Life Insurance...and the hard questions

On May 25, 2008 my father, Edward Allen Merkel, passed away. As many 30 something’s face the loss of a parent, we enter into a “club” of sorts…the lost parent club. While the final days of my father’s life were difficult for me to digest, the pain, love and anger bubble up to the surface once in a while. Hence this blog. I have to get the words and emotions off my chest and tell you what I have told only my closest of friends-it is time to plan for your final days.

My father died with no life insurance. Now, you probably think that this is odd, considering I sell insurance everyday…and trust me; I think it is a little odd too. But frankly, the final days and finality of death is often something family members don’t speak of. The last time I tried to talk to my dad about final planning he clammed up and didn’t speak to me for a year. But now is the time to have the hard conversations with your parents, your spouse and your adult children.
I am no expert when it comes to life insurance and final expense plans but I can tell you, from my heart, some critical questions to ask.

What are your burial wishes? Do you want to be cremated, buried, donate your body to science? How will you pay for your final wishes? I found out, the hard way, that each option you choose has a seriously different price tag. A burial can cost between $3,000 and $20,000, not including the burial plot and headstone. If you are going to be buried, where? Does your loved one have any military assistance with the plot or burial ceremony? Do you know where to find critical papers? Where are the life insurance papers?

Some more critical questions, and often more difficult – Do you want life support…if so, how much and to what extent? What is your definition of quality of life? Would you like to die at home, in hospice care, or in a hospital?

There are several options to turn to for planning your funeral, life insurance and final wishes. Obviously, your insurance agent, an independent agent, can help you with the plethora of life insurance options. Your broker can help with financial planning and your attorney with the the will. I started here: www.leagalzoom.com to find out what questions would be asked of me, so when I go to my attorney, I will be a little more prepared to answer the hard questions. I highly recommend using an attorney for this planning.

I hope that you find the courage to plan for your death, after all the only two things in life that are guaranteed are death and taxes.

God bless you daddy, I miss you,

Misty B.