Taylor Funeral Service Inc

Description

For those interested in prearranged and preplanned funerals, there are three general types of preplanning that can help families make more informed decisions in funeral planning. The information below applies to all types of services, funerals, burials, memorial services or cremations. The three types which we consider the most important to understand are: PREARRANGED FUNERALS: A funeral that is prearranged usually does not involve the transfer of any funds from the consumer to an insurance company, a bank, the mortuary, or any other type of funeral service funding provider. It does involve the arrangement of the details of a funeral service. This can be done on a very limited basis, planning only a few of the most general parts of the funeral arrangements, or can be very detailed, covering every aspect of the funeral. The meetings about arrangements are usually held with the mortuary, the individual doing the planning, and the family of the individual. Often copies of these arrangements are also held by close friends or a minister. They are flexible, and if the consumer decides to make changes as time passes, these records are updated. There is no obligation by the consumer to use any particular casket or other funeral merchandise, cemetary, or even funeral home, although these choices are often specified. We feel that this aspect of funeral planning is often more substantial than the financial aspect, because it allows them to discuss their wishes with family members. This can help avoid confusion and conflict at the time of death. It is also significant to consider the fact that certain parts of the funeral planning process are also part of the grief process, and will be important for members of the family to participate in at the time of death. PREPAID FUNERAL PLANS: The second two types of funeral planning fall under prepaid funeral plans. They include the following: INSURANCE FUNDED PLANS: The funeral that is insurance funded usually carries a guarantee that if the consumer dies before all contracted payments are made, the specified costs of the funeral will be covered. If inflation had caused funeral prices to rise, the plan may or may not cover this increase in price. There are two important considerations to be aware of here: first, some insurance contracts have a waiting period where, even though the consumer has made all payments as required, they will only receive the balance "paid in" plus some accrued interest, or a limited percentage of the full benefit. This usually applies if the insured dies in the early years of the contract. It is always specified in the contract, but is not always clearly understood by the consumer or their families. It usually accompanies insurance policies which have little or no medical requirements and is sometimes referred to as a guaranteed issue plan. The second consideration to be aware of is that you will be paying a premium for the protection that the insurance provides. If you live longer than the number of years you are making payments, you almost always pay in more, sometimes much more, than the funeral actually cost at the time you took out the policy.

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