden of family from having to make funeral arrangements, choose a casket if applicable, decide if cremation is what the deceased would want, all the way down to hymns sang or the color of the flowers adorning their casket. Ask about choosing a pre-funeral package that you can make monthly payments toward if you would rather have the cost not be deducted from what your beneficiary receives from your life insurance.

Whatever you choose to do, please consider a basic life insurance policy. Seeing firsthand the hardship of the untimely death of close friends and family that left this world without having made any preparations has inspired me to encourage our readers to stop for a moment — and really consider how to best lessen the burden left on their loved ones when their time comes.