Making it Easier for Your Family
Most of us don’t want to think about planning a funeral … especially when you’re healthy and busy enjoying life. But planning ahead not only makes it easier for your family when the time comes, it also offers you some financial benefit and ensures your wishes have been made clear.
How Funeral Preplanning Works
When a person decides to prearrange and prepay for funeral expenses, the funeral director is required by law to place the money in “trust.” That’s why Pekin Insurance created our Pathway® life insurance product line. Pathway® products are a special type of pre-need insurance that ensures families that the money set aside to pay for a loved one’s funeral will still be there in their time of need.
Financial Benefits of Preplanning
As you age, health issues can be costly—especially if you need full-time care. Pathway® prearrangement insurance protects these set-aside assets during long-term care or illness. This can help alleviate any financial burdens on those you love.
Available Funeral Preplanning Options
Pathway® products from Pekin Insurance are available in over 450 funeral homes throughout Arizona, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, Ohio, Pennsylvania, Virginia, and Wisconsin. Because we know not every situation is the same, we have three different options so families can choose the one that makes the most sense for their budget.
PATHWAY SINGLE PAY
Pathway® Single Pay is available to everyone from age 0 through 95. There are no medical questions to be answered. The full value (or face amount) of the policy will be paid if death occurs seven months or more after the policy is purchased. If death occurs during the first six months of the policy, a reduced benefit will be paid. The Single Pay plan also may receive face amount increases at each policy anniversary. These increases are based on interest compounded annually and are prorated to the month of death, beginning with month seven.
Pathway® Multi-Pay is available to everyone from age 0 through 80. There are no medical questions to be answered. The full value (or face amount) of the policy will be paid if death occurs two years or more after the policy is purchased. A reduced benefit is payable if death occurs during the first two years. The Multi-Pay plan also may receive face amount increases at each policy anniversary. These increases are based on simple interest. Plans are available on a 3-year, 5-year, 7-year, and 10-year payment plan basis.
Pathway® Annuity is available to those ages 96-99 and is purchased in a lump sum. Flexible payments can be made at younger ages where multi-pay life insurance is not feasible. It is a non-qualified plan.
Interested in learning more?
To find a funeral home in your area, contact us at 800-322-0160, Extension 2528, or email email@example.com.