It is a fact of life that inflation affects everything; home costs, automobile purchases, and even funerals. Though we strive to keep cost increases to a minimum each year, it will make an impact many years down the road. We realize that making funeral arrangements is not something you do every day, so when you do have such an experience, it can seem overwhelming. That is why we developed our Advance Planning Program. In addition to the many reasons why it is important to make plans ahead of time, there are just as many reasons why you should consider prepaying as well. We are aware that there is more and more information available today regarding preplanning, life insurance and social security benefits. Oftentimes the information that you get can be misleading and confusing because it is not from professionals in our field. In an effort to serve you better, we have addressed below the differences between the various funding options that, when properly arranged, can guarantee funeral home costs against inflation.
Not all funeral homes offer insurance as a payment option for pre-arrangements. Our licensing and education enables us to offer certain types of special insurance policies that are designed to keep pace with inflation. They are not your traditional insurance policies that have a fixed death benefit that never increases, and you don’t need to purchase “units” of coverage. These policies have a 30 day free trial, are tax-free, transferable to any funeral home if you ever move, and can be set-up to be protected from the Title 19 (AHCCCS/Medicaid) spend down.
There are a few options with these types of policies.
- Single payment: You make one payment that matches your selected funeral arrangements. This will guarantee your funeral home costs against inflation and your survivors will never need to make another payment.
- Monthly payment: Like traditional insurance, there are payment options available. Unlike some traditional insurance policies that you may be familiar with, you only make the monthly premium payment for 3, 5, 7, or 10 years. You choose which plan is best for you according to your age. You will not only guarantee the funeral costs against inflation with these plans, but you also have the chance to have an affordable monthly premium payment with insurance protection built right in.
Insurance is offered through National Guardian Life Company or Great Western Life Insurance.