Funeral Life Insurance is one way to pre-pay the costs of a funeral. In this pre-payment option you select all the services and merchandise you desire and pay the costs of your selections at that time. Those funds paid to the funeral home are put into a Life Insurance policy. The Life Insurance policy assigns the benefits of the coverage of the policy to the funeral home. Upon the death of the insured, the funeral home provides the services and merchandise in the contract and the funeral home collects the death benefits from the life insurance policy.
The Funeral Life Insurance sold by Colonial Funeral Home guarantees the costs of the service and merchandise sold by the funeral home itself that are specified in the contract. It does not guarantee the costs associated with ‘Cash Advance’ items which are services and merchandise sold by other vendors, such as newspaper obituary, costs to open and close a grave, certified death certificates, etc.
Colonial Funeral Home has a State of Illinois licensed Life Insurance Producer on staff to issue life insurance policies. We offer life insurance from PekinTM Insurance as well as Great Western Insurance.