If you have young children, then you want to be sure their young lives aren't burdened with debt should you die. If you have a lot of money and are worried about it not going to your inheritors, then taking out a funeral insurance policy now can help save your loved ones thousands of dollars and a lot of worry later. Before you take out a funeral insurance policy, there are many things you need to check out.
Your State Laws
The most important thing to check out are the laws about funeral expense insurance or pre-need insurance in the state where you live and want to be either buried or cremated. You might only be allowed to by a certain amount of insurance, for example. This saves you from paying more than you need to on your future funeral. You also need to see what kind of funeral insurance policies your state considered legally binding.
When Does The Money Come Through?
The next important thing to check off your funeral insurance policy list is how the policy pays for the funeral and burial. Do you need to pay for everything in one lump payment and then the services will be provided at no additional expense to your family when you die? Do you need to make a "Pay on Death" account at your bank? Does your family need to pay any money and then get reimbursed? You and your family needs to know how the funeral insurance policy works.
Check Credentials
Sure, this policy sounds great, but what about the company behind it? You should be working with an insurance company and paying the insurance company – not one particular funeral home. In order to check how financially sound this insurance company is, you need to check it's rating with services like A.M or Standard & Poor. You also need to check the credentials and ratings of any insurance company that is underwriting your funeral insurance company.
Also, all documents should be filled in and signed in your presence. No exceptions. This is so nothing is suddenly added onto your funeral insurance policy that you or your family wouldn’t approve of. Speaking of which, you need to talk to your family and let them know that you're getting a policy. There have been many times when families have paid for funerals – only to later find out a funeral insurance policy was taken out years ago.
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