Finance Advice for Funeral Planning
Three Ways to Preplan a Funeral
Most people tend to overlook one of the greatest gifts you will give your family, which is properly preparing them for the inevitable.
The person, or in most cases people, responsible for taking care of your funeral arrangements are usually forced to make extremely important decisions, as well as major financial purchases, within a small time frame…usually within approximately 48 hours after your death. Of course, you cannot expect to fully alleviate the emotional and financial stresses of your loved ones during such a difficult time, but you can help them tremendously by creating a solid end-of-life plan that includes three elements: a Family Record Guide, a Pre Need Plan, and a Final Expense Plan. With these three elements, you are providing your loved ones with the ultimate last gift.
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1. Preplanning a Funeral
Clearly one of the best gifts you can give your loved ones is to make funeral planning arrangements and/or pre-financing your own personal end-of-life plan via a pre need arrangement. In fact, most financial professionals give the finance advice of making funeral arrangements and to prearrange your end-of-life plan as a necessary component of a sound financial plan. This plan is commonly referred to as a Family Record Guide.
By creating your own end-of-life plan, or what we like to refer to as “your preferred celebration of life plan”, you are giving your family and loved ones a treasured memory by relieving them from the burden of making such difficult financial and emotional decisions during a time of loss.
2. Pre Need Plan (Includes Prepaying Expenses)
By using the pre need end-of-life strategy for funeral planning, you are creating an everlasting memory and gift of love by proactively choosing to create your comprehensive funeral plan in advance.
We suggest you consider working with one of our Pre-Screened and Qualified™ Pre Need Specialists, which is your best way to create an “all-inclusive” funeral plan and contractual agreement.
The reason this Pre Need Plan is often referred to as an “all-inclusive” plan is because it allows you to:
- Create your end-of-life planning preferences, services, and select preferred merchandise.
- Simultaneously purchase an insurance policy to ensure an adequate amount of money available to cover the total costs of this end-of life plan you’ve created.
3. Final Expense Insurance (Includes Prepaying Expenses)
Similar to a Pre Need Plan, the prepayment aspect of preplanning a funeral is commonly accomplished through purchasing a life insurance policy. This insurance policy is used to cover the final expenses of your end-of-life plan preferences, services, and merchandise.
However, Final Expense Insurance is typically used because it can cover the costs related to your funeral as well as other possible expenses related to the settlement of your estate.
