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Preplanning a funeral is a smart and loving choice you can make for your loved ones.
Planning and paying in advance for your end-of-life services can help reduce the emotional stress and financial burden on your loved ones. It also gives you peace of mind, knowing you’ve made a difficult time a little easier for those you love.
Preneed life insurance is a whole life insurance policy, linked to a specific funeral provider and is intended to cover the funeral expenses listed in your preneed contract.
- Preneed life insurance can help you:
You can remove this financial burden from loved ones at a difficult time.
Give loved ones the assurance they are carrying out your wishes.
Both you and your family benefit from knowing everything is taken care of.
We’ll work closely with you and an independent Funeral Director or Pre-arrangement Counselor to help you purchase an insurance policy with a payment plan to fit any budget. Pre-need insurance policies are guaranteed to issue and designed to finance funeral pre-arrangements. Little or no health information is required.
Pay upfront with a single premium payment or fund your funeral expenses with a monthly payment plan. Unlike bank deposits, proceeds from your pre-need insurance policy are tax-exempt.
Prearranging allows you to express your wishes; pre-need insurance allows you to control expenses and pay for final arrangements. Provide your family some relief associated with the emotional burden that accompanies funeral arrangements. When it’s time, the benefits from your policy will be paid directly to the servicing funeral home.
Taking care of your funeral expenses ahead of time is an important part of preplanning. Not only does it make it easier for your loved ones, it can give you reassurance knowing your final wishes will be carried out. When you fund your funeral, you join millions of Americans who have made the same thoughtful decision.
Eligibility for preneed policies varies depending on the payment option you select.
This policy can be issued to individuals up to age 95 and requires no underwriting.
The ages at which this type of policy can be issued are dependent upon the number of years over which payments will be spread.
This product also requires you to answer two basic health questions to qualify.
With Pay for Funeral Preneed insurance, you’ll work directly with a funeral home to make decisions about your funeral before your death. This means you still get to choose the funeral home of your choice and work with a funeral home director who knows you, your family, and your final wishes.
A single premium means this policy’s death benefit helps fund your funeral. The policy can be assigned to your funeral home, which will then own the rights and receive the death benefit as payment to cover your funeral expenses.
A pre-need policy with pay for funeral is designed to cover the rising costs of final expenses, offset inflation, and guarantee the price of a funeral service. By establishing your funeral plan now, your loved ones don’t have to worry about making tough decisions or payment in the future.
Funeral homes choose to place their families’ preplanning dollars in safe and secure insurance policies designed specifically for funding funerals. Preneed insurance:
The benefits of preplanning are far-reaching — from the emotional comfort it can bring to your loved ones, to the relief from financial strain it can provide during their time of grief.
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Pros
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Cons
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You plan your end-of-life services so others don't have to while you’re alive
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Policy may not transfer if the funeral home closes or changes ownership. If you move you’d have to purchase a new one.
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The death benefit pays directly to the funeral home and no family members have to handle the payment.
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Your loved ones don't receive a payout or death benefit. If there are other expenses outside of a funeral you’ll have to come out of pocket to pay for it.
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Pays for your final expenses in advance and the funeral home has the pre-paid plan on file.
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Ties up money that might provide more value as an investment or savings. You will not be refunded any money.
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No medical questions or exams are required as it’s a guaranteed acceptance style of the product.
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Less coverage than a term life or final expense policy. Regular insurance policies might be better for you.
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Talk to your funeral director or give us a call to see if pre-need life insurance is right for you.
Yes, there are single pay and multi-pay options available for preneed insurance. Single pay requires a larger sum of money up front (with a minimum premium of $500), while multi-pay allows this money to be spread over a longer period of time.
Pre-need insurance, sometimes called burial insurance, funeral insurance, or a pre-need funeral contract, is a type of permanent life insurance used to pay for the cost of funeral services and burial or cremation. What sets pre-need plans apart is that you work directly with a funeral home to price your funeral arrangements —funeral services, casket, vault, etc. Then, you pay a premium for an insurance policy used to fund the death benefit, which covers only those costs.
Reach out to our dedicated team at PayForFunerals. We're here to support you every step of the way. Contact us today for compassionate guidance and expert assistance with your funeral planning needs.
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