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Planning for funeral expenses

| 13/10/2016 | 0 Comments

Could you advise if there is such a thing as funeral insurance in the Cayman Islands? If there is, I would like to get some kind of idea as to the monthly premiums as I am ‘to all intents and purposes’ retired but I would not want my funeral costs to be a burden on my wife or children. I am past the ‘old’ retirement age but close to the impending ‘new’ retirement age and although I have very little savings, if funeral insurance was an option, I might take it. Not wanting to be morbid, but just curious.


Auntie’s answer: First let me say I do not think you are being morbid at all. Funerals are expensive and people don’t like to think about them, which is understandable. But the financial consequences fall on the remaining family and that could prove to be a major burden for some.

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My parents planned for this eventuality and made sure their funeral arrangements were made and paid for well ahead of time. While that was not a topic I embraced, when the time came for each of them, all we had to do was make a call to the funeral home and everything else was taken care of. At a period of great mourning, that proved to be a comfort.

As far as I know, there is at least one final expense plan available for sale in Cayman. I admit that the intricacies of insurance do sometimes go beyond me, but the main points seem to be that the plan is geared toward funeral expenses and guarantees coverage regardless of your medical situation.

Both Bodden Funeral Services and Churchill’s Funeral Home honour these types of policies.

In addition, you can approach either place to discuss what is called a “pre-need” plan, where you choose a funeral package and lock in the cost by signing up now. You can put down a deposit and pay in agreed instalments or all at once, but either way the price will not change regardless of what the cost of the funeral may be in the future.

If you cannot find information about purchasing a final expense policy or to learn more about pre-need plans, call Scott Ruby at Bodden (949-7464) or Grenda Solomon at Churchill’s (943-4663).

 

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