In 1993, Pekin Life Insurance Company began marketing life insurance through funeral homes. Today, we have over 450 funeral homes that use our Pathway® products in Illinois, Indiana, Iowa, Michigan, Ohio, and Wisconsin.
When a person decides to prearrange and prepay a funeral, the funeral director is required by law to place the money in “trust.” This ensures the family will know in their time of need that there will be money set aside to take care of paying for their loved one’s funeral. Pre-need insurance is used for this purpose. This specialized insurance gives funeral directors a method to use the money given to them in advance as a payment towards the purchase of insurance. At death, the life insurance proceeds are used to pay for the funeral service.
Prearranging and prepaying funerals have become very popular as they ensure families that their loved ones will be able to have their final wishes known and recorded at a funeral home of their choice. At the time of loss of their loved one, a grieving family does not have to make any of the tough emotional decisions that are usually required of them. Those choices have already been made. They also do not have to worry about selecting a funeral home or how to pay funeral expenses because their loved one has already made that decision through a prepaid funeral plan.
Why Choose Pekin Insurance?
- A.M. Best Rating: A- (Excellent)
- Company Trips
- Local Field Representatives
- Underwriter is Just a Phone Call Away
- Internet Quotes Available
- Simple Access to Forms
- Competitive Interest Rates
- Pekin Insurance Trust
- Direct Mail Program
PATHWAY SINGLE PAY
The Single Pay plan is issued from age 0 through 95. Everyone qualifies for this plan as there are no medical questions to be answered. The face amount of the policy is payable if death occurs beginning with month seven (Indiana – face amount applies at issue date). A reduced benefit is payable if death occurs during the first six months. The Single Pay plan may receive face amount increases at each policy anniversary, and they are based on interest compounded annually. These face amount increases are prorated to the month of death beginning with month seven.
Everyone qualifies for this plan. It is issued from age 0 through 80. There are no medical questions to be answered. The face amount of the policy is payable if death occurs beginning with year three. A reduced benefit is payable if death occurs during the first two years. The Multi-Pay plan may receive face amount increases at each policy anniversary, and they are based on simple interest. Plans are available on a 3-year, 5-year, 7-year, and 10-year payment plan basis.
The annuity can be used for issue ages 96-99 and can be 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.
For more information, contact the representative in your area:
Michele Voss, Director of Pre-Need Sales
800-322-0160, Extension 2821
(Southern Illinois and Southern Indiana)
(Central and Northern Illinois)