About Funeral Planning & Funding About Family Involvement About Making Selections About Alternative Funding Options About Making Changes About The Actual Funeral     About Funeral Planning & Funding What is the purpose of planning ahead? Here are three important reasons to plan your funeral now: Your wishes are recorded and fulfilled, Your family is not forced to make difficult decisions when distraught, You make decisions now, with a clear head and unclouded by emotion. Isn't funeral planning primarily for older people? Funeral planning is for anyone who is interested in outlining their preferences, relieving their family of difficult choices and unnecessary expense, and making important decisions without the pressures of illness or circumstance. Today, many more people in their 50s and 60s are prearranging and funding their funerals. Some view it as a matter of getting their estate in order; others see the financial benefits. Why is paying ahead beneficial? Why do I need to fund a funeral plan if I make my wishes known? By funding your plan, you can be sure your family is not burdened with an expensive funeral when they are in a position of emotional stress. Funeral costs are rising. Funeral homes can help you save money by funding and guaranteeing certain portions of their Statement of Goods and Services. How do I know my wishes will be carried out? How do I know I'll get what I paid for? Funeral Planning using life insurance is composed of two contracts. The first is the funeral planning agreement that the funeral home makes with the funeral purchaser. The funeral firm promises future delivery of consumer selected funeral goods and services. The life insurance company is not a party to this contract. Furthermore, the life insurance company does not provide any guarantee of the funeral items or assist in the selection of items. The second contract is a life insurance policy to fund the funeral plan. The insurance coverage is purchased through the funeral firm from a licensed life insurance agent. This contract is between the policy/certificateholder and the insurance company. In return for the guarantees provided in the funeral plan, the proceeds are assigned to the funeral home. What happens to my money? The death benefit is designed to grow over time to keep pace with the rising cost of funerals. At the time of need, if an assignment was made to the funeral home, the death benefit is paid to the funeral home when the funeral home delivers the goods and services. If the funeral home guarantees certain costs, the death benefit will cover those costs. The remainder will cover non-guaranteed costs -- those over which the funeral home has no control. Can I make arrangements now and pay later? What do I have to lose by waiting? Yes, you can make arrangements now and fund them at a later date. At the very least, we encourage you to file your arrangements with your local funeral home. Then, when you are ready to fund them, simply contact the funeral home to make sure that appropriate paperwork is filed. The risk you face in waiting to fund for your funeral is losing the cost protection that comes with planning and funding your funeral now. Won't my veterans benefits take care of the funeral costs? Chances are that your veterans benefits will not cover your funeral costs. Benefits fluctuate based on the availability of government funding. Even if benefits remain constant, they will not keep pace with rising inflation rates. How much does a funeral cost? According to the National Funeral Directors Association, the average full-service adult funeral cost $6,500 in 2004. It included: professional service charges the transfer of remains embalming and preparation use of facilities for viewing and service casket outer burial container an 18-gauge steel casket with velvet interior hearse and limousine (Cemetery and marker costs were not included.) What if I want to compare prices before committing to a funeral home? You have the right to compare prices. Be certain to compare the same items and services to get the real picture. That is why completing a detailed plan is so important. As with any major purchase, price alone should not be the determining factor. Reputation, service level and personal experience with the funeral home are also critical. Why can't I make funeral planning selections at MemorialSolutions.com without selecting a funeral home or after selecting a funeral home that does not display its prices on the site? In any discussion of products and services, it is important that the funeral home General and Casket Price List be made available to you. The funeral home delivers products and services at the time of need. Because Memorial Solutions does not actually deliver these products and services, we must know your funeral home of choice so we can provide you with accurate price information through the delivery of a General and Casket Price List. Can I pay for my funeral over time in installments? Absolutely. Memorial Solutions has a variety of payment options ranging from 3 to 10 years with monthly, quarterly, semi-annual and annual payments. We can design a payment plan to fit your budget. What happens if I can't make my payments? There is a grace period for paying each premium, except for the first one. If a premium has not been paid by its due date, the insurance policy will stay in force for 31 days. If you fail to pay a premium by the end of the grace period, your policy will lapse. What if I can't afford my plan right now? A variety of payment options are available. At the very least, record your wishes and file them with your local funeral home. You can fund your funeral arrangements at a later date. Are payments flexible? A variety of payment options are available. You may select a single premium or you may choose more manageable monthly installments spread over several years or more.