Have you made arrangements for your final expenses? That is, your funeral and associated expenses that will occur when you pass away? Oh – and the additional income tax that may be owing on your final tax return as a result of taxable dispositions upon your death (such as the remaining balance on your Retirement Income Fund investments)? If not, is your executor aware of this – since they will be responsible for looking after these costs?
One of the most basic uses of life insurance is for just this purpose – to ensure that sufficient liquidity exists to be able to pay for all of the expenses that will arise upon your death. These expenses – to varying levels depending on your wishes and financial situation – will exist for everyone, even those who may not feel they have an insurance need, such as young unattached adults.
The good news is that basic insurance is relatively easily obtained to ages even until your late seventies subject to certain basic health questions. More comprehensive coverage can be considered based on a full assessment of your needs and insurability.
The final word? If you have not planned for your final expenses, talk to your Scrivens advisor – your executor will thank you!