Getting to talk about death is not usually very pleasant. However, it is important to discuss the subject calmly and honestly with family and loved ones. Have you ever imagined what would happen to your family if you died? Who would bear all the expenses? The death of any person entails both procedures and costs that must be assumed at the same time that the loss occurs, which requires concentration and movements that, in all probability, are what we least want to do at such a hard time. For this reason, it is very important to have life insurance, which will allow you to streamline all this paperwork. Here, we explain what will happen if you have no life insurance.
What if you have no life insurance?
Having life insurance is the guarantee that family members will have the right to claim services for the amount or value insured when the owner dies. Likewise, all the surplus that has not been invested, may be demanded by the heirs. But what if you don’t have life insurance?
There are people who do not realize the importance of life insurance, which, as we have previously highlighted, has numerous coverages in the event of death: from funeral expenses to administrative procedures, transfers or repatriation, among others. Not having this type of insurance in the event of death, may represent a total cost of approximately 3,500 dollars that must be assumed by family or friends. Not having life insurance means that the heirs will have a legal obligation to face all the expenses: coffin, funeral home, niche, tombstone, and obituaries, bureaucratic procedures.
In this sense, there are many families that do not have the necessary means to bear all these expenses, so life insurance is a guarantee to avoid complicated situations. Because in just one call, the professionals will take care of all the necessary procedures.
Any death of a loved one is a very hard time, so having life insurance will allow family and friends to focus on their mourning and to say goodbye to the deceased, without having to be aware of all the administrative procedures they must be done at the same time and require a cool and focused head. Life insurance, like many other policies, has different conditions and the younger you hire it, the more guarantees you will have and the more coverage you can add. Hiring dead insurance will give guarantees and peace of mind to your relatives.
What is life insurance?
Life insurance is one of the most important insurances since it is a policy that allows, in the event of death, your family or friends not to bear the expenses of your death. However, most insurers do not allow to formalize this insurance from the age of 60, but it can be done from any time before that age and said insurance will automatically renew year after year.
In general, the costs range between 3,000 dollars and 4,000 dollars. So, it is highly recommended to have life insurance that allows you to face these amounts when the time comes and, in addition, not to compromise your loved ones, who should pay this amount.
The conditions that fall within said insurance may vary depending on the insurer as well as the monthly fee you pay. You can check both the coverage and the amount of insurance using a dead insurance comparator. In general, the most frequent life coverage are:
- Funeral expenses, which may include the coffin, obituaries, headstones, niches, graves, religious services.
- Administrative procedures, that is, legal paperwork such as the death certificate, the last testamentary wills or the contribution, among other formalities.
- Transfers. It refers to the hearse and the companions. Prices may differ depending on the location, whether it is an urban or rural nucleus, or even depending on the part of the country in which the deceased is located.
- Repatriation, in case the deceased lives abroad or death occurs during an international trip. Life insurance contemplates this cost in advance, which is usually very high.
- Management assistance, to manage those documents related to rights and responsibilities related to death, such as widows or orphans pensions, inheritances or changes of ownership, among others. Telephone, travel or pedagogical assistance service at home.
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