We always prepare for life and come up with the best plans for how we can live it to the fullest. There is nothing wrong with this and a lot of people have been successful in reaching their lifelong goals.
But there is one thing that all of us can’t escape and should also plan for, our death. They say that there are 3 things that are permanent in this world: change, taxes, and death. Many have gone to search for the fountain of youth, but this does not exist.
Here in the Philippines, a lot of people have not been educated and informed about how to prepare and plan for our death. The cost of dying in the Philippines has risen to such a high amount that many can’t even afford them anymore. This is the reason why so many get into debt once a loved one or relative dies and there was no plan or preparation made financially to cover for the expense. Money financing is one of the solutions that people avail of in these emergencies.
We live in a world where death can happen anytime, even earlier in some cases.
The change in our diet and lifestyle has led to the rise of critical illness even among our children. It is common for kids to become obese and be diagnosed to have an adult’s sickness at such a young age. High blood pressure, heart disease, and diabetes are now normal for overweight kids.
Mortuary services for 4 days plus a wooden casket can range from P30,000 to P150,000. Burial lots from P120,000 to P500,000. Cremation services from P25,000 to P150,000. Columbary slots range from P50,000 to P150,000. Food, flowers and death and cremation certificates can cost P15,000 to P45,000 for a 4-day viewing period. On the average, we can see a cost of around P200,000 for a typical funeral, high end would run to about P1.5M.
This is the reason why money financing has been one of the more popular solutions in these situations. It is the quickest and easiest way to get cash when you need it. When we base it on the average funeral cost, even this may not be enough.
A few years ago, we had a first-hand experience of being unprepared for a death in the family. An uncle of mine died and he had no assets, money or anything of value that could help in covering the cost. He had no memorial service plan and no memorial lot, so we had to choose cremation. The money was raised through a cash advance loan from a credit card company which would take around 1 year to pay at such a high-interest rate. This is an added financial burden to those who were left behind.
How To Prepare For Death Expenses
Death is already a painful experience for loved ones that are left behind. What adds to the pain is when there is no money available to cover for the funeral expenses.
These situations can be avoided with the proper planning and preparation. Priority should be given to investing in a life insurance policy. This will at least give those who are left behind the funds to pay for possible hospital bills, funeral expenses, debts and estate tax when death strikes. There are a lot of reputable financial advisors that can help you out in getting the best insurance policy for you. An insurance agent handing out a check in a funeral service is a most welcome sight for the bereaved.
Buying a memorial plan is also a good investment. These services are usually much cheaper when bought ahead of time than on the day you need it. The same thing with burial lots and columbary slots, they are cheaper when bought earlier than on the spot.
Death is inevitable and it can strike at any time. It is vital to be prepared for this event that all of us will eventually go through. We need to take care of the people that we love who will be left behind. It is not enough that we took care of them when we lived and leave a ton of debt for them when we die