Why Voyage Preneed Funeral insurance is beneficial for families
Advance funeral planning can offer peace of mind and protection for your family
Advance funeral planning is not the easiest topic to discuss. According to the National Funeral Directors Association, only 21% of Americans have spoken to their loved ones about their end-of-life wishes — and that doesn’t include covering the costs. But if you plan ahead with Preneed Funeral insurance, like Great Western Insurance Company’s (GWIC®) Voyage plan, you can remove the guesswork and the strain on your loved ones.
Advance funeral planning allows you time to understand the process and helps you make clear choices that are right for you. And when it’s combined with Preneed Funeral insurance, advance funeral planning alleviates financial and emotional burdens for your family during a difficult time.
Preneed Funeral insurance is used to fund a funeral service agreement between you and a funeral home. You decide every element you want included in your funeral service, which includes everything from the casket or urn to transportation for the family. The funeral home partner totals the costs, and that amount is the basis for your Preneed Funeral insurance plan. You can either pay the amount in one installment or through monthly premiums. Upon your death, the funds are used to pay the funeral home for your funeral.
Bob DeForest, program and product development manager for life operations at GWIC, has been a Preneed regional manager for decades. From his experience working with families, he believes GWIC’s Voyage plan is the best option on the Preneed Funeral insurance market.
“Voyage is a win for the families, as an insured's death benefit is never less than what they have paid in. There is a 100% return of premiums. Every dollar an insured pays into their plan will be paid back in the form of the death benefit — and possibly more,” he says.
The Voyage plan pays a death benefit of the total premium paid or the face amount plus growth at GWIC’s interest rate, if it’s greater. You’ll never pay more than what gets returned in a death benefit.
“In many cases because of the return of premium, there is money left over that a family can use for other final expenses that weren't planned for,” DeForest says.
The Voyage plan is offered in Single Premium, One-year, Three-year, Five-year, and Ten-year payment plans, and after answering two simple health questions, you can qualify as a policyholder for first-day coverage. It offers a free, 30-day look and is transferable to a different funeral home if you move from the area. Most mortuaries or funeral homes are willing to honor the commitments and pricing of the previous funeral home.
“We recently fulfilled a Voyage Preneed Funeral insurance plan that was written in September 2012 for $8,200. When [the insured] passed away in March 2020, the death benefit was $13,572,” says Kevin Wetzel of Memorial Park Funeral Homes in Gainesville, Georgia. That means the Voyage plan grew by $5,372 in eight years.
If you’d like to learn more about the Voyage plan, contact the Preneed regional manager in your state.
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