Although it's hard to start a conversation about death and dying, providing employees with a benefit option that will help them ensure their end-of-life affairs are in order can not only provide peace of mind, but also can keep loved ones from paying a heavy price both emotionally and financially for a funeral they were not prepared to plan.
There are two types of end-of-life insurance for funeral planning - final expense and pre-need, says Mark Duffey, co-founder and president of Houston-based Everest Funeral Package. Final expense insurance is a whole life policy that pays for the funeral and unpaid medical bills, while pre-need insurance is sold by funeral homes and resembles a bill of sale through the home, but is funded through an insurance company.
Register or login for access to this item and much more
All Employee Benefit Adviser content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access