Benefits of Advance Funeral Planning
Peace of Mind
By putting your wishes in writing and prefunding your funeral, you assure your family and survivors that adequate funds have been set aside, relieving them from emotional and financial worry.
Long-term Care Cost Protection
Unlike many other assets, the money placed into a properly structured prepaid funeral policy will be protected from long-term care costs should you need to apply for Medical Assistance.
Immediate Access to Funds
Funds are immediately available to pay for funeral expenses and do not have to pass through probate.
Refund of Excess Funds
Any additional funds not used will be returned.
Portability and Safety
You always retain the right to change your funeral plan or have it transferred to another funeral provider. When establishing an irrevocable funeral trust, no one can access the funds in this account without providing a certified copy of a death certificate.
Tax Free Growth
The death benefit of your policy will increase. Increases are not currently subject to income tax during your lifetime. At the time of death, life insurance proceeds pass income tax free to your beneficiary.