Cash & Checks – Are the simplest and the preferred form of payment. They are however limited by the amount of readily available funds you have.
Credit Cards – Offer the benefit of quick access to money. The charges also are not due until the next billing cycle which may be helpful because it allows time to transfer funds or wait for an insurance payment to clear. Also, most credit cards offer the ability to make incremental payments over a period of time. We accept all major credit cards.
Life Insurance Policies – Many people have purchased life insurance policies or may have had them provided by an employer. Even relatively small policies can be significant when dealing with the costs of an unexpected death. Often, part or all of an insurance policy can be assigned directly to the funeral home to cover costs. We can help you request insurance assignments and file the paperwork for you.
Family Support – Everyone knows that unplanned funerals can be expensive. Often other family members will offer to help with the costs. Even a loan from a relative can be a big help with unexpected expenses.
Loans – Personal loans are available from almost all banks or credit unions and the application process is usually very simple. Another source of loans that many people don’t immediately think of is a withdrawal from a 401k account. Funeral expenses are one of the few reasons allowed for qualified 401k “hardship” withdrawals. These qualified hardship withdrawals do not have to be paid back to the account.
Specialized Funeral Loans –Loans designed specifically for funeral expenses are available from companies such as www.funeralloanfinance.com and www.nationalunsecured.com/funeral. The application process is quick and an answer takes 24 to 48 hours. The application can be filled out on their website or we can provide you with a paper application. These services typically charge an application fee of about 10% but often with no interest for one year. If used prudently, they can serve as a reasonably priced loan for the better portion of a year.
Prepaid Funeral Trusts – If the death has not yet occurred; one of the best ways to prepare for funeral expenses is to set money aside in a qualified funeral trust. Funeral trusts designate and protect funds even against the possibility of a funeral home closing. They also earn interest to counter the rise in expenses over time. Another benefit of funeral trusts is that they can be designated as “irrevocable”. This means that the funds would be protected from any debtors of the estate. If there is not much money available to prepay a funeral, the trust can be started with a small amount of money and then additional funds can be added later. Another option is to set up a life-insurance policy to cover funeral costs. We have a certified preplanning professional on staff who can help explain all the legal conditions you and can setup any of these types of prepaid accounts for you.
We are happy to work with you and to address any concerns you may have about funding. During the course of the conversation we can also suggest various funeral service options to suit your specific wishes and needs. We are here to help!