Hello friends! Praise be, the election is over and I just marked my birthday over the weekend – my official holiday season milestone. Whenever the calendar passes November 8, I feel like I can finally turn 100% of my attention to all things holiday. Obviously, the holidays are going to look and feel very different than years past. Perhaps instead of the holiday season, we should start referring to the next few months as the hunker down season. Because that’s what holidays in the time of Covid are going to require of us. But I’m not entirely mad about the idea of holing up at home. I’ll take a very valid excuse to look for ways to make my home as cozy, comforting, and beautiful as possible.
Enter the new rug collection from Beni Rugs, designed by my style soul twin, Colin King.
Called the Shape of Color, this new rug collection offers eleven Moroccan style rugs. Each rug features shocks of color inspired by Tangier and Marrakech. The hues are deeply saturated in simple geometric shapes or big bold stripes.
While I typically eschew color, rugs are a wonderful spot to inject something fresh into a room. I used a bold colored rug in my own living room. The particularly nice thing about a rug – it’s an easy way to reenergize a space without really having to change anything else.
There are a few secrets to picking out a rug. First, you want to think about size. A common mistake is getting a rug that is too small. You want all (or nearly all) your furniture in a space to sit on your rug. That helps a room feel anchored and like everything is working together. A too-small rug will actually make a small space feel even smaller!
Next, you want to think about foot traffic. If you’re looking to put a rug in a high foot traffic area, you’ll want to ensure any rug you select will withstand an onslaught of dirt and use.
Finally, when adding a colorful rug to your space you don’t need to “match your decor. You just want to keep everything in the same design family. Do you decorate with mostly warm colors or cooler tones? That will help you pick your colors.
If you’re looking to upgrade the coziness of your home before the holidays hit, I definitely think one of these rugs would be a great way to do it. I’m already debating which one I might add to our house. I do have a home office refresh in the works! If I pick out one of these rugs – I’ll be sure to share.
How are you planning on sprucing up your spaces for the holidays?
images c/o beni rugs
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Also known as burial or funeral insurance, final expense life insurance is a variant of whole life insurance designed to cover a single expense after the policyholder passes away. Often aimed at seniors, these insurance policies have reasonable monthly premiums but generally pay much smaller death benefits than term life insurance policies.
What is Final Expense Life Insurance?
Final expense life insurance is a whole life insurance policy that releases a lump sum when the policyholder dies. It charges a fixed monthly premium and generally offers a simplified sign up process, with few complications, fast decisions, and no medical exams.
Policyholders use final expense life insurance to protect their loved ones after their death. Itâs often taken in lieu of a traditional whole life policy or term like policy, with the former not available to seniors and the latter proving very costly and limited.Â
Policyholders can add a beneficiary to their final expense life insurance policy to ensure that the money goes to this individual when they die. They can also arrange for the money to be paid in monthly or yearly installments, although considering the purpose of this policy is to cover âfinalâ expenses that may arise or remain after death, itâs often best to release it as a lump sum.
Who Can Benefit from Final Expense Life Insurance?
You can benefit from a final expense life insurance if you:
- Have dependents
- Donât have a whole life or term-life policy
- Have sizeable debts
- Are worried about funeral costs
Think about what will happen when you die. Itâs a morbid thought to have, but itâs important to see things from your familyâs perspective.
Can they afford to provide you with an honorable send-off; can they afford to clear your debts? Will your death impact them financially or will you leave them with enough cash and assets to cover necessary expenses?
Your loved ones need time to grieve, to mourn your loss. They shouldnât have to worry about financial issues, as that will just make a bad situation worse.
What is Final Expense Life Insurance Used For?
You can use final expense life insurance to cover any costs that your loved ones would otherwise be required to pay. The most common uses for this type of life insurance include:
The average funeral costs close to $10,000, and those costs are rising. Itâs one of the five biggest expenses that the average American will incur during their lifetime, and unlike a wedding, car or home, itâs not something you can simply avoid by going without, nor is it something you can delay until you have more money.
If you die, your loved ones will need to cover these costs quickly and completely, and while you might want them to cut costs and avoid spending too much, they will want to ensure that you have the best possible send-off.Â
The only way to guarantee that you have a good funeral and they donât bankrupt themselves is to cover the costs before you die.
Final expense life insurance can be paid directly to your loved ones or to the funeral home. In the case of the latter, you can plan your funeral yourself, choosing products and services based on the value of the death benefit that will eventually be paid to the home.
Of course, you canât be sure that the funeral home will honor all of your requests or even still be operating by the time you pass, so unless you donât have anyone who can arrange your funeral, we recommend paying the death benefit directly to your beneficiaries.
You are predicted to spend over a quarter of a million dollars on healthcare during your lifetime, most of which will occur in the final decade of your life. Thatâs a huge sum of money to spend on anything, and itâs a terrifying prospect to think that this money could be passed onto your loved ones.
In most instances, your loved ones wonât be responsible for your debt, but there are exceptions. Whatâs more, all medical debt charged during the final months of your life will be at the head of the queue to take money from your estate when you die. If that debt strips your assets bare, it means your loved ones wonât get anything and may struggle to cover their own debts and expenses.
With final expense life insurance, you can use a death benefit to repay those medical bills and remove the burden of responsibility from your loved ones.
Unsecured debt is often at the back of the queue when it comes to taking money from your estate. However, if you live in a community property state or your partner cosigned on the debt, they will be responsible for it.
You also have to think about mortgage and auto debt. These loans can pass onto your heirs, who will then be tasked with continuing the repayments if they want to keep the assets. If they donât have the money, they could lose those assets, and this is where a final expense life insurance benefit can help.Â
Frequently Asked Questions about Final Expense Life Insurance
Still got a few questions about final expense life insurance and its many nuances? We have answered some of the most frequently asked questions below to lend a helping hand.
How Much Does It Cost?
Final expense life insurance varies depending on your age, sex, weight, smoking status, and whether or not you have any preexisting medical conditions. Generally speaking, a woman between the age of 50 and 55 can expect to pay between $30 and $40, while a man of the same age will be charged between $40 and $50.
This cost increases as you age and while you can still apply when you hit 80, you can expect premiums as high as $200 a month, or $2,400 a year.Â
Why Does it Cost So Much?
The costs are higher than term-life insurance because the risks are greater. Unlike term-life insurance, the term will not expire, which means the odds of the recipient receiving the death benefit are higher.Â
Of course, there is still a chance that they will fail to meet their payment obligations, at which point the policy will void, but such instances are rare for this particular type of insurance.
Does it Expire?
Your final expense life insurance policy will remain active for as long as you make your insurance premiums. It will not expire like a term-life insurance policy, but you will lose it if you stop making payments while you are still alive.
Does the Money Have to be Used for Funeral Costs?
Not at all. The insurance company doesnât care what the money is used for as it doesnât impact their bottom line. There is also nothing preventing your loved ones from pocketing the cash and burning your body in the garden, if thatâs what they choose to do.
We donât mean to sound bleak, but the point is, there are no restrictions or limits and your loved ones are only bound by your word and their promise, so if you want the money to be used for a specific purpose, make sure you get everything in writing lest they forget.
How Much is the Death Benefit?
Final expense life insurance typically pays around $20,000 and is always less than $50,000. Itâs a small sum when compared to many term-life insurance policies, but thatâs because it serves a specific purpose and is not designed to clear mortgages or cover one or more family members for the rest of their life.
Is There a Medical Exam?
Because the payout is less than $50,000, a medical exam is rarely required. You will be asked some basic health questions and you need to be honest during this process, but in most cases, you will not be required to undergo a medical exam.
Final Expense Life Insurance: What You Need to Know is a post from Pocket Your Dollars.
Hi friends. So sorry to go completely MIA on you. Between attempting online school with a five-year-old, much of California burning to the ground, and the general state total chaos in which we find ourselves, getting to the computer for any length of time has been a bit of challenge, to put it mildly. And then I blinked and summer is officially over.
But I had to finally get on here as I have big news for you!
They say you shouldn’t make major life decisions during times of extreme stress, right? Well, we decided to throw all caution to the wind and instead have purchased a coastal cottage in Washington State! Apparently a global pandemic, homeschooling a kindergartner and the most consequential presidential election of our lifetime wasn’t enough to keep me busy.
In all seriousness, if the past seven months of Covid have taught us anything, it’s the importance of friends and family and so we decided to create a gathering place that can bring together those we love most for years to come. Nestled within the myriad of inlets and islands that dot the Puget Sound north of Seattle, the cottage enjoys sweeping views of the Olympic mountains and Hood Canal. I consider it my official respite from the impending doom. Sadly it looks nothing like the inspiration images I’ve collected here.
Instead, it is going to take a LOT of work to get our little coastal cottage visitor ready – and in a very short period of time. Over the coming weeks, I plan to take you along on the entire design journey. I will be sharing everything with you – from the cottage’s current state, to all of my design inspiration and through the remodel process. If all goes according to plan, I’ll share a major before and after reveal in time to spend the holiday season with our family rather than more than 800 miles away.
Trust me, we’re going to have plenty to discuss, as I have to pick an entire household’s worth of things – from paint colors and kitchen cabinets down to dishware, bedding and everything in between. No design decision will be left unturned. It’s both exhilarating and incredibly daunting. These mood boards are just part my first ideation session for my dream vibe.
I’m hopeful sharing this process with you will offer you some fresh design ideas and positive inspiration as we all hunker down to weather what will undoubtedly be a stormy fall – be it literally or just politically. It’s been a rather dark year and I feel like this might be a way to share a little bit of light. I know I am very happy for the creative distraction. I hope you are too.
I can’t wait to share more very soon!
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