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Millions of people all over the world have entered into contracts to prearrange their funerals and prepay some or all of the expenses involved.
As it has become more acceptable for people to talk openly about death, the number of people planning for and paying for their funerals ahead of time has increased.
Prepaid Funeral Benefits:
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Relieves your family of the financial burden of funeral expenses.
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Ensures your personal wishes regarding your own funeral are documented and that these wishes are respected.
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Protects your investment against inflation (increase in funeral costs).
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Interest accumulated is tax-paid and does not affect any pension or superannuation you receive.
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Investments up to $10,000 are exempt from the asset test for a rest home subsidy.
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Are simple to arrange and relieve your family of much of the emotional burden at the time of your death.
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Your investment remains in your name with a substantial and successful company providing security for your funds and freedom of choice, should you choose to live elsewhere.
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In the comfort of your home or at any of our funeral homes, you can discuss and select the style of funeral you require.
Several Laws in certain countries govern the prepayment of funeral goods and services; these laws help ensure that these advance payments are available to pay for the funeral products and services when they're needed. But protections vary widely from one country to another, and some countries laws offer little or no effective protection. Some laws require the funeral home or cemetery to place a percentage of the prepayment in a state-regulated trust or to purchase a life insurance policy with the death benefits assigned to the funeral home or cemetery.
If you're thinking about prepaying for funeral goods and services, it's important to consider these issues before putting down any money:
* What are you are paying for? Are you buying only merchandise, like a casket and vault, or are you purchasing funeral services as well?
* What happens to the money you've prepaid? countries have different requirements for handling funds paid for prearranged funeral services.
* What happens to the interest income on money that is prepaid and put into a trust account?
* Are you protected if the firm you dealt with goes out of business?
* Can you cancel the contract and get a full refund if you change your mind?
* What happens if you move to a different area or die while away from home? Some prepaid funeral plans can be transferred, but often at an added cost.
Be sure to tell your family about the plans you've made; let them know where the documents are filed. If your family isn't aware that you've made plans, your wishes may not be carried out. And if family members don't know that you've prepaid the funeral costs, they could end up paying for the same arrangements. You may wish to consult an attorney on the best way to ensure that your wishes are followed.
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Last Updated on Thursday, 12 March 2009 19:42 |
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