Making end-of-life arrangements before passing is one of the greatest gifts a person can give to their family. This pre-planning allows the individual to express their final wishes and make rational choices regarding those wishes. It also allows family members to spend the days immediately following the death in proper mourning rather than planning the a funeral. One important aspect of Pre-planning in Forest Hill is paying funeral expenses in advance. There are several strategies to consider when making plans for prepaying, including a pre-needs trust agreement, a life insurance policy, and a funeral insurance policy.
Pre-Need Trust Agreement
Pre-need trust agreements are financial agreements made with a funeral home, cemetery, or cremation service to cover funeral-related expenses. These trust agreements are accounts that are typically paid into monthly and whose monies are invested into a fund designed to grow over time. Also, the trust account may protect against inflation.
Life Insurance Policy
Life insurance policies are typically either term policies, which provide coverage during a certain time- period, or whole life policies, which provide lifelong coverage and have an investment component. These policies allow a simple and affordable way to pay for funeral expenses. After an individual’s death, the policy can be used for a variety of expenses, including funerals, because it does not become part of the deceased’s estate. Some policies even offer a cash value that can be accessed before death and used for prepaid expenses.
Funeral Insurance Policy
Funeral insurance policies are offered by many insurance companies, and even some funeral homes, and are designed to cover funeral-related expenses. These policies allow individuals to choose covered expenses, such as flowers, burial plot, and a headstone. Alternatively, individuals can choose to have a one-time, lump-sum payment be made to help with funeral costs.
Evans Funeral Chapel and Cremation Services take the stress out of Pre-planning in Forest Hill. A pre-planning form can be completed online or in person, and caring professionals are available for assistance every step of the way. Also, arrangements can be made to pay for funeral expenses in advance, locking in prices and protecting individuals and their families from rising funeral costs. For more information, visit the website today.
