funeral planning Financing funerals
According to Lincoln Heritage Funeral Advantage , the average funeral costs between $ 7,000 and $ 10,000 . It can be easy to overlook planning for such a large expense , and many people may think their funeral costs will be covered by their life insurance policies . However , that isn ’ t always the case and certain complications can arise .
The funeral planning information guide Funeral Basics states that sometimes insurance policies become invalid if payments have not been made . Policies may have liens on them , or some named beneficiaries may no longer be alive . This can stall the process as issues are worked through . In addition , it can sometimes take between six and eight weeks for beneficiaries to receive life insurance policy payouts . Since many funerals take place within a week of a person ’ s death , it ’ s unlikely that surviving family members will be able to finance funerals with life insurance payouts . In addition , some policies may not be assignable , which means the benefits cannot be assigned to go to a third party who will file the claim for you ( i . e ., the funeral home or an assignment company with which the funeral home partners ). It ’ s important to determine if an existing policy is assignable and to take appropriate measures if it is not . Individuals may want to consider burial insurance or preneed funeral insurance . Another option is to use preplanning services , which allow people to prepay for funeral expenses and make planning decisions regarding the services and burial so that family members will not be tasked with financing and / or planning a funeral during a difficult time in their lives .
LAKE CUMBERLAND FUNERAL HOME “ Where Quality & Compassion Come Together ”
Pre-Planning your Funeral
Everyone should pre-plan = that doesn ’ t mean you have to prepay . There are several important reasons to preplan . First of all - it is peace of mind - if your have been thinking about at all - then go ahead and get it done . Secondly , it allows you to put all your wishes down in writing and third if you decide to prepay - it saves your surviving family the financial burden .
We have preplanning guides that are available at no cost to help people with decisions . Lake Cumberland has many options for burial or cremation with payment options by the month . Feel free to call and set appointment with our Licensed Funeral Director / Life Insurance Agents - Chris Lange or Kim Brown .
We can tailor any ones funeral or cremation arrangements to their financial situation .
1046 West Highway 80 • Somerset , KY 606-676-0071
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