No Life Insurance? 2 Alternative Ways To Prepare For Your Final Expenses

If you are like many people, you could be thinking ahead about the final expenses that will go along with your eventual death, including things like funeral expenses. You may not want to leave your family to shoulder this financial burden when you pass away, but you might not have purchased a life insurance policy. Of course, there are some life insurance policies that are available even for older senior citizens, so it might not be too late to purchase a policy. However, you should know that there are other options as well. These are a couple that you can consider.

1. Prepaying for Your Funeral

One option that you can consider is prepaying for your own funeral. Basically, you can go through all of the steps of funeral planning now, even if you are still in great health. You can choose the funeral home, the casket, the burial plot and anything else that you would like to choose. Then, you can go ahead and pay the funeral home ahead of time for all of these things. This can help you ensure that everything is already paid for, so your family members will not have to worry about anything financial-related when you do pass away. Plus, it will give you the chance to plan your own funeral and ensure that it's planned in the way that you would like for it to be.

2. Set Up a Separate Savings Account

Even though prepaying for your funeral can be a good idea for a few reasons, it isn't the only option. If you would like to give your family more flexibility to choose the funeral home and make other arrangements, you can always just set up a separate savings account. Then, you can deposit a little bit of money each week or month to help go toward your final expenses. Just make sure that you set up an account that your family will be able to access when you pass away; for example, you can talk to your banker or financial planner about setting up an account that is transferable upon your death. You may also want to compare your options so that you can choose an account that will build up a little bit of interest, which can help the money grow.

As you can see, even if you don't have life insurance, there are other ways that you can prepare for your final expenses. Then, you will feel good in knowing that arrangements have already been made to cover the cost of your funeral, and the people who are closest to you will not have to worry about the financial costs of handling your funeral when you do pass away.

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