Preparing For Death’s Emotional Costs, Physical Costs | Final Needs Planning
Alexander Lowry, a professor of finance at Gordon College and also the Director for the school’s Master of Science in Financial Analysis program, reached out regarding “the costs of death”.
The world can be a dangerous place, and people die unexpectedly more often than you think. But unless someone dies suddenly, e.g. during their sleep, ~90% of your lifetime medicals costs occur during the final 6 months of life. Imagine someone succumbing to a long, slow bout of cancer or falling into a coma after a car accident. But this process would also exact an emotional toll on family who watch, wait and hope. The upside is that if the end if certain the family can begin to prepare financially. (That is not true for someone who drops dead of a heart attached out of the blue.)
The reality is that no one really wants to plan for their demise. Death is entirely inevitable, yet so many families do nothing to ensure that the financial aspect of death is taken care of. And when this happens, the pain of the loss is made much worse than it should be.
Although no one wants to do these things, making preparations for your death makes perfect sense. Think about it. We prepare for everything in our lives; we save for college, for weddings, and for retirement. Why shouldn’t we plan for our final days and our inevitable demise? It’s certainly depressing, but not as depressing as leaving your family in a desperate situation just moments after your death. So, force yourself to do the right thing and plan ahead for your family’s sake.
The Elephas Group is a family-owned business that has been providing Funeral Planning advice and helping families deal with their times of loss for years. We are the premier provider of personalized funeral plans in Canada, proudly offering a Final Needs Planning Program, a Travel Protection Plan, Final Documents Service, Monument Services and a Supplemental Health Benefit Pharmacard.
Contact The Elephas Group for a free consultation from a Final Needs Planning expert today. We’ll work with you and your family to build an insurance plan best for your needs. For more questions about Final Needs Planning Program™ visit our website or contact one of our consultants at 1-800-661-8908.
Jarrett Goldman, CPC