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Covering Funeral and Burial Expenses with Life Insurance

Funeral and burial expenses around Oak Ridge, NC can impose a hardship and financial strain on families during death. However, life insurance provides a valuable solution to alleviate these expenses and ensure loved ones can honor the deceased without financial strain for the funeral and the bills from the estate.

Financial Relief During a Difficult Time

Life insurance policies pay a death benefit to beneficiaries upon the insured individual’s passing. This lump sum payment can cover various end-of-life expenses, including funeral and burial costs. The funeral director usually handles these arrangements.

It can cover funeral service arrangements, such as the cost of the casket, embalming, and funeral home services. It can also cover burial plot purchases and cemetery fees. The choice is available for in-ground, above-ground, or mausoleum drawers. Different cemeteries have different costs. 

Life insurance proceeds offer families the financial resources to arrange a dignified farewell for their loved ones. Its ultimate goal is to smooth the process because those left behind suffer immensely. 

Alleviating Emotional Stress

Life insurance can help alleviate the emotional strain of financial worries during a difficult time. It gives the family time to focus on those left behind in the immediate family without the added stress of worrying about how to cover funeral expenses.

Determining Adequate Coverage

When purchasing life insurance, it’s essential to consider the coverage needed to adequately cover funeral and burial expenses. Factors such as funeral preferences, burial plot costs, and additional funeral-related expenses should be considered. Remember, you’re not alone in this process. 

Let Oak Ridge Insurance Services Give You Information

Oak Ridge Insurance Services is here to assist you with all your life insurance queries and requirements. We’re dedicated to serving the Oak Ridge, NC, region. Reach out to us today.

When should you review your life insurance coverage

Like many types of insurance, life insurance needs to be reviewed from time to time to make sure that it is keeping up with the events in your life. At Oak Ridge Insurance Services in Oak Ridge, NC, we are here for our customers to help them have the coverage that they need to protect the ones they love. 

When should you review your life insurance coverage

When you buy a house

When you take on a mortgage, you don’t want to leave your family the responsibility of paying for your house if anything happens to you. Being that much in debt could be a real hardship for the ones you leave behind. 

When you change employers

You may get life insurance as one of the benefits of your employment. This is under the control of your employer. When you change employers in some cases, you can opt to take life insurance with you. It may not be the best-priced policy for you to keep. If you get another life policy from your new employer, you should consider it a bonus and acquire a policy of your own that won’t go away with every job change. 

When you get married

When you get married, you need to review your life insurance to check the beneficiary, and in most cases, you will change it so that your new partner is the one who will receive the benefit. 

When you add dependents

With each additional child, you should review your life insurance to make sure that you have enough to protect your children so that they can remain in the home they are used to. 

Consult With Us

At Oak Ridge Insurance Services we offer the residents of Oak Ridge, NC the benefit of our experience and expertise. As an independent insurance agency, we are also able to offer more choices. 

Do Retired People Need Life Insurance?

Retired people often wonder if life insurance is a necessary investment, and this decision may be impacted by the fact that this benefit was, perhaps, provided by one’s job formerly. After retirement, however, life insurance is a provision that takes the financial burden off of loved ones to pay for burial expenses. It is also a good option for sending adult children to college and helping to ensure their futures. 

Life insurance is not a requirement by law for those living in Oak Ridge, NC, but many choose to pass down wealth to their families in this way. Your Oak Ridge Insurance Services representative can go over the various options available to you. 

Why Life Insurance?

Very often, you may have a spouse who is dependent on the income you are currently bringing in through your pension or social security. You may also be the parent of a special-needs child for whom ongoing support will be necessary. 

A life insurance policy can give your beneficiaries choices, such as paying off a mortgage and securing a place to live. It can assist with paying off any credit cards you have or student loan debt, which is especially important for your surviving spouse’s credit score if any of these are jointly held. Estate taxes can also come out of the death benefit. 

You may be able to leave behind the payout in the form of a lump sum or an annuity that is paid out yearly in installments, providing reliable income to your surviving relatives. 

Oak Ridge Insurance Services Is Here To Help

We help customers obtain the insurance products and services they need to be protected in all facets of life. We invite you to reach out to us to discuss your situation, and we serve those living in the Oak Ridge, NC region. 

Do I Need Life Insurance If I Have No Dependents?

The answer to this question depends on your specific situation. While purchasing life insurance is a smart financial move for most people, the type of policy you need will vary greatly from someone else. After reading this article, you’ll have a better understanding of the importance of life insurance for single men and women in Oak Ridge, NC. When you’re ready to learn more, reach out to Oak Ridge Insurance Services.

Planning ahead

Life insurance is not just for people with dependents. People are now marrying and having children later in life, which actually makes now a great time to buy life insurance. By purchasing a life insurance policy when you have no dependents, you can lock in a lower rate. You can choose to name beneficiaries who will receive the payout in case of your death, even if you’re single. If you do not have any dependents, you can name any family member or close adult that will take on your funeral cost and debts as a beneficiary.

Age at which you should buy a policy

The age at which you should buy a life insurance policy will depend on several factors. For instance, if you are under 30 years old, a term life insurance policy is your best option, as premiums are relatively low and your needs are very basic. Depending on your situation, a permanent life insurance policy may also include a cash value, which can be a valuable asset for you and your family in later years. In addition, you should consider your future goals and life stage when purchasing your life insurance policy. Talking with an agent can help you define your current needs.

Other factors to consider

You might be wondering how to choose the best life insurance policy, but there are some other factors that you should keep in mind. Depending on your age, gender, and health, life insurance premiums may differ significantly. This is why Oak Ridge Insurance Services is here to help. We’re dedicated to helping our Oak Ridge, NC customers find the right insurance to fit their individual needs. Contact us today to discover more!

Who Needs Life Insurance in Oak Ridge, NC?

There are many reasons you need life insurance in Oak Ridge, NC. If you ever doubt that you need life insurance, ask yourself: Do I have dependents? How would they survive without my financial assistance? If you have a spouse, child, or an aging parent that depends on your income, you probably need life insurance. But is that all? Definitely not. Life insurance covers more than dependents. If you are in the below situations, there is a heightened need to buy life insurance from Oak Ridge Insurance Services today. 

If you are a spouse

In marriage, there are many shared financial responsibilities. Without the other spouse’s support, the spouse left behind would have difficulties paying financial duties like mortgage, school fees, and other obligations. However, life insurance replaces your income when you die, helping your spouse meet various financial obligations.

If you have debts

If you have a student loan, credit card, or mortgage loan, your cosigners are stuck with your debts in the event you die. However, when you purchase life insurance, you don’t have to bother your dear ones with unpaid debts when you die. 

If you own a business

If you are in a business partnership, you can name your partner as the beneficiary. When you pass on, the death benefit can be used to run operations or buy out outstanding shares in the business. 

If you want to take care of your funeral expenses

Running a funeral can be expensive in America. It will cost you between $8,000 and $10,000. Of course, the figure can go up depending on your final wishes. Instead of bothering your loved ones with burial expenses, your loved ones can use the life insurance proceeds to finance your burial costs. 

Life insurance in North Carolina

Are you looking to safeguard your loved ones or business with life insurance? You can trust Oak Ridge Insurance Services for all your life insurance needs. Contact us today for a quote.

How much life insurance is enough

When it comes to life insurance, most people are not very knowledgeable. They have to count on someone to tell them how much life insurance is enough. What may be enough for one person will not be the right amount for another person. Experts have some general criteria to determine the amount they suggest depending on your earnings, but your life and how to maintain it is so much more than just some figures. Having an insurance agent who knows you well enough to make you feel comfortable helps make this a less nerve-wracking process. Oak Ridge Insurance Services in Oak Ridge, NC is here to guide you through the process and make sure you are comfortable both with the coverage and the price of your protection. 

How much life insurance is enough depends a lot on where you are in your life. Someone with small children will need much more coverage than someone whose children have all flown the nest. All of your liabilities also need to be taken into consideration. Do you have a mortgage? Any other debt that would be a hardship if left unpaid by your passing? No matter where you are in the circle of life, you need to have enough life insurance to pay for your final expenses. 

Optimally, making sure that those you leave behind are provided for is the goal of life insurance. What that means may differ from person to person. It can mean caring for aging parents, providing for a spouse and children, or leaving a legacy for your grandchildren. Only you will know for sure how much life insurance will be required beyond your savings and assets to make this happen. 

When you are ready to discuss your life insurance needs, we are prepared to sit down with you and answer any questions. Give us a call at Oak Ridge Insurance Services in Oak Ridge, NC and let us help you make sure you have enough life insurance. 

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