This type of planning has become very popular in recent years. A survey conducted by the AARP in 1999, found that two out of five people over age 50 had been approached to pre-purchase funerals and burial goods and services. An AARP survey in 1998 indicates that 32% of all Americans over age 50, roughly 21 million people, have prepaid some or all of their funeral and or burial expenses (but not necessarily through a formal preneed plan).
Breaking that down, about 25% of the over age 50 population have prepaid for their burials (cemetery plot, mausoleum or niche), 18% have prepaid for headstones, urns, caskets , grave liners or vaults, opening and closing of graves and so on and 13% have prepaid for goods or services from a funeral home or funeral director. The same article indicates that over $25 billion is being held in pre-need trust funds. Roughly another $25 billion is waiting to be paid out in life insurance benefits. Prepaid or preneed funerals and burials are big business.
Most states allow for using life insurance for funeral plans and a large number of states allow it for burial plans. In those states that allow insurance, three or four insurance companies have designed policies specifically to fund preneed contracts.
A standard contract is used with all funeral providers in each state that may or may not guarantee the cost of goods and services and does not require irrevocable assignment of the death benefit to the funeral provider. Where allowed, the contract will include burial services as well.
Our council is dedicated to helping families in Florida deal with the issues and challenges aging seniors face. We do this by offering a trusted listing source of eldercare and senior services in your area.
The Florida Care Planning Council offer books written by the National Care Planning Council, a leader in providing materials on timely subjects relating to aging seniors.
Below are five of their popular books:
The elderly and their caregivers search online everyday for senior services and frequently find our web site, careforflorida.org. We, along with the National Care Planning Council, have become an important resource for families looking for help.
We invite you to become a member of the FlCPC starting at only $15.00 a month. Your membership will include an advertising listing(s) on two sites, your own personal sales (web) page, and access to the member section.
State Care Planning Councils are alliances of community care providers and advisers in a given geographic area of a state. State Councils provide a platform for these local groups of independent providers and advisors to offer the following services:
(1) Educate the public on how to plan for retirement and long term care
(2) Provide a local source of 15 to 20 different eldercare services through one single state contact
(3) Promote a trusted organization offering reliable services