Pre-Need Insurance

Pre-need funerals can be funded either in a single lump sum payment or in a multi-payment over an approved of amount of time. But single pays must pay the fully contracted amount at the time of signing the contract. Also now because of federal privacy requirements not only must the verified social security number of the pre-need recipient be given but the verified social security number of the certificate holder even if they are a power of attorney or a guardian of the pre-need recipient. The law is clear and in all cases must be complied with, for all pre-need contracts. The social security number is used for identification purposes only.

Russ Peck Jr. is a Massachusetts licensed insurance agent. He is also a Massachusetts licensed funeral director.

Pre-need insurance is a form of whole life insurance. Pre-planning is best done years in advance and prior to your failing two forms of activities of daily living. Many seniors do there pre-planning prior to age 65. There are guaranteed and non-guaranteed types of policies. Many seniors do their long term care planning before age 65.

Call today at 781-843-2295 for a free information.

Russ Peck Jr. is now a pre-need director and agent with Columbian Life Pre-Need Insurance. They accept all seniors up to age 90. This is guaranteed whole life insurance. No medical questions are necessary though underwritten coverage may be attained if three simple medical questions are properly answered.

The insurance gains tax-free interest that is applied to the rising costs of having a funeral due to inflation. The interest of funeral insurance is based on the CPI and other indicators of the U.S. economy.

All costs for the funeral are guaranteed with the exception to the cemetery cost, since that cost has been rising at a rate unequal to normal inflation, in part due to rising cemetery demand and less supply of cemetery plots.

There are multiple methods of payment, which should be discussed with your insurance agent. Regular payments can be made usually over a three to five year period. Over that same period "flex" payments can be made with a similar policy that allows you to choose the amount of premiums you would like to pay during that year.

If a single payment is made for the funeral insurance policy then no payments will be required in the future and the person will be fully insured. If multiple payments are made the insured has the option of buying insurance that if they passed away the insurance company would pay the entire cost of the funeral even though they had not finished paying premiums on that policy. This option does cost slightly more.

We welcome your email questions sent to Russell@peckservices.com and we will answer them within one day of receiving them. Or call us at 781-356-5319 Monday through Saturday from 9AM to 5PM EST. 

Disclaimer: Long Term Care Insurance is not FDIC insured and is not guaranteed nor is an obligation of your employer.