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Preneed Funeral Planning Where to Start?????

Preneed Funeral Planning Where to Start?????. Kevin Hazlip, CFO Hiers -Baxley Funeral Services Highland Memorial Park Cemetery. Definition of Preneed. Why people prearrange. Who are the ones prearranging. How do you prearrange. What is the definition of Preneed??. The answer is-----

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Preneed Funeral Planning Where to Start?????

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  1. Preneed Funeral PlanningWhere to Start????? Kevin Hazlip, CFO Hiers-Baxley Funeral Services Highland Memorial Park Cemetery

  2. Definition of Preneed Why people prearrange Who are the ones prearranging How do you prearrange

  3. What is the definition of Preneed?? • The answer is----- • It is somewhat unclear

  4. Technical • Dictionary.com • An adjective • arranged or made available in advance of eventual requirements

  5. Federal Government • Funeral Homes regulated by the FTC • 16 CFR Part 453 ---- Funeral Rule • Preneed is not defined

  6. State Government • Funeral Homes regulated by the DFS • 497.005 definitions • Preneed is not defined • However a preneed contract is defined • Preneed contract means any arrangement or method, of which the provider of funeral merchandise or services has actual knowledge, whereby any person agrees to furnish funeral merchandise or service in the future. (blah, blah, blah)

  7. Industry Definition • In our industry we can basically sum it up in two words------

  8. NERVE GAS ••••••••••••••••••••••••••••••••••

  9. Why people prearrange • To express their own wishes, known only to them • To relieve their family from the stress of making decisions/arrangements while in shock and grief • To save their family from an unexpected financial burden at a time when it may be very difficult • To benefit by “locking in” today’s funeral price

  10. Why more people prearrange each year Avoid INCREASING COSTS and relieve FINANCIAL BURDEN from surviving family

  11. Doctor Funeral Director Banks Clergy Unions & Fraternal Organizations Newspaper Friends Employer Coroner Cemetery Insurance Companies Other Financial Institutions Relatives Pallbearers Singer Organist Over 100 things to do or decide Contact...

  12. Over 100 things to do or decide To Do... • Provide deceased’s vital statistics • Complete needed paperwork • Provide addresses of people to notify • Answer phone calls and letters • Meet several people to complete details • Greet friends/relatives who come by or call • Prepare house for guests • Arrange other lodging for guests • Prepare funeral car list

  13. Funeral Service Casket or Urn Clothing Music Church Time/date of visitation Location Burial Space Vault Flowers Catering/food Time/date of service Transportation Acknowledgement cards Over 100 things to do or decide Choose ...

  14. Doctor Hospital Medicine/Drugs Funeral Interment Fee Clergy Singer Clothing Nurse Ambulance Cemetery Property Organist Florist Memorial Transportation Food/Catering Over 100 things to do or decide Arrange to pay for ...

  15. Who are the ones prearranging?

  16. Marital Status

  17. Ages of people who prearrange

  18. Main reasons people decided to prearrange • 3% - Recently prepared/updated will • 4% - Recently worked on planning estate • 4% - Medicaid spend down • 5% - Have serious/terminal illness • 7% - Received call/mail about prearranging • 15% - Finally had money to do it • 15% - Spouse wanted to prearrange • 16% - Finally knew arrangements wanted • 23% - Family member/friend died recently

  19. Reasons for prearranging • Making decision with spouse • Eliminate financial burden from spouse • Eliminate emotional burden from spouse • Choosing desired arrangements • Locking in Prices • Eliminate financial burden from kids • Fulfilling responsibility • Eliminate emotional burden from kids

  20. How do you prearrange?

  21. How families pay for funerals • Savings in advance • Savings later • Existing regular insurance • Taking out a loan • Selling assets • Family bears the burden

  22. Methods for paying for prearranging • Insurance Funded • Trust Funded

  23. Insurance Funded Advantages Disadvantages Pmt amount on multi pay Insurance company is go between Limited refundability • Immediate Coverage • Annual Growth • Portability • Price lock

  24. Trust Funded Advantages Disadvantages Lack of portability Limited refundability Price lock on multi pay • Managed Portfolio • Price lock on single pay

  25. Final Thought Guaranteed Pricing – Is it over ??

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