In recent weeks, I have been reminded about the frailty of life. There is always the unexpected occurrence. But as Kingdom people, we stand on the Word of God as described in Romans 14:8, “If we live, we live for the Lord; and if we die, we die for the Lord. So, whether we live or die, we belong to the Lord.”
I have personal and shared experiences of emotional loss. Some of the most valuable lessons I learned were financial ones. For example, one thing I learned about funerals, death, and dying is that no one really wants to plan for it. 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.
Being financially astute means ensuring we make provision for unexpected matters. One such matter is death. As shared in previous articles, a critical part of our financial strategy should be having insurance. The Family Indemnity Plan is a group life insurance coverage that provides a cash benefit in the event of the death of an insured person. It is designed to cover the final expenses of members and their eligible family members.
Some key features of this plan usually include a low monthly premium, no medicals, and a short application for enrollment. This is offered by various financial institutions, generally a key product of the cooperative credit unions.
The benefits of this plan are countless. Indeed, it helps with the burden of the funeral expenses and provides a safety net, especially if the deceased is the breadwinner of the family. In the long term, it gives the beneficiaries capital to assist with life post-funeral. This means that they don’t have the additional hassle of trying to make ends meet now that their loved one is no longer there to provide an income. It can also provide an inheritance for future generations.
Making preparations for your death makes perfect sense. Think about it. We generally prepare for everything in our lives; we save for university, for weddings, and for retirement. Why shouldn’t we then plan for our final days? It’s certainly depressing, but not as depressing as leaving your family in a desperate situation just moments after your death. Let’s do the right thing and plan for our family’s sake. You will thank yourself later.
