Burial Insurance 2 of 3
Once you’ve decided that you’d like to purchase a burial or funeral insurance policy as part of your final plans, the real challenge comes into play. There are countless burial insurance providers out there (which range from funeral homes to traditional insurance companies), and you have options when it comes to choosing the right one. (more…)
Burial Planning Series Part 1 of 3
Funeral insurance, burial insurance, final expense insurance, preneed funeral insurance—these terms are often used interchangeably to talk about the same thing. With any of these types of insurance, money is paid out to a beneficiary to cover part or all of your funeral costs, including everything from traditional burial to cremation.
Unlike other types of insurance, which are designed around a “what-if” scenario (what if I crash my car, what if I need to go to the doctor, what if my home catches on fire), burial insurance is a guaranteed pay out. As long as you keep current on your premiums or pay the amount required up front, this money will be available upon your eventual death. (more…)
In the funeral pre-planning industry, there are several different options you can choose from for your future memorial service. You can plan down to the last detail by advance planning an entire funeral with the home of your choosing. You can set up a payment plan to lower funeral costs down the road. Or, if you’re like one of a growing number of consumers, you can purchase funeral insurance to ensure that your loved ones are taken care of.
What is Funeral Insurance?
At first glance, funeral insurance can be slightly misleading. Also known as burial insurance, final expense insurance, or pre-need insurance, these are insurance policies that an individual takes out to guarantee funeral funding. Like life insurance, it is payable out upon death and monies are granted to the beneficiary listed on the policy. Unlike life insurance, the payout tends to be smaller (enough just to cover the funeral) and are paid out faster (so that you can have the money for funeral planning). And in many cases, the only way the policy is different from a traditional life insurance option is in the beneficiary—in funeral insurance, you may choose to name the funeral home as the beneficiary, so that the money goes directly to them.
Advance funeral planning is becoming an increasingly popular choice for people who want to handle the burden of burial before death occurs. With so many different funeral pre-plan packages to choose from and the opportunity to relieve your loved ones of the costs and stress associated with burial, it’s no wonder why.
Because it is impossible to predict death, the only way to ensure that pre-planned funerals work is to bind everything in a legal contract or agreement. Every contract is a little bit different depending on where you go and what type of service you choose, but one thing that everyone should be aware of before signing on the dotted line is what the fine print says regarding cash advance items.
What is a Cash Advance Item?
If you’re getting ready to pre-plan a funeral and are looking to save some money on burial costs, it might be a good idea to look into pre-owned cemetery plots. Although the name is a bit macabre (bringing to mind burial plots that have already seen bodies come and go), the concept of a pre-owned plot is actually quite normal.
Pre-need funeral plans are available through multiple avenues. You can find packages at most funeral homes, cemeteries, life insurance providers, large corporations, and even independent financial brokers. These days, just about everyone has a finger in the death pre-care industry pie, and knowing who to turn to for help can be tricky.
If you are in the market for a pre-arranged funeral, here are a few things you should know about shopping smart.
If you’re getting ready to pre-plan your funeral, you’ll soon discover that there are many different kinds of providers and services out there. These days, you can choose from specialty businesses that only sell funeral pre-package plans, cemeteries and funeral homes, and insurance companies for all your pre-plan needs. To make matters even more complicated, the benefits themselves vary from insurance payouts upon death to entire funerals planned down to the last minute.
If you’re reading this blog post, you already have some idea that the Internet can be a valuable funeral planning tool. Because of the wide availability of information online, and because more and more funeral homes are providing price lists and services via the Internet, you can accomplish everything from comparing prices to ordering caskets without leaving the comfort of your home.
However, as is the case with any purchase you make online, it’s important to do your research and make safe and secure choices. Here are a few tips when planning a funeral using the Internet.
There are many different ways to approach funeral pre-planning. Some people choose to include a funeral plan when they draw up their will, usually around the time that retirement and estate planning hit their peak (between the 50s and 70s). Others take out funeral insurance at the same time they buy life insurance or other long-term policies. Still others face the prospect of death only after the loss of someone close, when death and all its burdens are fresh in the mind.
There is no “wrong” time to start funeral planning, though most financial experts recommend that you start making decisions sooner rather than later. However, even in the face of this advice and evidence that pre-plans can help save time, money, and quite a bit of heartache, people continue to put off the inevitable. For more in depth guidance, download our guide “7 Insider Tips You Need to Know Before Funeral Planning”
Some of the best (and lowest-cost) funeral planning efforts don’t involve buying or arranging anything. In fact, before you do any concrete planning, it’s a good idea to sit down and organize your fiscal and personal information so that everything you need is in one place. By taking an extra step to outline your funeral wishes and to provide a copy of this information to the individual who will be responsible for your estate after your death, you can save quite a bit of time and effort.
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