Unfunded:

One of the options of Advanced Funeral Planning is to not pay in advance.

The most important part of planning in advance is to simply gather your information and make the difficult choices that need to be made.  This ensures that your loved-ones will not have to make those difficult decisions and choices and will be able have a personal service in your memory without missing some piece of vital information about you.

If you choose to not pay in advance, keep in mind that costs will nearly double every 10-12 years.  Assuming a traditional funeral costs somewhere in the vacinity of $7,500.00 (This figure is actual in our area of Connecticut), the costs could become astronomical in the future.  Some feel as though the cost of living allowances will cover that in the future and that times are relevant to costs.  That could be true, but noone knows for sure.  Paying in advance provides peace of mind in knowing that no matter what happens, it will not be an issue financially.

The whole idea really behind paying in advance is to relieve your loved-ones of that burden at all.  There are many other factors to consider as well.  Some of the common concerns about paying in advance are as follows:

• What if I pay in advance and I move in the future?

• What if the firm I pay with goes out of business?

• Why Prepay?  I can save the money myself and probably make more in interest or dividends.

• What if I am not going to use that particular funeral home in the future?

These concerns are addressed on the Commonly Asked Questions Page and should be considered and though out.  There is one though that many people address;

• I already have insurance to pay for my funeral.

There are few things to consider pertaining to this:

A. Is the insurance specifically for funeral expenses?  If it is, consider your current age and the fact that costs will nearly double every 10-12 years.  Is there a guarantee that the insurance proceeds will cover the costs?

B. Is your insurance policy meant to pay for the funeral and provide for on-going living and/or educational expenses for your family?  If so, inflation may reduce the amount that your family will get to keep for themselves as time goes by.

C.If you are currently young, and have a large policy, is there a guarantee that you will have the same coverage in your later years?

D. Do you know that in some states, if you have a policy that builds a cash value, and you ever need to apply for state assistance, that the cash value of that policy can be considered an asset and be spent down?

Everyone's situation is certainly different and unique, and some of these issues may never be a concern, but why leave it to chance?  Many people can afford something like this, whether it is a trust or insurance, easier in their younger years when they are working and perhaps may have (2) people working.  In retirement years, you may then have a fixed income and not be able to afford it.  You owe it to yourself to at least find out what the options are in your area.  Good decisions are mostly made when you have the proper information.

Disclaimer: The information contained on this page and all pages is for informational purposes only. Each state, county and region has its own laws, rules and regulations and your individual state agencies should be consulted before making any decisions. These options presented on this website's pages are available through Advanced Funeral Planning in and for the State of Connecticut and may not be available to and for all states. Advanced Funeral Planning, LLC accepts no liability for any arrangements that are made between you and your funeral home.