Welcome to the Passare Expert Series, a forum where we give our panel of experts an opportunity to speak directly to you. Today we’d like to introduce Passare contributor Todd Carlson, Vice President of the Funeral Directors Life Insurance Company (FDLIC).
He will advise you on how to incorporate a pre-arranged funeral into your End-of-Life plan.
Passare: Welcome Todd, we are pleased to have you as a Passare contributing partner. Why is a pre-arranged funeral such an important part of an estate plan?
Todd: Glad to be part of the series. When a death occurs, it rarely comes at a convenient time. Pre-planning is a way to give your loved ones guidance. It answers the one question people have on their minds when a person dies, which is, “What would mom or dad want?” It is also the one plan you can be certain you are going to use.
Passare: Can you tell us what FDLIC offers individuals looking to plan for End-of-Life?
Todd: We offer consumers peace-of-mind knowing they are not going to be a financial burden when they pass on. Pre-planning a funeral helps a family focus on things that really matter like creating a meaningful service that reflects the person they are commemorating. We realize contemplating mortality is not an easy thing, it can be very emotional – we understand that. Families can count on us to have an empathetic ear and handle their planning process with a great degree of skill and sensitivity.
Passare: Why should a person consider purchasing funeral insurance?
Todd: A funeral can cost anywhere from a few thousand dollars to $10,000 or more. Even if a person has life insurance, there is the process of filing the claim. A pre-paid funeral allows the funeral director to file the claim so paying the bill is easy for the family. There are also other advantages like when it comes to Medicaid planning. Pre-paid burial funds are considered exempt assets under Medicaid rules, which means your funeral investment is secure and can’t be spent on long-term care.
Read Todd Carlson’s full interview here.