Focus on Funeral Insurance
FUNERAL INSURANCE: PRENEED OR FINAL EXPENSE? What’s right for you?
At Funeralwise, we’re all about planning. As we always say, the best time to plan a funeral is BEFORE you need it. Preplanning your funeral doesn’t have to cost you anything (see our Wise Planning System). Still, eventually, you’ll have to think about how to pay for your end-of-life needs. Luckily, when it comes to paying for a funeral, you have lots of options. Let’s talk about one of the most popular methods—funeral insurance. There are two basic types of insurance designed specifically for paying funeral and burial expenses: preneed insurance and final expense insurance.
Preneed insurance is purchased to fund a pre-arranged funeral contract with a specific funeral home. Upon your death, the proceeds of the policy are used to pay the funeral home for your funeral.
Oftentimes, the funeral home will lock in a guaranteed price for items that are included in the contract. Even without a guarantee, most preneed policies have a growth rate to cover the cost of inflation. Preneed plans are an excellent choice for those who want to prepay the entire cost of their funeral in monthly installments. They are generally favored by people who have chosen a particular funeral home.
FINAL EXPENSE INSURANCE
Final expense insurance is whole life insurance that is purchased to cover the expected cost of a funeral and other “final expenses.” Final expense policies are not linked to a specific funeral home.
Your assigned beneficiary can use the proceeds of the policy to pay for expenses at any funeral service provider. They can also use it to pay for remaining medical bills, legal costs, and any other final expenses. Final expense insurance is typically favored by people who want their beneficiaries to have the flexibility of choosing any funeral provider. Also, they generally have lower monthly premiums than preneed insurance.
|Which type of policy is best for you depends on your unique circumstances. We recommend speaking with a final expense advisor to help you sort out the various policy provisions available on the market today. Whichever policy you choose, you’ll have the peace of mind of knowing that your loved ones will have the resources they need to cover your end-of-life wishes. See our tips on how to buy funeral insurance.|
|>>Learn More About Preneed Insurance|
>>Learn More About Final Expense Insurance
>>Learn More About Funeral Costs
ETIQUETTE FOR VIRTUAL FUNERALS
Over the last year and a half, we’ve all learned to do things a bit differently. This is particularly true of the funeral industry. A spike in the number of deaths, combined with limits on in-person gatherings, has forced funeral directors and consumers to get creative in finding alternatives to the traditional funeral.
For an ever-increasing number of people, the solution is the virtual funeral. So instead of attending in person, we head to the computer to join with others via online conferencing software.
Surprisingly, the technology has been available for at least a decade. We just weren’t ready for it. Industry analysts think that sooner or later, the public would have embraced live- streaming anyway, but we’ll never know. We expect, though, that inviting friends and family to participate in funerals and memorial services online is now an important trend that is likely here to stay. As our expectation for the proper way to hold a funeral evolves, questions arise as to the appropriate way to dress, speak, and behave while attending. To help answer these questions, we have compiled a comprehensive list of tips and suggestions for etiquette when attending a virtual service. We invite you to take a look. You never know when you might need a little advice.
If you are grieving or know someone who is, we have resources on our website that may help. If you are feeling overwhelmed, we encourage you to reach out for help. Visit our Path to Healing page.
|HAVING A CHEAP FUNERAL THAT DOESN’T LOOK CHEAP|
Saying you want to have a cheap funeral doesn’t mean you don’t care about the end-of-life celebration; it means that you don’t want to break the bank to do it.
Luckily, there are ways to have a funeral or memorial service that pays fitting tribute to the deceased but in an affordable way. Read our full 10 Tips for Having a Cheap Funeral to learn more about how you can focus on what is really important in honoring someone who has died without spending more than you have to.
>>TIPS FOR HAVING A CHEAP FUNERAL
FEMA FUNERAL REIMBURSEMENT PROGRAM
The pandemic has been hard on all of us in one way or the other. For those who have lost a loved one due to the virus, the journey has been particularly challenging. So it came as a big relief to many when FEMA announced it would open its funeral expense reimbursement program.
The program is now in full swing, with FEMA’s application hotline (844-684-6333) operating Monday through Friday from 8 am – 8 pm Central Time. Visit our page on the program for complete details.
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ARE YOU AN INSURANCE AGENT? Did you know that Funeralwise has a program designed especially for Final Expense Insurance Agents? Click here to learn more
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Funeralwise.com is the place to go on the web for everything you need to know about funerals. Whether you are planning a funeral or attending one, we will provide you with straightforward answers to your questions and step-by-step instructions to guide you on your way.