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Planning and prepaying for your funeral helps ensure that your wishes are honored and relieves grieving loved ones from having to plan and pay for a funeral.
If you plan and prepay for your funeral, let loved ones know where to find detailed information. Otherwise, family members may make new arrangements.
Normally there are three ways to pay for a funeral ahead of time.
Once you have a plan, you will receive a contract addressing matters such as:
The contract should tell you how and where you will receive funeral services. Make sure the services you want are listed.
With a revocable prepaid contract funded with a trust, you can withdraw the principal and accrued interest at any time. However, if you establish an irrevocable agreement, you cannot withdraw any principal or interest, or cancel the contract. If you apply for Medicaid or other public assistance, an irrevocable trust would not count toward your assets.
If you are healthy enough to buy regular life insurance, the policy could take care of your funeral costs. Some people who are unable to qualify for a life insurance policy, however, buy a "small-face" or "pre-need" type of life insurance to cover funeral costs.
Here are some factors to consider with these funeral policies:
If your funeral plan provider tells you to switch from a traditional funeral trust plan to life insurance, ask:
Although there are many honest and reputable people and companies that offer preneed funeral planning, there are unscrupulous con artists who sell overpriced plans or just take your money. Ask to see a valid business license.
The Division of Financial Regulation licenses people who sell contracts to prepay your funeral. The division also licenses insurance agents. Its consumer advocates can answer questions you might have about whether an agent is licensed or how a funeral (life insurance) policy might work.
The Funeral Rule, enforced by the Federal Trade Commission, ensures that you:
Funeral trusts:(503) 378-4140DFR.FinancialServicesHelp@oregon.gov
888-877-4894 (toll-free in Oregon)
The Funeral Rule
Federal Trade Comission
File a complaint online or contact us:
Financial services Email:DFR.FinancialServicesHelp@dcbs.oregon.gov
Securities and investments Email:Securities.Registrations@dcbs.oregon.gov
Always verify that the company or individual you are working with has a license.
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