Which insureance is best for someone with a terminal illness: life or burial?

2 answers | Last updated: Sep 24, 2016
A fellow caregiver asked...

I have a 50yr old brother who has a terminal Liver illness and seems to be in the last stages, which insurance would be best, Life or Burial.

Expert Answers

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.

I am sorry to learn of your brother's condition. Life insurance is based on health, so it is not an option. If your brother is going to be receiving Medicaid, the pre-payment of his funeral and burial will protect those assets from being subject to Medicaid spend down. You can prepay his final expenses by going to a funeral home and making the arrangements or through the purchase of a final expense trust, which is a form of life insurance. Pre-paying these expenses relieves his loved ones from having to make difficult decisions during a time of mourning.

Community Answers

Delfinamanotas answered...

Hello... Sorry to hear about this. Okay as you said, some of us like to use our life insuance policy toward funeral expenses. Funeral expenses are due at time of burial services. Insurance likes to drag their feet before they pay your funeral home (sometimes up to three months), because of this potential delay the funeral home may impose an additional $500 fee for waiting for payment.

Life insurance policies do not make decisions for you whether you like cremation of full burial services, these decisions still need to be made by you.

Life insurance is usually intended for our loved ones to supplement lost income. If this is the case with you, you might want to review your policy or make seperate arrangements for your final expense.

Kind Regards..

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