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Richia Allen
Financial Advisor
WCCU Wealth Managemet
Located at Westerly Community Credit Union
122 Granite Street, Westerly, RI 02891
Phone: 401-637-4487
Email: richia.allen@lpl.com
May/June 2024
Saving on Funeral Costs
As with everything else, funeral and burial costs have risen over the years. Even a simple service and burial can cost more than expected. Pre-planning can prevent your loved ones from having to make decisions about your final wishes and help lower some of the costs.
The Funeral Rule
The Federal Trade Commission (FTC) requires funeral homes to disclose prices for the products and services they offer and provide customers with an itemized list. The funeral rule allows you to compare prices of funeral homes and choose only the services you want. Knowing the costs can help you make an informed decision without feeling pressured to choose expensive options you may not want.Purchase Burial Insurance
Also called final expense insurance, burial insurance helps cover the costs of funeral arrangements, burial or cremation, medical bills, outstanding debts and legal issues. When you buy a policy, you typically choose the amount of coverage you want and name a beneficiary who will use the proceeds to pay your funeral and other costs. Coverage is generally available for people between the ages of 50 and 85 (75 in some states).Pre-need Insurance
Pre-need insurance is a contract with a specific funeral service provider. You select the products and services you desire. The insurance payout goes directly to the funeral service provider instead of to designated beneficiaries. Your insurance professional can explain burial insurance in more detail.Cutting Funeral Costs
There are several ways to save on the cost of a funeral.- Cremation is less expensive because it does away with the need for embalming, a casket, and a cemetery plot.
- A simple wake and service that family members, rather than the funeral director, manage can save money.
- Arranging for direct burial eliminates embalming costs and the cost of facilities for a wake and service.
A Different Option
You may want to consider donating your body to a medical facility or research center. There is no cost to donors, and your donation helps researchers learn more about the body and certain diseases.542810-6
Richia Allen is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Westerly Community Credit Union and WCCU Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using WCCU Wealth Management, and may also be employees of Westerly Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Westerly Community Credit Union or WCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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