Back in 1986 my mother pre-arranged and paid for her funeral. I was just a kid back then and didn't think anything of it. When she passed away I found out that it was actually some sort of insurance plan that guaranteed to pay for the funeral costs.
My question is: After 20 years of this money invested, shouldn't there be left over money? Does the funeral home get to keep the overage or does it go back to the family?
I have no clue how this works!
2006-06-09 16:43:17 · 6 answers · asked by GeekGirl 2 in Business & Finance ➔ Insurance
Simple. Go to the funeral Home and prepay. They will take a life policy out on you and eat the juice. Or get a policy yourself. Whole Life is usually used for final expenses. Here is a good link.
www.jamestownlifeinsurance.com ... at the bottom has a funeral plan link.
2006-06-13 08:00:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Pre-Need is basically just to help out the cost so others don't have to worry about it. There can be money left over and it will be issued to whomever is the Executor of the Will unless she/he states otherwise with the Funeral Home Director. There isn't always money left, you should find out from the Funeral Home she went to...not too sure if they keep the overage. Every state & country is different just like a lot of Pre-Need Funeral Plans.
Diffiently check it out from the Funeral Home who prepared her burial.
2006-06-10 02:47:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It really depends on the plan that was purchased. Generally speaking, you would not receive any funds as the policies are designed to keep up with the costs of funerals, etc. Hopefully she had other insurance to pass on to you.
2006-06-14 19:48:49 · answer #3 · answered by tigertiggerii 3 · 0⤊ 0⤋
They keep it. If your mother had died 6 months after buying the plan, the mortuary would have lost money. My mother bought a plan like 10 years before she died. It was so thoughtful of her. We didn't have to worry about anything and it was just as she wanted it. So I would recommend that you be grateful and move on.
2006-06-10 02:14:02 · answer #4 · answered by CarolO 7 · 0⤊ 0⤋
you definately need to review the policy pages and look at them to determine if the policy accumulated cash value or not. it was either a small policy that did not accumulate any value, or they might have even purchased a paid-up policy that required no additional premium nor earned any value. your best bet is to review the policy and/or contact the funeral home for further details.
2006-06-13 22:53:14 · answer #5 · answered by Carrie 2 · 0⤊ 0⤋
Never a good deal financially -- BUT perhaps emotionally a good deal.
2006-06-09 23:45:31 · answer #6 · answered by Hot Lava 2 · 0⤊ 0⤋