Many people have started planning their funerals themselves. There are several benefits to doing this.
- It alleviates the stress that family members go through trying to figure out what their loved one’s wishes are.
- It also gives surviving family members the ability to start the grieving process sooner. So many families cannot start grieving due to the enormous amount of stress they feel to get this and that done before the funeral.
- The huge financial burden to families if they are not left with funds to pay for the funeral.
- Gives the families time to embrace and celebrate their loved one’s life.
Some families choose to PREPAY their funerals
The process of prepaying your funeral is quite simple.
You begin by making an appointment with one of our funeral directors. We meet with you at your convenience (at our funeral home or your home) and walk you through choosing the services and merchandise that will fulfill your wishes. Once you have made all your decisions, we will work with you on the prepayment forms. These forms will consist of an Enrollment Form, a contract, and an irrevocable trust form. Our funeral directors will explain everything in detail and answer any of your questions. Once you are comfortable, we will discuss different payment options. Depending on certain criteria, you may be able to spread payments out over the course of a year or even years. The money you pay is placed in a special secured account with the insurance company. (These funds are not deposited into the funeral home’s account.) When you pass away the funeral home submits a claim into the insurance company, and they pay the funeral home.
Frequently asked questions about PREPAYING funerals.
- What happens if I move? You can transfer your funeral arrangement to another funeral home. Please note that the other funeral home DOES NOT need to accept the prearrangement and if another funeral home DOES accept the prearrangement, they do not have to honor the prices on the contract. What this means is if you paid $10,000 on a prepaid funeral contract at Olde Towne Funeral Home and you transfer to a funeral home in New York; and they charge $12,000 for the same service and merchandise your family will need to pay the difference of $2,000.
- Can I cancel my policy? Yes, there is a time period in which you would need to do that, but you can cancel.
- What happens if the funeral home goes out of business? The monies ARE NOT in the funeral home account, they are with an insurance company. So, it doesn’t matter if the funeral home goes out of business the money isn’t with the funeral home to begin with.
- What happens if the insurance company goes out of business? The insurance companies have to protect the money given to them. A percent is put into a special fund for protection.
- Can changes be made to my arrangements after I die? Yes, changes can be made. Typically, family members do not change what their loved one’s wishes were, but they can.
- Can I purchase one prearrangement policy and use it for whomever dies first? (Example: If a husband and wife want to pay for just one prearrangement and use it for whomever passes away first) No. Each policy is specifically for the insured listed you cannot transfer policy from person to person.
Some families choose to PREPLAN their funerals
The process of preplanning your funeral is just a little different than prepaying for your funeral. Preplanning your funeral DOES NOT include the transfer of money. Everything is the same as prepaying, but at the end of your meeting with the funeral director, instead of you paying for everything, you are handed copies of your wishes and Olde Towne Funeral Home keeps a copy.
This option is great for families that have purchased life insurance already or have planned on using some other form of funds at the time of their death. Such as 401K, IRA, etc.
Both options will benefit your family greatly.
