PREENED INSURANCE

Preened insurance is a policy often sold directly from a funeral home to the policyholder who has identified a specific future need - in this case, funeral expenses. However, some states prohibit the funeral home from being named beneficiary, so be sure to find out what the rules are in your state.Licensed insurance agents who work for the funeral home sell these policies which are often in the form of a whole life insurance policy. In some cases the funeral home is the named beneficiary, which provides the benefit directly to the funeral home in order to cover the funeral or cremation costs.

With a guaranteed preneed policy, you are assured that the prices being charged for the funeral won’t change, but a non-guaranteed preneed policy means that prices could escalate with the market, so it’s vital you understand the difference when you buy a policy. Some preneed policies are guaranteed and some are not guaranteed.

You may be able to buy other types of preneed insurance policies, trusts or funeral plans that will allow you to specifically select your beneficiary.

You likely won’t have to wait the 30 or 60 days you would usually have to with a traditional life insurance policy.The advantage of a preneed policy is that the insurance carrier pays the benefits immediately.

A preened insurance contract made directly with a funeral home will cover some or all of the following:

• Burial plot
• Casket or urn
• Grave marker
• Cremation or embalming
• Funeral cars
• Flowers

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