Pre-funding funerals is a growing trend in America because of the peace of mind that comes from having one's affairs in order. Funding those arrangements with insurance coverage or a trust are the two ways we handle pre-funding. Handling pre-funding in either way in advance of need is a relatively new idea that is offered by our Funeral Home.
1) Prefunding advantages using life insurance
INCREASING DEATH BENEFITS AND SUPERIOR FINANCIAL PROTECTION
Reduce the impact of inflation, which would otherwise increase the cost of your funeral. Our insurance plans are under-written by Monumental Life Insurance Company, rated A+ (Superior) by A.M. Best, the oldest insurance analyst of claims paying ability in the country. Even people on a tight budget can gain the advantages of funding their pre-planned funeral services!
Monumental Life Insurance Company is a strong, secure, proven insurer. Founded in 1858, Monumental has consistently received A.M. Best's A+ (Superior) rating for financial stability and is rated AA+ by Standard & Poor's for its claims paying ability.
TAX FREE VALUE, TAX FREE DEATH BENEFITS
Our plan provides life insurance benefits that are exempt from federal income tax when paid to a named beneficiary. Neither the increasing value of the coverage nor the total benefits paid at the time of death are federal income taxable.
Individuals between the ages of 0 and 99 may apply. No medical examination is required for the life insurance, just a simple questionnaire that is completed after advance funeral plans have been made.
HOW IS PRE-FUNDING DONE?
Our Funeral Home staff member will meet with you at a time that is convenient, and assist you in recording your wishes. You choose everything you want for your funeral: the type of funeral service, casket, burial vault or urns. Important obituary information will be recorded. Once you have made your selections, you will learn the payment options available to you. A record of your selections will be kept on file at the Funeral Home until needed.
2) Prefunding using a Master Trust Program
WHAT IS THE MASTER TRUST PROGRAM?
The Edward Lawrence Funeral Home is a member of the Connecticut Funeral Directors Association Master Trust Program which is a prearrangement program that provides for funeral planning before there is a need. The Access Financial Group, Inc., Interment Trust Services Division, handles our Master Trust Program. Your Funeral Director is dedicated to serving you and your family, and will help you set up a complete and safe funeral plan.
WHY PLAN AHEAD?
Planning in advance of need provides peace of mind. The death of a loved one is a time of great loss and advance planning can reduce stress for your family with the knowledge that your preplan has been completed. This allows your loved ones to devote more time to coping and understanding the loss and less time concerned with funeral arrangements and financial details.
MERCHANDISE AND FUNERAL COST
Your Funeral Director understands that your personal choices are of the utmost importance. Your Funeral Director will meet with you to show the quality merchandise, assist you with the selection of the necessary merchandise and help you make the proper arrangements. Through preplanning the cost of a funeral will be controlled. Merchandise selection during your preplanning helps insure that you do not exceed what you want to pay. Prepayment also offsets the risk of rising funeral costs in the future due to inflation.
HOW DO YOU PREPAY FOR A FUNERAL?
You may select one of two ways to prepay a funeral. The first method is to make payment in full. This will guarantee the price of the funeral and merchandise selected. This will be deposited by your Funeral Director and conservatively invested by Interment Trust Services. The funds earn interest at a rate designed to protect against any loss of buying power in the future. The second method is to make a deposit or installment payments. These payment plans will be arranged by you and your Funeral Director. All monies deposited with Interment Trust Services will immediately earn interest.
WHO IS INTERMENT TRUST SERVICES?
Interment Trust Services is a division of Access Financial Group, Inc. Access Financial Group, Inc. is a fully disclosed registered broker/dealer which utilizes Bear Stearns Securities Corporation for clearance, custodianship of assets and updated research information.
Interment Trust Services Group specializes in cemetery and funeral trust accounting. The group focuses on the administration of full-service master trust programs for cemeteries, cremation societies, funeral homes and funeral home/cemetery associations and their membership. The program features federal and state regulation compliance, professional administration, participant record keeping and monthly reporting, tax preparation/filling and flexibility. This customized program was designed to meet the business and investment challenges of the memorial industry professional. This program has been recognized by many in the industry as being dependable and irreplaceable.
Numerous state associations including Connecticut and an international funeral directors association endorse Interment Trust Services.