Phil Graham: Does life insurance help with funeral expenses? (Financial Safari)
Funeral expenses are often overlooked when securing life insurance. How do you avoid sticking your family with a huge bill?
way created something called a beneficiary liquidity plan because obviously, having your affairs in order and what your family needs to do when you pass away is very important. But the piece that most people leave out is there's no money available immediately for the family to use because a million dollar portfolio doesn't matter. It's not accessible because, well, number one, you need a death certificate and an assistant away. You said there's a covert delay going on, right? I mean, historically, it was over 10 business days, which is more than two weeks a long time. Then you gotta process the claim. It was easily 30 days pre co vid now in co vid some states were taken 30 45 60 days scary to get the death certificate. And the sad part that we always saw coach was that all these families had planned on leaving money. They had earmarked money and they thought it was gonna be easy. But they weren't here to fix it, and their families left holding the bag. And so, by having a beneficial liquidity plant, all it is is taking the money that you already wanted your family toe have and simply moving it from your left pocket to your right pocket. And we're making sure that on one of the worst days of your family's life the day you pass away, they have access to the money when they need it most. The goal is to put the minimum in in. Your office is really good at helping structure that for people they don't make any premium payments. It's money that you already have that were simply setting aside properly. And then it's gonna look like a savings account at the bank. It's gonna turn minimal interest, but then it can. But it's available even without a death certificate passed away. So that's that's amazing right there. And that's important. And I know what you're thinking. You're gonna say, Well, Phil, what about my life insurance? Well, that requires a destiny. What about my my bank account set up with T o D. Transfer on death? Well, that avoids probate coach, but that financial institution is still gonna require a death certificate. What about my revokable trust? Well, that requires a death certificate to put the successor try. Everything requires that everything requires a except for the beneficiary liquidity plan,