Millions go without the safety net of life insurance, then struggle with final expenses

Millions go without the safety net of life insurance, then struggle with final expenses. (NTV News)

More than 35 million Americans have no life insurance.

For many families, that means no financial safety net if a loved one dies.

A safety net is needed - burial expenses, a gravestone, even something as small as a death certificate, it all costs money.

Ryan Hansen, life insurance agent for the Gary Thompson Insurance agency in Grand Island, said that with a young family of his own, he can't imagine not having life insurance.

"Everybody is different and you gotta assess what your debt is, plan for the future, figure out what burial expenses are," Hansen said.

Ryan Redinger, a funeral director in Kearney, said preparation is the key, and when life insurance is in place, it makes all the difference.

At his funeral home they even offer a plan.

"The funeral home offers pre-arrangement plans through the home which is funded by a life insurance product," Redinger said.

Millenials may have life insurance figured out. 70 percent in that age group have life insurance to pay for final expenses.

Hansen says it's a pretty easy process. "The application process is simple. What happens is it's sent to an insurance carrier. Then a nurse comes to you and checks the height, blood. We receive those results and find out what premium will be," he said.

For a $250,000 policy, it costs about $17 a month for a 30-year-old female.

A policy for a healthy 40-year-old costs around $33 a month.

Should a tragedy occur, it turns into a payment process.

Hansen added that a trip to the attorney is another good idea.

He said you need a will to make sure all the i's are dotted and t's are crossed.

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