Legacy Preparation Funds Underinsured Seniors
Ascend Financial Group provides the sensitive services of final expense and legacy preparation planning. But it is very necessary. It boggles my mind how many people are not prepared in how their eventual and unavoidable death needs to be handled. Very well-to-do families lack even a basic will to detail their wishes. The family is often left in disarray as a result and bad feelings emerge.
Last month a prospect who I had met with several months earlier called me in late November regarding final expense and legacy preparation planning. The conversation went something like this:
“Charley, this is Bob down in Trinidad. You came down and worked with my wife and me on a legacy/final expense program 3 months ago. Do you remember?”
“Well, yes I do remember. How is everything with you and Beth?”
“Not good. Charley, I need you to come down and write me up for that program that I told you I needed to ‘think about’. You see, Beth died unexpectedly last month and that new truck I showed you when you were here… well, I had to sell that truck and other assets to cover the costs of Beth’s funeral.”
Those are the hard conversations to have, but we have daily at Ascend Financial Group. I’m not sure if people just don’t think they will eventually die, or they are too selfish not to worry about dumping their final expenses in life on those they supposedly love the most. Families need to have 2 things to assure their families will be fine at their passing:
- A will and final testament — it doesn’t require a lawyer to generate a will for most families with a modest middle-class lifestyle. It’s as easy as going to LegalZoom.com to download the appropriate state template. Then you fill in the blanks, add a few things, and take it to your bank for signatures and a notary. You make copies and provide them to others in your family.
- Final expense insurance — this is a life insurance policy that is specifically set aside for covering funeral costs, final medical expenses, and other debts that creep up suddenly when someone passes. These policies are usually only $10,000 – $35,000 in coverage, and will usually even cover people with pre-existing conditions such as heart and diabetes.
Contact Ascend Financial Group to learn about legacy preparation planning. We can schedule an initial Skype or Zoom call before needing to meet in person. These are sometimes tough conversations to have, but it’s necessary once you pass the age of 50,