Insurance & Funeral Planning
According to the Funeral Planning 101 website consumers use a variety of methods to plan for the payment of funeral expense, including the purchasing of funeral and burial insurance.
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Insurance
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Funeral Planning 101 reports that a popular way of funding funeral expenses is the purchase of life insurance. Burial and funeral insurance can be purchased through an insurance broker or funeral director to cover expenses, such as embalming, flowers, cosmetology and the purchase of a grave marker.
Purchase
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The U.S. Funerals Online website explains that each state has its own rules and regulations about the sale and purchase of funeral and burial insurance. Policies are often sold as term insurance agreements covering a stipulated period of time, either three, five or 10 years.
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Interest
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Funeral Planning 101 reports that funeral and burial insurances are not considered part of the estate of a deceased individual. This means a payout can be made immediately on an insurance policy and does not require the probate process before payments can be made.
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