A pre-need funeral plan is usually purchased from a funeral home or a funeral home representative. In most areas the contract provides for specific funeral services and merchandise at a specified funeral home.
Our final expense plan provides insurance coverage for the estimated cost of funeral expenses. Our policies provide a simple, easy way to gain peace of mind about funeral and burial costs without obligating yourself to a funeral home.
Advantage - Pre-need plans usually provide a price guarantee for the items you select in advance. This guarantee applies only to the items pre-selected.
Disadvantage - The pre-need contract is with a specific funeral home and there may be substantial financial penalties for terminating the contract or transferring it to another funeral home. You may not have the flexibility of changing your wishes without loosing the price guarantee. Read the contract carefully.
Advantage – Final expense plans are very flexible. They are payable to any funeral home or other beneficiary. This is important if you need to relocate because you change jobs or you retire and want to move closer to other family members. Also, you may be required to move to a different climate for health reasons. Final expense allows a choice of funeral providers at the time of need.
Disadvantage – Funeral home costs are not locked-in which requires estimating future funeral costs.
ACH (Automatic Withdrawal) through a checking or savings account offers a reduced premium. Automatic Withdrawal can be paid monthly, quarterly, semi-annual or annually; however, the annual premium is not reduced.