Funeral Expense

It is said that the hardest thing about life, is death. The only thing harder than that may be talking to your loved ones about your death, and planning out the way you'd like to have your funeral. C'est la vie, death is a part of life, but wouldn't it be great if there was some kind of coverage, or some way to pre-pay and pre-plan your funeral arrangements? Luckily, there is! It's called "pre-need insurance," also known as funeral or burial insurance, and it is meant to help you plan out your funeral and pay for it in advance, so the burden isn't left to your family or beneficiaries.

With the ever-rising cost of funeral arrangements and services, it's good to have money set aside to take care of the bills once your time comes. Without funeral insurance, your beneficiaries may get stuck paying the price and having to use money from your life insurance policy or even out of their own pocket.

How funeral insurance works

There is no standard plan when it comes to funeral insurance, and it is totally dependent on the person looking to be insured. The sky is the limit when it comes to your funeral insurance policy, unless there is a dollar amount cap, which won't cover anything above a set limit. We can help you tailor the policy to you. The follow may be covered by funeral expense insurance:

• Burial plot
• Digging and filling the grave
• Grave marker
• Casket or urn
• Cremation
• Embalming
• Grave Liner or Burial Vault
• Hearse and other funeral vehicles
• Flowers

Funeral insurance premiums

Generally, you must buy a funeral insurance policy in one, lump-sum payment. After that, depending on what options you have in your policy, you may be able to choose from a payment plan ranging from three to 10 years.
Your coverage is also dependent on what kind of premium you have, such as:

• Single-premium policy - Once you pay the lump-sum payment, you have immediate coverage for the full death benefit.
• Graded death benefit - This means the coverage amount increases over time. If you choose a five year payment policy, you may have a death benefit that is 30 percent of the face amount in the first year, 70 percent the next year, and 100 percent from there-on-out.

Age is another factor when it comes to premiums, and you may only be offered a single-premium if you are over 70. It's all at the discretion of your life insurance company.  Let us help take the confusion out of pre-need planning.  Call us today at 203-237-7900!

View the brochure: LegacySafeguad.pdf

  |    |   Share