Funding Options and Benefits

Having your end of life plans in order not only relieves your family from emotional strain and future financial responsibility. It also ensures you are price protected years in advance of your need.

Pre-paying also offers the following benefits:

• Ensures money will be available for your funeral service when the time comes
• Offers you peace of mind that your funeral arrangements will be taken care of even if you have no surviving family members to pay your final expenses
• Helps your family to avoid ever-increasing funeral costs
• Locks in funeral expenses at today’s prices

There are several ways to pre-pay a funeral or end of life celebration event.

• Pre-pay in full 
• Purchase funeral insurance
  Funeral insurance policies are explicitly marketed for providing funds to the provider at the time of the insured’s death in connection with a prepaid funeral agreement. Usually, these types of policies may only be issued by a licensed funeral director who is also licensed to sell life insurance. (Not all funeral homes offer this option.) At time of death, the insurance proceeds are paid directly to the funeral home. The premium for this policy is the current cost of the funeral.
• Assign an existing life insurance policy or policies to the funeral home.
  You can use the proceeds from an insurance policy to prepay a funeral. If prudent to do so, you can cash out the value of the policy, then place it in a funeral trust fund to cover the costs of a prearrangement. If it is not prudent to cash out the policy, we can complete a revocable or irrevocable insurance assignment on the proceeds of the policy. To do this, the funeral home is named as the policy’s owner. The policy’s proceeds are then either revocably or irrevocably assigned to the funeral home to be used as payment for all funeral costs at the time of death. With revocable insurance assignments, any remaining moneys after the funeral bill is paid will be returned to the primary beneficiary. With irrevocable insurance assignments, there are other legal stipulations. We are happy to provide you more detail.

Please request a personal consultation with our advance planning specialist to find out more. (703) 549-1800