Idaho State Law requires that a Funeral Director use a third party investment for all pre-need transactions. Demaray Funeral Service uses an insurance company devoted entirely to pre-need planning. The purpose for using a third party is so that the interest or dividends that are earned on the insurance policy are used to offset what effects inflation may have had from the time that the plan was first established until the date that the services and merchandise are provided by the funeral home. This is accomplished by writing a Funeral Service Agreement.
Demaray Funeral Service has reviewed several of the third party investment options available today. They have selected Great Western Insurance Company as their choice of preplanning investments. Great Western Insurance Company was developed specifically for the preplanning funeral service industry. If you would like to see more information about this company you can click on the following link below to visit their web site. www.gwic.com (right click to open in new window).
In the event that the cost of the original services and merchandise selected exceed the amount of money that was returned on the initial investment, the family or the estate will owe nothing. Demaray Funeral Service writes a Funeral Service Agreement accepting what principal and dividends are earned to pay the expenses. Demaray Funeral Service will return any excess funds that may remain after the funeral and burial expenses have been paid, to the family of the deceased or to the estate. (This may depend on Medicaid Assistance from the State of Idaho).
Please keep in mind that changing the type of service, the merchandise selected or adding cash advance items not on the original Funeral Service Agreement may change these arrangements. (Non guaranteed items on the original Funeral Service Agreement that change dramatically in cost may require a payment due to the funeral home. These items can increase at anytime and are outside of the control of Demaray Funeral Service).
In general the funeral services, merchandise and most cash advance items that you select at today's cost are guaranteed to be fulfilled in the future with no additional cost being incurred by your family or your estate.
Just as making a will is a necessary part of our lives, proper estate planning and funeral pre-arrangements are equally just as important. It is particularly important for those who are considering placing a loved one in a nursing care facility or a skilled care facility. The State of Idaho will permit you to set aside, in a properly established irrevocable burial account, funds to provide for the funeral and burial of your loved one.
These funds are may then be excluded from the personal assets of your loved one’s estate in the event that it becomes necessary to apply for public assistance after the personal assets have been exhausted. You can be assured that a quality funeral service will still be provided with out becoming a financial burden to those who remain.