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Are You Prepared if a Loved One Passes Away?

Posted on February 7, 2020

man and woman holding hands and talking at a tableWhether it’s unexpected or just the natural end to a long and happy life, death is a part of our world. With it comes a whole host of stress and work for family members that are left behind. Funeral arrangements, medical bills, loss of income, and all of the emotional strain of losing a loved one is a lot to handle.

Though nothing can prepare you for the emotional side of losing somebody, you can prepare for the physical part of it now. That way, you have a plan in place, easing the burden of it all and can focus more on just getting through it. But that means doing the work now, and we’ve got some ideas for where to start.

Purchase Life Insurance Policies


Between funeral expenses, medical bills, and potentially losing an income from your loved one, someone passing away can cost tens of thousands of dollars. One of the best ways to prepare for this is to purchase a life insurance policy. That way, you have extra funds to help out, especially with how expensive funeral services can be.

There is a wide variety of life insurance to pick from, with options from ones that payout for millions of dollars to just a few thousand dollars. It all depends on your loved one’s health, age and how much you can pay for it.

Pioneer offers Accidental Death and Dismemberment life insurance plans to our members. This insurances pays out if the policy holder passes away in an accident or loses a limb. Plus, Pioneer members get a free $1,000 plan just because they’re members. Learn more by visiting our Pioneer benefits page and see what other insurance plans we offer.

Know What You Want for a Funeral


old couple talking while on a swingThe best time to plan for you and your loved one’s funerals is right now, not after they pass away. Funerals are incredibly expensive, with the average cost being between $7,000 to $10,000. Part of that expense often is because grieving people are unsure what their loved one wanted in the funeral and so they overspend on items. They pay for a funeral and burial when their loved one would have been fine being cremated. More money is spent paying for a larger service than necessary.

It’s important to have a conversation with your loved ones to know what kind of services they want so you avoid overspending. You can even prepay for services (and save some money), that way you don’t have to think about it later.

Do You Have a Will Created?


Do you have a will in case you do pass away? If you are married to your loved one, a will is useful but not essential, but if you aren’t legally married, it can get a bit more complicated. Other people could potentially put a claim on your loved one's assets and it requires the state to get involved.

A will clearly defines what should be done with the deceased remaining property and assets. Without a will, the state has to get involved to determine who should act as executor on the person’s estate and who gets anything of value. If you’ve been with your loved one for a long time, likely this will end up going to you, but it takes time. This could leave you paying for bills but unable to access your loved one’s money to do so.

Have Money Saved Up!


Whether you have a life insurance plan or not, it’s smart to have an emergency fund built up just in case your loved one does pass away. Whether you have bills to cover or just need a little extra help, a good savings is a good idea.

Pioneer has a great Special Purpose Savings account to help you build up your emergency fund. It has a higher interest rate to help you reach your goal quicker. You’ll need to make sure that you regularly contribute to it to fill it up just in case the worst happens. Open a Special Purpose Savings account online or at a branch today!

Open a Special Purpose Savings Account!

Member Benefits
Signature Loan Special Purpose Savings account
Accidental Death and Dismemberment Insurance VISA Credit Card

 

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