The Family Compass Program has developed a comprehensive worksheet that allows an individual with assistance from a qualified representative (many having the Life Industry designation EPC – Elder Planning Consultant) to detail their specific needs for funeral service, cemetery or cremation choices and ensuring adequate funds for incidentals (ie; Taxes, obituaries, etc.)
Unfortunately not, in many cases the will is not available or even read until well after the services have been completed. As well, it may not address the issue of funding for funeral expenses.
Once the protection (coverage) is in place the only person legally capable of making any change is the insured. All insurance companies are members of Comcorp, a body that insures the money on deposit with Life Insurance Companies.
The proceeds of the Insurance are paid to a designated beneficiary. They pay the Funeral expenses and any residual is available for other expenses. Should the client wish to have a Funeral Home designated this is possible. As well, in which case an assignment is completed and the Funeral Home would be paid based on invoices submitted. Any monies left would be paid to the designated beneficiary.
Upon the issue of the Policy there is also a wallet card identifying the carrier as having his/her Pre-planning completed with Family Compass. This card refers the finder to Family Compass where a copy of your choices is on file as part of your Policy records. A copy of this file is also provided to you and the client and if a Funeral Home has been designated a third copy is forwarded to them for their records.
No, Life Insurance policy proceeds are tax exempt. That is why it is important to designate a family member as the beneficiary.
The is the value of the Family Compass program. We are able to select a product that provides protection regardless of past medical history.
“Just as each Life is unique so should each funeral be planned in reflection of that life.”