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If you have a life insurance policy, do you have to prepay for your services?

 

In preplanning a funeral, if you have a life insurance policy, do you have to prepay for your services? Or do you just sign a contract stating that your expenses are deducted from your policy?

Many funeral homes may accept an existing insurance policy as payment toward the funeral cost whereby the value of the policy is deducted from the total funeral cost at the time of death. However, this method will probably not guarantee the future cost for you. The growth (if any) in your existing policy may not be sufficient to offset inflation, thus leaving survivors responsible for the balance. If your desire is to assure survivors are not left with additional expenses at the time of your death, you may wish to discuss, with your preferred funeral professional, options that will allow you to make such assurances to your family. In addition, your existing policy can then be left to survivors to cover any incidental medical or legal costs, ongoing living expenses and/or new obligations and responsibilities after you are gone. ---Rob Jones

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