Final Expense Life Insurance V. Prepaying At Funeral Home

NSRH

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The article below reminded me of why having your own Final Expense Life Insurance policy is so important.

Funeral director who let corpses rot gets no mercy from PA. court | PennLive.com

I understand that most funeral homes will use a trust to house clients prepayments, however there are some, mostly in the inner city, that can tie your money up, and when bad news like this hits you wont be able to get your money back. In essence, you're stuck with this funeral home, or you must prepay elsewhere.

So my question is, in your opinion, other than for purposes of medicaid planning, what are the benefits of prepaying for your funeral as opposed to purchasing a final expense policy or a single premium whole life policy?
 
The article below reminded me of why having your own Final Expense Life Insurance policy is so important.

Funeral director who let corpses rot gets no mercy from PA. court | PennLive.com

I understand that most funeral homes will use a trust to house clients prepayments, however there are some, mostly in the inner city, that can tie your money up, and when bad news like this hits you wont be able to get your money back. In essence, you're stuck with this funeral home, or you must prepay elsewhere.

So my question is, in your opinion, other than for purposes of medicaid planning, what are the benefits of prepaying for your funeral as opposed to purchasing a final expense policy or a single premium whole life policy?


That guy looks creepy and disgusting!!! No way in hell would I want him handling my dead body!!!:no::no:

Or my live body.....I don't play for that team.
 
That guy looks creepy and disgusting!!! No way in hell would I want him handling my dead body!!!:no::no:

Or my live body.....I don't play for that team.

Don't play for that team! Lol

I find that most funeral homes I have come across to be somewhat scam artists. When my step-father passed away, they tried screwing my mom over. She said, I'm not doing another thing till my son gets here. He is an insurance agent, I'll let him deal with you. Even my mom sniffed something afoul. Not saying there aren't some scumbag agents out there... there are, and I replace every one of them I can!!
 
Don't play for that team! Lol

I find that most funeral homes I have come across to be somewhat scam artists. When my step-father passed away, they tried screwing my mom over. She said, I'm not doing another thing till my son gets here. He is an insurance agent, I'll let him deal with you. Even my mom sniffed something afoul. Not saying there aren't some scumbag agents out there... there are, and I replace every one of them I can!!

I had a similar situation last year. My wife's ex died and he wanted a simple cremation and a few other things. The bill ended up being over $5000. Till they found out their was an insurance agent in the family.

They somehow found a way to lower the bill.
 
The article below reminded me of why having your own Final Expense Life Insurance policy is so important.

Funeral director who let corpses rot gets no mercy from PA. court | PennLive.com

I understand that most funeral homes will use a trust to house clients prepayments, however there are some, mostly in the inner city, that can tie your money up, and when bad news like this hits you wont be able to get your money back. In essence, you're stuck with this funeral home, or you must prepay elsewhere.

So my question is, in your opinion, other than for purposes of medicaid planning, what are the benefits of prepaying for your funeral as opposed to purchasing a final expense policy or a single premium whole life policy?

The title of your thread has nothing to do with your post.

Prepaying a funeral home is just another type of Insurance. It has advantages and disadvantages to other types of life insurance. It all depends on the situation. It's not usually a good option for low income people.

There are 10-dirt bag insurance agents for every 1-dirt bag funeral director. Actually probably like 100 to 1. But there are certainly dirt bags in every walk of life.

Most funeral homes conduct business. In an honest and legal way. They can not hold someone's PreNeed money against their will. Prepaid funerals are just as portable as any other life insurance. You have no requirement to have your funeral at the same funeral home that you prepaid.

The money will be paid to whatever funeral home conducts the services. It's not paid automatically to the one that sold the PreNeed in the first place.

If a funeral home collects money from someone and does not immediately place it in an insurance policy or bank trust then he has committed the crime of embezzlement. It happens. Just like crooked insurance agents collect premiums and stick them in their pockets. There are crooks in every industry.

Do not paint the crooks as the standard. The public is already confused enough.
 
The title of your thread has nothing to do with your post.

Prepaying a funeral home is just another type of Insurance. It has advantages and disadvantages to other types of life insurance. It all depends on the situation. It's not usually a good option for low income people.

There are 10-dirt bag insurance agents for every 1-dirt bag funeral director. Actually probably like 100 to 1. But there are certainly dirt bags in every walk of life.

Most funeral homes conduct business. In an honest and legal way. They can not hold someone's PreNeed money against their will. Prepaid funerals are just as portable as any other life insurance. You have no requirement to have your funeral at the same funeral home that you prepaid.

The money will be paid to whatever funeral home conducts the services. It's not paid automatically to the one that sold the PreNeed in the first place.

If a funeral home collects money from someone and does not immediately place it in an insurance policy or bank trust then he has committed the crime of embezzlement. It happens. Just like crooked insurance agents collect premiums and stick them in their pockets. There are crooks in every industry.

Do not paint the crooks as the standard. The public is already confused enough.
Newby knows! I really need to stop reading your posts. My ignorance was bliss as I tell people that the funeral home could go out of business and they could be left high and dry doing a pre-need. Now my conscience will force me to drop that angle. Gee, thanks!:skeptical:
 
Newby knows! I really need to stop reading your posts. My ignorance was bliss as I tell people that the funeral home could go out of business and they could be left high and dry doing a pre-need. Now my conscience will force me to drop that angle. Gee, thanks!:skeptical:

Yes, he does know. And I agree with him that the vast majority of the funeral homes operate legally and ethically.

That doesn't change the fact that they are our enemy businesswise. There's a few exceptions but they are our enemy.

They are our competitors. And while they may act legally and ethically they are just as guilty of misinforming the public as the idiots down at the welfare office and the nursing homes.

They will tell people that they can't have cash value life insurance. They will tell people that no life insurance pays in the first 2 years.

They are speaking out of ignorance and not malice but it's still far more damaging that other sources because people tend to believe the person at the funeral home.

Again, there are exceptions. I have a great relationship with 2 funeral homes in my areas. Both refer people to me on a regular basis. I cover 14 counties. So only 2 funeral homes are not my enemy.
 
Yes, he does know. And I agree with him that the vast majority of the funeral homes operate legally and ethically.

That doesn't change the fact that they are our enemy businesswise. There's a few exceptions but they are our enemy.

They are our competitors. And while they may act legally and ethically they are just as guilty of misinforming the public as the idiots down at the welfare office and the nursing homes.

They will tell people that they can't have cash value life insurance. They will tell people that no life insurance pays in the first 2 years.

They are speaking out of ignorance and not malice but it's still far more damaging that other sources because people tend to believe the person at the funeral home.

Again, there are exceptions. I have a great relationship with 2 funeral homes in my areas. Both refer people to me on a regular basis. I cover 14 counties. So only 2 funeral homes are not my enemy.

I hear you and all is fair in love and war. I got that little bit about the funeral homes going out of business from a presentation I learned from a company I shall not name. It's a jungle out there, so I suppose we sometimes need to counter their b.s. with a little of our own.:laugh:
 
I hear you and all is fair in love and war. I got that little bit about the funeral homes going out of business from a presentation I learned from a company I shall not name. It's a jungle out there, so I suppose we sometimes need to counter their b.s. with a little of our own.:laugh:

One of my mentors in this business has a page that explains the difference between FE and preneed bought at the funeral home.

His explanation of the preneed is not exactly how it works at the funeral home.

He was on a conference call one time going over it and some ex funeral home guy called him on it. His reply was, "then let the funeral home tell them how it works. It's not my job to explain their plan". :D
 
One of my mentors in this business has a page that explains the difference between FE and preneed bought at the funeral home.

His explanation of the preneed is not exactly how it works at the funeral home.

He was on a conference call one time going over it and some ex funeral home guy called him on it. His reply was, "then let the funeral home tell them how it works. It's not my job to explain their plan". :D

Exactamundo! It seems we're the only salespeople who if we don't extoll the virtues of our competition, we're somehow not "doing right by the client". Is a Chevy salesman expected to tell someone who comes on the lot how an F-150 might be a better choice?:goofy:
 
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