by Guest » Mon Feb 01, 2010 12:35 pm
I just wanted to pay for my own funeral arrangements in order to lessen the burden off my family members. Can I pay a portion of the bill before I die? Is it mandatory that I've to pay for such arrangements in full? How do I fund such a pre-paid arrangement?
Posted: Mon Feb 01, 2010 09:43 pm Post Subject:
You could buy a life insurance policy to fund the arrangement. Unless you are not healthy enough to qualify, it would likely be less expensive than paying for it out of pocket.
Posted: Mon Feb 01, 2010 10:13 pm Post Subject:
Is it a prepaid arrangement or is it burial insurance? Funeral directors can sell a very specialized form of inurance without a license. Essentially what they are doing is collecting a stream of payments from you for funeral costs and if you die while making payments they'll forget the rest of them.
As dgoldenz has pointed out, you'll get much more out of your dollars with life insurnace, unless this isn't an option due to poor health.
Posted: Tue Feb 02, 2010 07:29 am Post Subject:
It's a prepaid arrangement. But wouldn't it be illegal if the funeral directors sell things without a proper license?
Posted: Tue Feb 02, 2010 02:33 pm Post Subject:
Not burial insurance, there's no insurance license for it.
Posted: Wed Feb 03, 2010 07:53 am Post Subject:
You could go for a certain type of life insurance policy known as the pre-need insurance if you'd choose certain arrangements. This is not like a final expense policy which you'd buy from an insurance co. You could buy this one from the funeral home directors. These directors are licensed agents.
Posted: Thu Feb 04, 2010 09:04 am Post Subject:
These directors are licensed agents.
Yes the funeral home becomes the beneficiary here.
The funeral director is like any insurance agent. He gets a commission by selling the policy to you.
ArindamSenIndies
Posted: Thu Feb 04, 2010 04:12 pm Post Subject:
There is a license in most states for Pre-Need arrangements. I hold one, as well as, insurance licenses. You could purchase a life policy in the amount of the arrangements and assign it to the funeral home, if you'd like.
Posted: Fri Feb 05, 2010 06:08 am Post Subject:
How do I go for such an assignment? Do I simply explain my wish to the insurer?
Posted: Fri Feb 05, 2010 04:27 pm Post Subject:
If you currently have a policy or are in the process of getting one, you can just list the beneficiary as the funeral home. What state are you located in?
Posted: Wed Feb 10, 2010 07:23 am Post Subject:
Please check if your funeral policy comprehends your estate plan. Also check if it's in accordance with the will that you've prepared. Consult with your lawyer in this regard.
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