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Insurance policies can be used as a funding vehicle for future funeral expenses. Many individuals have existing life insurance policies that can be used for this purpose. If you have an existing policy, it is important to determine if the death benefit amount of the policy is sufficient to cover the expenses of the service you select. Most life insurance policies have a set death benefit, $5,000.00 or $10,000.00 etc. This benefit typically does not increase. It is important to consider this because funeral prices increase every year. A policy that is sufficient for expenses today may not be enough ten years from now. Another concern may be the premiums due. If the existing policy is not “paid up”, will you be able to continue to make the premium payments in the future? We offer insurance products which are designed to cover funeral expenses by increasing the death benefit as time goes on. Insurance funding is typically used by individuals who do not want to place a lump sum for their services in trust. By using the insurance product individuals can make smaller monthly payments for a set number of years, typically 3, 5, or 10 years at which point the policy is paid up and no future premiums are due. Another advantage is that if death occurs before the policy is “paid up” the full amount of the funeral service will be covered. Premiums are determined by your age and the initial death benefit needed. An insurance policy can be placed in an irrevocable burial trust in order to exempt it from title XIX asset consideration. For more information on insurance funding, please contact Mike Phillips at the funeral home or by E-Mail.



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