Pre-funded Funeral Insurance

The loss of a loved one is an emotional and difficult time for families. There are so many decisions that must be made in a short amount of time and under a great deal of stress. Making plans ahead of time for your own funeral or that of a loved one can ease some of that stress and relieve families of a financial burden. Funeral pre-planning is just as practical and important as planning for a college education, a wedding or a new home. As part of your planning process you can lock in the costs of your funeral, cremation or burial arrangements with a preneed life insurance policy or annuity.

funeral insurance

​With the help of licensed insurance agent at a participating funeral home, you can build an affordable payment plan for the funeral you select.

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final need

​​Assurant Final Need insurance policies can be used to pay for final expenses while accumulating cash value over the life of the policy.

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What’s the difference between a traditional life insurance policy and preneed life insurance? Traditional life insurance is intended to provide for a broad range of your survivors’ future financial needs, such as providing income, covering education costs, or paying off a mortgage. Preneed life insurance is specifically intended to cover only the predetermined expenses of a funeral, cremation or burial. Preneed life insurance may be payable immediately to the beneficiary (generally the funeral home) upon the policyholder’s death.

What is preplanning for my funeral like? Funeral preplanning or prearranging consists of meeting with a funeral preplanning professional to document the type of funeral or cremation service you desire, including the type of casket, concrete vault or cremation urn. Once your funeral prearrangements are made, you may prepay your funeral expenses to secure the majority of the price at today’s cost.

How much does preneed life insurance cost? That depends on the cost of the merchandise and services you select for your funeral during the preplanning process. As for your insurance payments, you can make a single premium payment and owe nothing further or you can choose a plan that provides insurance coverage while you make payments over several years. You may also choose to have the monthly payments withdrawn from your checking or savings account automatically.

Are there tax issues with preneed insurance? As a general rule, preneed life insurance benefits are paid in a lump sum to the funeral home and have no tax consequences to you or your family. However, please consult with your tax advisor.

Where does my money go? Premiums are paid to our company and are used to pay expenses and establish reserves, which are used to pay future claims benefits as they come due. The death benefit is designed to grow over time to help cover the rising cost of funerals. At the time of death, the death benefit is paid to the funeral home after the funeral home delivers the merchandise and services.

What if I just want to set aside funds for my funeral expenses? I’m not ready to select a specific funeral home or funeral service. Final expense insurance plans are available for this type of coverage. You can choose any amount of money to be paid to your beneficiary at the time of your death. You may specifically designate this money to help pay for your funeral arrangements or expenses related to death, whatever they may be.

Can I change my mind after prefunding or if I cannot afford my payments? We offer a 30-day free-look period at the beginning of the prearranged funeral contract. If, for any reason you choose not to continue the contract, you may cancel in the first 30 days and we will refund all the premiums paid.

Can my prearranged funeral contract be transferred if I move? If you want to change your funeral home preference prior to your death, you may contact the funeral home of your choice to determine if they will honor the price guarantees offered by the funeral home where the prearranged funeral contract was written. If they do accept the charges, then notify our company that you have changed funeral home locations. At the time of death, we will pay the funeral home that performs the services.

How do I file a claim and how long does it take? To file a claim, your family simply needs to contact the funeral home. The funeral home will handle all of the paperwork and correspondence with our company. The claim is processed and a check may be mailed or electronically transferred to the funeral provider within 24 hours of receiving all of the required documentation.