Everyone dies. But not everyone receives the same level of treatment in death. 

The median cost of a funeral in 2019 totaled 7,640 dollars. That is several months of rent in most American cities. Many families can’t afford a funeral, so their loved ones go without memorialization. 

Yet you don’t have to. When you are future planning, you should consider purchasing a burial insurance package. 

What does a package cover? How does it compare to arrangements like whole life insurance? 

Answer these questions and you can make the best future plans. Here is your quick guide. 

The Basics of Burial Insurance 

As the name suggests, burial insurance covers the cost of burial. But most packages cover more than that. 

They provide resources for a funeral. They can cover the costs of a hearse, chaplain, and embalming of the body. If a person chooses to be cremated, their package covers the cremation fee and an urn to store their ashes. 

An insurance package can provide for a tombstone or vault. For someone who wants their ashes sprinkled, a package can cover some other physical memorial. 

Anyone can buy a package. Most companies focus their marketing on older people, but young people can get coverage as well. 

Burial insurance packages function like any other kind of insurance. A subscriber pays monthly premiums to receive coverage. After they pass away, money goes to their beneficiaries. 

Burial insurance does not provide end-of-life healthcare services. You need to buy a separate program in order to get hospice care. 

Types of Coverage

There are a couple of different kinds of funeral insurance. Simplified issue life insurance requires an application. It asks questions about a person’s current health, including if they have diseases like HIV/AIDS. 

A “yes” answer can lead to disqualification. Guaranteed issue life insurance has no application so no one can get turned down. 

But guaranteed issue packages often have graded death benefits. If a person dies within a couple of years of buying their policy, their beneficiaries receive less money. Accidental deaths are exempt from this. 

Both simplified and guaranteed issue packages pay to beneficiaries. A pre-need plan pays out money to a funeral home. The subscriber needs to pick out their own funeral arrangements, then buy a package that covers their choices. 

But an individual will lose coverage if they move to another state. They must find a portable plan if they intend to move. 

You may have heard of “funeral insurance” or “final expense insurance.” Organizations like the Spectrum Insurance Group use these terms to refer to burial insurance. They do not refer to separate types of coverage. 

Other Ways to Pay for a Funeral

Before you purchase burial insurance, you should examine other options to cover your funeral. Your life insurance package may provide benefits. 

Term life insurance covers a certain period of time, while whole life insurance lasts an entire lifetime. If you pass away while you are insured, your plan can cover your funeral. But you need to look at your coverage policy before assuming it covers your funeral. 

Social Security provides a small lump sum for surviving spouses. This sum amounts to 255 dollars, which is not enough to cover all funeral costs. 

If you have enough money, you can establish a funeral trust. You can set money aside in a bank account and name a trustee. They then withdraw from the account to pay for burial and funeral arrangements. 

You can do something similar with your life insurance. You write a document with instructions that are addressed to a trustee. The trustee receives the money from your insurance and acts according to your instructions. 

The federal government covers the burials of veterans. Some states cover for deaths as a result of crime or a natural disaster. Do some research if you think you might qualify for this. 

Planning for the Future 

You should buy insurance as soon as possible. The longer you wait, the higher the chance you will have of getting sick or hurt. 

Buying insurance gives you the peace of mind you need to make life plans. You will know that you can receive health services and funeral arrangements. 

Consider the options you have carefully, including burial insurance. When you buy a package, read the terms over with a lawyer. Make sure you know what is included and what is not. 

Write a will and last testament that breaks down your estate. In your documents, you should include information on your funeral arrangements. Specify what you want others to do with your body and if you want to be buried. 

Include information on your burial insurance package. Give a description of what is covered and what other expenses need to be paid. 

Draft your will with a financial advisor and a lawyer. Tell your trustees that you are naming them in your will. 

If you ever want to make changes to your arrangements, make them right away. Do not assume that your family will guess your intentions. Put it into writing in order to keep yourself secure. 

Start Future Planning 

Burial insurance covers the costs of burial and funeral arrangements. It gives money to your beneficiaries who can act according to your wishes. 

You can purchase a simplified or guaranteed issue package, depending on your current health condition. Your life insurance package may cover your funeral expenses, but you need to read the terms of it. 

Buy insurance as soon as possible. Draft a will in which you specify how you want to be memorialized. 

Your future Business planning depends on how you master the facts. Follow our coverage for more financial and insurance guides.

In the first quarter of 2020, there were a total of 12,078 filings for bankruptcy in Canada. That represents a 3% year-over-year decrease from 2019.

Interestingly, the same downward trend in bankruptcy filings occurred in the US. From June 2019 to 2020, there were a total of 682,363 filings, an 11% decrease from the previous year.

Much of the similarity ends there, though. In fact, even the legal bankruptcy terms differ between the two countries.

On that note, we created this brief guide comparing bankruptcies in Canada vs. the US. Read on to learn the difference between the two, as well as their alternatives.

What Does Bankruptcy in Canada Mean?

Canada’s Bankruptcy and Insolvency Act governs bankruptcies in the country. Declaring bankruptcy in the Great White North absolves a person or an entity from the debts they owe.

Personal, small business, and corporate bankruptcies are the types of bankruptcy in Canada. The majority of bankruptcies filed here are from consumers.

Personal bankruptcies are the most common, considering the large consumer debt in Canada. As of the first quarter of 2021, consumer debt here averaged $23,386. That doesn’t even include mortgage debt.

Regardless of the type of bankruptcy you need to file, you must do it with a Licensed Insolvency Trustee (LIT). These are professionals authorized by the Canadian government itself. There are over 1,000 individual LITs and more than 200 LIT firms in the country.

What About Bankruptcy in the USA?

The US Bankruptcy Code governs bankruptcy proceedings in the United States. This law is also known as Title 11 of the United States Code. By law, all bankruptcies in the US must go through the United States Bankruptcy Court.

There are six main types of bankruptcies in the US, referred to by their chapter in the Bankruptcy Code. These include Chapters 7, 9, 11, 12, 13, and 15. Of these, Chapter 7 is the most common, followed by Chapter 13 and then Chapter 11.

Chapters 11 and 13 bankruptcy are the most common since they are for individuals. These bankruptcies allow consumers to eliminate most of their debts. Total consumer debt in the US, in turn, has reached an all-time high of $4.2 trillion in February 2021.

Alternatives To Declaring Bankruptcy

A consumer proposal is a common alternative to bankruptcy in Canada. However, Canadian consumers also need to work with LITs if they opt for this method. According to Bankruptcy Canada, Inc., this lets consumers retain control over their assets.

The US doesn’t have a similar program, but one can still avoid bankruptcy with debt counseling. A debt counseling agency creates a plan for the debtor to pay back their creditors over time. In this case, no bankruptcy will appear on the person’s credit report.

Canada’s version of debt counseling is a debt management program (DMP). A credit counselor negotiates with creditors on behalf of the debtor. The negotiations often include requesting the creditors to lower interest rates or fees.

Bankruptcy Should Always Be Your Last Resort

Whether you plan to declare bankruptcy in Canada or the US, it should be your last option. After all, it will stay in your credit report for many years. It will affect your ability to get new credit, even once your finances are back on track.

So, before you file for bankruptcy, explore all your available alternatives first.

Looking for more ways to improve your finances or maybe even your health? Be sure to check out our latest news and blog posts for more tips and tricks then!

Women business owners are all set to rule the market now. As the report of 2018 State of Women-Owned Business says, women’s business ownership has increased by 3000% since 1972. This is quite an impressive growth. It also adds that in 2017-2018, almost more than 1821 new ventures have been started by females per day. It is unbelievable, right? 

With the world changing all over, 2021 is all set to bring women entrepreneurs a bunch of new opportunities to earn more profit with businesses. If you are also one of the thirsty souls who aim to set up a new business in this New Year, you are at the right place. This blog will help you decide on the same. We are here to provide you with super exciting business ideas for women entrepreneurs. Let’s start! 

5 Killer Ideas of New Business for Women Entrepreneurs

1. Development of Apps 

App development is one of the fruitful industries for business. The technology industry is the future of this world. However, it remained a male-dominated industry for a long time and that is why most female business owners may find this a bit tricky. 

Nonetheless, it is one of the booming industries now and aspiring women entrepreneurs can go for it to earn a huge amount of profit. Starting unique apps for women specifically can be a way to gain popularity. There are several apps for beauty, fitness, and many other essential things. If you want to do something out of the box, you can go for the bitcoin trading app which is quite a trendy thing now. You can earn an unimaginable amount of profit if you go for it. To know everything about bitcoins and its whereabouts, you can read articles from Crypto trading app . This portal has everything in detail that would aid you in developing the app the right way. 

2. Wholesale or Online Retail Business 

Launching online stores is a simple yet most effective way to become an independent entrepreneur. There are a lot of examples of female business owners opening their online boutique and apparel stores. Selling products like eco-friendly clothing, bras, jewellery, and other accessories are in trend now. This business idea will always be a hit because it is really not hard to find shopaholics all over the country. If you are too scared to start a tech business, go for an online retail business. It works like magic if you are a novice in this field. 

3. Restaurant Business 

Food business can never fail in a country where there is foodie all over. People love to eat so you can never think of days when there is no order in your restaurant. Then, what are you waiting for? If you have a passion for cooking or baking, turn this idea to be a profitable venture now. Start with snacks or cakes and if everything goes well, you can also start your food app to get more revenues. 

4. Wedding Photography Venture 

Capturing the lovely moments of the special day is something everyone urges. It is a potentially profitable business and there is no particular ‘dry season’ for it. You can set up your new studio, provide your clients with professionally captured moments. This can be one of the booming ways to start a new venture. 

5. Go Green with Eco-Friendly Service 

The whole world is now keener to go green and end global warming. In this situation, an eco-friendly service business can be the magical spell to bring you profits. There are a plethora of ways to start an eco-friendly business. You can go for organic beauty products, clothing, e-waste management, and more. Do not forget to read about other popular entrepreneurs who are into the same business. Their inspiring story will boost your confidence for sure. 

The Final Thoughts

Setting up a new business needs confidence and tenacity. When you achieve both of these, getting profit from your new venture will be no Turkey Shoot. Take these 5 ideas discussed here and go for it without delay. Be the Arya Stark of your own business and make everyone proud. So, are you ready to flight?