Many people are deciding to preplan their funerals. There are many benefits to taking this step including providing you with a peace of mind that things are “taken care of”. Many people also express that making some decisions now (at a much less stressful time) is much better than leaving these decisions for your family to make upon your passing.
Many people ask the question: “if I want to prearrange my funeral, do I need to pay for it now?” The answer to this question is “no”. Preplanning can be as simple as meeting with us and starting a file that contains your information and preferences.
However, many people are electing to pay in advance. At Nairn-Chyz Funeral Home the prepayment method we use is provided by a company named Purple Shield. Purple Shield sells funeral insurance policies that can be purchased to cover the expected costs of your funeral. This policy can be purchased in a lump-sum, or payments can be made towards it. There are many benefits to this type of policy including portability of the policy if you move, tax free growth of the policy, the funds in the policy are sheltered from a means test if your loved one needs to be admitted to a personal care home and much more.
Purple Shield has many other products available including a very affordable policy that can be purchased that will cover any repatriation costs should you die unexpectedly away from home anywhere in the world. This policy will also cover the costs of your travelling companion returning home.
Some funeral homes use a Trust Account system of pre-funding where you purchase your funeral at today’s prices. In this system, the funeral home can retain a portion of the interest accrued on the account in exchange for providing the funeral you have pre-arranged upon your passing.