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Want to learn more? How Does Cremation Work? Cremation vs. Table of Contents. Funeral Insurance. Pre-Paid Funeral Trust. Revocable Trusts. Designating a Joint Bank Account. Purchasing a Final Expense Policy. Other FAQs.
How Can Funeral Advantage Help? What are Pre-Paid Funeral Plans? Pre-Plan Your Funeral Today. How to Pre-Pay When paying for a pre-paid funeral plan, you can either work with the funeral home directly or with a pre-paid contract provider. The funeral home could go out of business, and that could leave your loved ones with the costs despite your efforts. Check with your funeral home to see what their process is.
You can arrange the type of funeral you want and choose the cemetery plot you want to lie in. You may not get a refund if you change your mind about the plan or decide to pay for your final expenses differently. Purchasing a pre-paid funeral home with said funeral home ensures their final wishes will be honored.
Funeral Insurance or Final Expense Insurance Policies One way to pay for your funeral expenses in advance is to purchase a funeral insurance policy , also known as final expense insurance. Extremely limited — can often only be used at the funeral home it was purchased from. Additional benefits usually available in the form of policy riders.
Money is paid directly to the beneficiary. Money is paid directly to the funeral home. Families can price-shop funeral services to get the best deal. Prices are set by the funeral home and no price-shopping is available. Policy benefit can be split among multiple individuals or organizations. Policy benefit is for the funeral home only.
Typically builds cash value that can be withdrawn in the form of a policy loan. May or may not build cash value.
Pre-Paid Funeral Trust If you decide to work directly with the funeral home, they may offer you a trust-based pre-payment plan where your payments are deposited into an interest-bearing account. Irrevocable vs. Revocable Trusts When signing a contract with a funeral home, you can sign an irrevocable trust or a revocable trust.
Are the payments themselves reasonable? How long does the policy take to pay off? What happens if the person dies before the policy has been paid off? What happens if the funeral home closes or changes ownership? What are the consumer protection laws in your state? What exactly does the money you pay cover?
What happens if you move away? What happens if funeral costs rise before you die? What happens to the interest earned on the payments you make? Can you cancel the contract and have your money refunded if you change your mind? If there is money left after the funeral, who gets it? Javascript must be enabled to use this site.
Please enable Javascript in your browser and try again. Now Reading:. Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. Find out average costs The FCA has links on its site to itemized lists of funeral costs, by state. Consider joining a memorial society These nonprofit organizations offer price surveys of local funeral homes and guidance in planning a funeral. More on Funerals Ways to cover funeral costs How to plan a meaningful memorial service Funeral homes face new financial pressures.
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