In many instances those who chose to pre-arrange a funeral will also wish to take care of pre-financing. Individuals can choose to settle either the entire cost or a portion thereof.
Various state regulatory agencies govern the control and mandate the requirements for pre-financing a funeral with a funeral home.
There is a variety of investment products available in which one may place pre-financed monies. Passbook accounts, Certificates of Deposit, and trust accounts are among a banking institutions deposit possibilities. Today insurance and annuities have also played a significant part in the pre-need investment market. Here at Dolan Funeral Home we generally use a life insurance product to fund funerals. This product helps the funeral home to lock in or guarantee our prices. Once you have paid for the funeral, it is paid no matter the length of time that has past. Although it doesn’t lock in our prices, changing ownership and beneficiary of your existing life insurance policy is an option as well. Prefunding a funeral is an acceptable option to a Medicaid spend down.
Selecting ones funeral in advance, and actually making the financial commitment for payment, gives a person the peace of mind that all details at the time of death will be carried out to their exact wishes.