Category: Advance funeral planning / preplanning

A funeral is the closing ceremony for a life.  It positions the mourners on a solid footing for their grief journey.  Collectively how we honor and bury our dead speaks volumes about who we are as a society.  Funerals may be religious, celebratory, private, or very public.  Funerals are powerful.   

 

Funeral Directing is a profession.  Like doctors, lawyers, teachers, and many other professionals good work is done, and compensation is required.  Funerals come with a cost. 

 

In days gone by funerals were paid for by family members, co-workers, and societies.  The roots of life insurance are found in groups that came together and created a pool of funds to cover the cost of funerals of the members.    

 

Today, in most instances, adults view covering the cost of their own funeral as a personal responsibility.  They make provisions to cover the cost themselves in an effort to remove a burden from their children.  Death of a parent typically occurs during the years when children are shouldering the cost of education for the grandchildren and building a retirement nest egg for themselves.  Most parents these days choose to relieve their children of funeral costs by providing for the service themselves. 

 

Frequently adults begin to think about how they will prepare for their own funeral expense in their 60s or 70s.  They review their options.  There is always life insurance. But many question if that is the best way to pay for a funeral.  After all, the death benefits from life insurance do pass to the next generation without tax consequences. That is the exception rather than the rule with most other assets. Additionally, when one spouse dies the surviving husband or wife often experiences a reduction in income.  It may be best to leave the life insurance for the surviving spouse’s continued living expenses.    

 

For those who are fortunate enough to have investment portfolios, withdrawing funds from them may be an option.  However, investments always have their peaks and valleys.  There is no way to control when death will occur.  Will it happen during an uptick or a down slide?   

 

Funeral homes have the answer.  An Advance Funeral Plan allows the responsible adult to decide how much money will be spent on the funeral.  This avoids the risk of overspending by emotional family members at the time of death.  The funeral home offers different methods of funding a funeral plan.  In most cases this includes an option that makes it possible to pay for a funeral over time and be covered for the entire cost should death happen unexpectedly.  These plans have the benefit of coverage for the entire cost without the obligation to make payments for a lifetime. 

 

The best time to take care of the inevitable cost of one’s funeral is the first time you think about it.  Simply put, procrastination costs money.  Costs rise and options decrease as we age.  It really is much easier than one might expect.  All one needs to do is make a call to the funeral home of your choice. Set aside some time to meet with the advance planning specialist on staff and figure out the best course of action for you and your family.   

 

 

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If you are thinking about planning your funeral it is a good sign you are not too young. Although most people tackle this task when they are preparing to retire or after the children have left home, many plan sooner. In reality, most plan because they want to or need to. Age is not the determining factor. Whatever the reason you are thinking about planning your funeral, trust yourself. It is a good enough reason. Don’t worry that you are not “old” enough.

 

 

What are some of the situations that prompt younger folks to consider planning their funeral? There are many. Maybe they are concerned about the person who would be responsible for arrangements if the unexpected did occur. It could be they do not have confidence in the family member who would be legally in charge, or they have strained relations with family and would prefer someone other than family handle the arrangements. Some may not want to burden family with decisions or financial responsibility while others don’t practice the same faith as their family members and would prefer a different kind of service. A lot of people have a clear idea of what they want, and they prefer to take matters into their own hands to assure what they want to happen does happen.

 

A funeral that is planned in advance may be either funded or unfunded. An unfunded plan includes recording your preferences for disposition (burial or cremation) and services (faith based, life celebration or both) and keeping them on file at the funeral home. A funded funeral plan is both planned and paid for by the person making the plan.

 

There are some real financial advantages to planning your funeral when you are younger rather than waiting until you are older. Most funeral homes have advance planning experts on staff who will explain these advantages to you at no cost and without any obligation. All that is needed is to call the funeral home and ask for a consultation appointment. Spending a little time with one of these funeral experts will allow you to have all of your questions answered.

 

Some of the advantages you will want to explore are the ability to pay for your funeral using a program that will allow you to pay in small budget friendly monthly payments. These programs, usually available only through a funeral home, have the added advantage of covering the entire cost of your funeral should you die before you have completed your payment plan. The coverage your funeral home can offer is vastly different from so called “final expense” plans that are available through typical insurance companies. Be sure to ask the pre-arrangement specialist at your local funeral home how the plans they offer work.

 

Ask how inflation protection is built into the plan. This feature alone can be a real advantage for those who plan when they are younger. Funerals, like most products and services, increase in cost over time. This makes planning sooner rather than later less expensive in many cases.

 

There is no need to worry about the “what ifs” just ask, “What if I move? What if I change my mind and want to be buried instead of cremated? What if I marry or divorce?  What if funerals become virtual in the future? What if a meteor wipes out the planet earth?” Just ask. The advance planning expert at your local funeral home has answers.

 

www.sytsemafh.com

The ritual harkening the long-awaited approach of spring is upon us – March Madness. 

 

People of all ages, incomes, and professions will be completing their brackets and winding down to the biggest decisions of all … the final four! Players and coaches have been working hard for months leading up to this finale. 

 

The work and preparation leading up to the end of the college basketball season is not unlike what we all do in our professional lives. Most people work for years in anticipation of the day when they will retire and have the luxury of calling their time their own. The final five working years before retirement are typically the time to get your ducks in a row. 

 

Most people approaching retirement begin to think about maxing their savings in those final years of earning. Many take care of deferred maintenance to the home and some even work on their estate plan. Fewer think about the final duck … their funeral. Planning and funding your funeral during those years is a great time to get it done. Especially if being frugal about this expense is of importance.  

 

Some of the benefits to planning and funding a funeral in advance include: 

  

• A payment plan set up while you are still working and earning means the funeral will be completely paid for (at today’s cost) before you retire. That means you won’t need to withdraw from investments to cover this cost in your retirement years. 

• Most people are in good health as they wind down their working years.  That means the total cost of the funeral can be covered should something unexpected happen before the payments are complete. 

• Funerals, like most things, tend to inflate in cost over time … it’s not going to get cheaper. You can lock down your cost and be done before you retire. 

 

It’s easy to find out everything you need to know about planning and funding a funeral. Just call the funeral home and ask to speak to the individual who takes care of advance funeral planning.   

 

Plan early, live long… and have fun during your March Madness and beyond! 

 

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We all have our love/hate relationship with insurance. Typically, we pay and pay and then we pray we don’t ever need to file a claim. No one wants to have their house burn down or blow away. But, it is also hard to write that check every month. Most folks do so because they are afraid not to.

 

However, there is one kind of insurance you will absolutely use. You’ll get more than you paid in, and you don’t have to pay endlessly.

 

Funeral insurance, not to be confused with final expense insurance, is the rare insurance product designed to cover a cost that you absolutely will incur. We all die in the end. So, how does it work?

 

Funeral insurance is sold through your funeral home. The amount of the insurance matches the cost of your funeral in today’s dollars. It can be paid in one payment and you are done. Or, you can pay over three to 20 years and be covered for the whole cost of your funeral while you pay.

 

It’s easy to find out more. Just call the funeral home and ask to speak to someone in the advance planning department. You will want to set aside one to two hours for your meeting with the advance planner. You will have questions. Remember to ask how funeral insurance is different from final expense insurance.

 

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Another year over and you made it through without getting that funeral plan completed. But there it is, still on your to do list. How many years have you been thinking about getting this done? If you are a procrastinator this is the one you can put off until the very end. Then it will become a job for someone else.

 

Still, if it is on your list there must be a reason. Perhaps you want to be the one who decides what is done and how much is spent on your last good-bye. Maybe you were the one who had to take care of a parent’s funeral and you do not want to leave yours to your children. You had a reason. What was it?

 

Why do we put things off? What’s the benefit of procrastination? What’s the harm?

 

We are naturally conditioned to avoid unpleasant tasks. It is estimated that 10 to 20% of people put off regular dental visits. Why? Not because the results are good, that is for sure. People procrastinate because they are scared. They fear the dentist. And how does that work out? When they finally see the dentist, it is because they are in pain. It is an emergency. Avoiding the regular checkup, procrastinating, does not help. It makes the dental experience more painful and even more expensive. No benefit at all. Putting off funeral planning is a lot like putting off seeing the dentist, nothing good comes from procrastination.

 

Funeral Planning will not kill you. You will have to acknowledge your mortality, but then you do know you will die one day, don’t you? So, what are you waiting for? Do you think planning will be easier if you wait until you are ill? No, of course it will not be easier if you are sick.

 

Actually, the longer a person waits to get a plan in place the fewer payment options they will be able to take advantage of and the costs increase. A younger person can plan, and if they choose to, purchase insurance for their plan so when they die the insurance company will cover the funeral cost. Coverage like that does not get cheaper as we age, it is the other way around. Funeral costs, like most costs, have historically increased over time. There is no point waiting. The cost will not go down.

 

Experience tells us people who complete a plan feel good and are pleasantly surprised at how easy it was. On average it takes about two hours to complete a funeral plan.  You will most likely be able to choose to have a planner come to your home if you don’t want to go to the funeral home. Planning your funeral is not difficult. Just call the funeral home and set up a time. Do not wait. 2021 will be over sooner than you think.

 

www.sytsemafh.com