Pre-need agreements are offered by life insurance companies and, in some cases, funeral homes. Mortgage, car, personal, or other loans.The beneficiary may choose to apply some or all of the funds to other expenses or debts owed by the deceased, including: Your loved one is also able to work with any service providers they wish. Cremation (learn more: How Does Cremation Work?).Headstone, grave vault, flowers, obituary notices.Offered by life insurance companies as a whole life policy, these are paid out to beneficiaries upon the death of a loved one to pay for final arrangements, which may include: Both will help you plan and set aside the funds for all of your final arrangements. There are two basic kinds of funeral insurance: standard and pre-need. Reach out to a few companies for quotes and weigh your options after you’ve written out your needs and your budget. The best way to decide if one of these plans is right for you is to do a little research. Typically little to no extra funds after funeral expenses have been paid Usually accumulates cash value that can be used while the policy is active.
Options for pre-arranging services & paying for them ahead of timeĪmount paid in premiums may be more than the funeral cost If no health questions, you won’t receive a discount for being in good health Lower benefit than most life insurance plans As with anything you buy, there are pros and cons to this kind of investment.Įasier to qualify for than most life insurance plans
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