Contemplating the death of yourself or a loved one is always a sobering reality. While it is far nicer to ignore the inevitability, it is far wiser to prepare for it. Humana One’s Memorial Fund final expense policy is a means by which to cover the costs associated with the passing of yourself or a loved one.

National averages place the cost of a typical funeral somewhere between $7,000 and $10,000, which is more than most people can afford to pay out-of-pocket. These costs include the casket, the embalming, the memorial service and the burial plot. They can even include unpaid medical bills and legal fees. This funeral and burial insurance plan helps to offset or even eliminate those costs.

The Memorial Fund is a type of policy that matures over time. The policyholder chooses between the Life Pay policy, which is a whole life policy valid for as long as the person lives, or the 10-Year Pay policy, which is valid for 10 years or until a claim is made. Only people between the ages of 45 and 80 may apply for this coverage. These plans are “level benefit” plans, meaning that coverage is extended 100 percent effective immediately upon application approval.

Approval is dependent on answers given to a simple questionnaire regarding personal health history. The questionnaire can be answered over the phone. In the event that a potential buyer is not eligible for Memorial Fund, a “graded benefit” option exists as an alternative. With this policy, buyers outside the age range or with substantial health problems can still offset their final expenses. As the term implies, graded benefits are paid out in stages, with 25 percent of the full benefit amount available in the first year of coverage, 50 percent after the second, 75 percent after the third, and 100 percent after the fourth.

Humana One also enables policyholders to borrow against the value of the policy. In the event that he or she dies with a loan against the coverage, the difference is subtracted before the remaining benefits are paid out to the beneficiaries.

The Humana One policy can provide peace of mind with its simple application process and immediate coverage. It seems to cover all the bases that this type of policy should cover, which helps those burdened by end-of-life costs to defray some of those expenses.

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