FINAL PLANNING — A LOVE-INSPIRED DECISION
How do I prepay for my funeral? There are different ways to prepay for your funeral. A safe, secure and simple way to prepay — or “prefund” — is with a preneed life insurance policy. A preneed life insurance policy is designed specifically for funding your preplanned funeral. This makes it different from a regular life insurance policy, which is meant to be left to your family to help cover other final expenses like medical bills and credit card balances.
Here are three things to keep in mind if you decide to prepay your funeral with a preneed life insurance policy:
- Many funeral homes guarantee, or lock in, the price of the funeral goods and services you choose. This allows you to pay the cost in today’s dollars for a funeral or ceremony that would likely cost you more in the future.
- Make sure the preneed life insurance policy you choose can be transferred to a different funeral home if you decide to relocate. While you may not have plans to move now, you never know what the future may hold.
- Having a preneed life insurance policy in place allows you to leave your regular life insurance benefits to your loved ones, just as you intended.