Page 21 - Crome Edwards
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Life Insurance & Funeral Trust Fund
Life Insurance will pay a fixed amount based on the face value of the policy. Generally, the face amount is not the same as the amount of the services, merchandise and cemetery costs selected or required. Unless the pre-need contract is guaranteed, the actual costs may be greater than the policy proceeds at the time of need and additional funds may be needed from the survivors.
Funeral Insurance can be purchased in an amount to pay the costs of the services, merchandise and cemetery costs selected or required. If the prices are guaranteed, the survivors will not be charged more than the contracted amount.
Before you purchase funeral insurance, you should know, in writing, exactly how much you will pay over the length of the contract and what will happen if you cannot, or do not, pay the premiums. Funeral insurance policies can be purchased at Cromes-Edwards Funeral Home.
Funeral Trusts can be purchased in an amount to pay the costs of the services, merchandise and cemetery costs selected or required. If the prices are guaranteed, the survivors will not be charged more than the contracted amount.
Before you buy a funeral trust, you should know: If the prices are guaranteed; the terms of cancellation; if the funds increase in value who will receive any remaining funds after the contract is fulfilled; what happens if the death occurs before the trust is paid in full.
Savings Accounts or bank-held trusts are accounts established by you with the savings in loan or bank, to pay funeral expenses. These are generally not guaranteed cost contracts by the service and merchandise provider. You would need to notify the provider and your family of their existence. You have complete control of your funds.
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