Here are some options for financing funerals.
Preneed plans are designed to cover the expenses associated with your death and funeral. Preneed insurance companies such as Homesteaders Life and Fortis Family offer several payment options to give you flexibility
Generally, annuities allow for the money you pay to be invested. Interest is earned which will, over time, increase the amount of money available to pay for your funeral
A traditional life insurance policy can meet several needs--pay off loans, fund education costs, and provide for living expenses, as well as funeral expenses
Bank or Funeral Trust
A funeral trust is similar to a savings plan. The earnings on funeral bank trust funds are taxed every year, and paid either by the family or by the trust itself
Beware with this strategy. A long illness can easily deplete short-term savings, while taxes and early withdrawal penalties can reduce long-term savings. For more information on funeral pre-planning and pre-funding, contact us below.