Preneed: A Pandora's Box of Problems
CNN underscored recently posted a good article about final expense life insurance. Death care clients have been contacting us more frequently about this type of policy, and we will share some of their issues.
Funeral homes are backing away from the conventional life insurance policy for some of the same reasons. Large life insurance companies…
Since the onset of Covid, the death care industry has experienced an uptick in preneed sales. As witnessed recently on the Bankrate website, the financial planning industry has taken notice. Bankrate is a website that provides comparisons of various financial products, and recently posted an article titled “The pros and cons of funeral trusts…
The New York Times article on funeral planning blurs the line between pre-paying and pre-funding. The savings accounts discussed by the article are one method of pre-funding funeral costs. But the POD savings account is far less secure than final expense trusts or final expense insurance policies. The concern many consumers have is that the…
This section of the New York Time’s funeral planning article attempts to address two separate issues. The issue of what happens when the consumer moves away is one of portability and whether the preneed contract can be transferred to a new funeral home. As we discussed in our first post on the Times article, certain…
We’re back to that recent New York Times article about funeral planning. The reporter offers spot on advice about the ‘gaps’ of preneed arrangements. A surviving parent will frequently advise adult children that they need not worry about his (or her) funeral because they have purchased a preneed contract. As the article suggests, adult children…
Earlier this year, the New York Times ran a story that on funeral planning that raised several valid issues and recommendations. We will use the next few blog posts to explore certain issues and recommendations in greater detail. With this post we will start with the article’s discussion of prepaying for a preneed contract, and…
The Conversation Project recently posted a blog entry titled “Somebody with a Backbone”: Tips for Choosing a Health Care Proxy. We could not agree more with the post’s recommendations about how to go about selecting a power of attorney for health care decisions. The post includes a hyperlink to “How to” brochure that is…
The Kansas City Star recently devoted a column to Marty Schottenheimer, and his family’s support as he adjusts to life with Alzheimer’s. Coach Schottenheimer was diagnosed with the disease in his late 60’s, but continues an active life, with the assistance of his wife, son, and daughter-in-law. The column is a reminder that multiple family…
Funeral and burial preplanning should be a part of every estate plan, but some web pages promoting estate planning can be misleading or impractical. The estate planning page sponsored by Lawyers.com suggests that funeral arrangement preferences can be incorporated into a will or health care power of attorney to alleviate the financial and emotional burdens…
Churches from different denominations are observing “Conservation Sabbath” from November 11th through the 20th. In 2010, a faith-related initiative titled the “The Conversation Project” was initiated by journalist Ellen Goodman. The Conversation Project is dedicated to helping people talk about their wishes for end-of-life care. Their website states:…