Why do you need to invest in memorial plan?

Getting a memorial plan seems unnecessary and often overlooked, yet it is one of the most important investments one needs to have.

In order to prepare yourself for future finances, there are two types of where you can put your money: investment and insurance. There is another investment that one needs to consider: the memorial plan. Also known as a pre-need or pre-planning memorial.

It is not a conversation you start with a friend on a Monday morning,  and many people in the Philippines are still not comfortable talking about how they would like their funeral. Since inflation doesn’t exclude funeral homes from increasing prices, one should consider investing.

Here are five reasons why you should consider investing in a memorial plan:

Ease the financial burden on your family

In 2018, the inflation rate in the Philippines was 4%. This means that most of the commodities have increased their prices by 4%. This might not sound huge, but if you are going to compare how many items you can buy at the grocery 5 years ago vs. today, you will be surprised.

Getting a memorial plan today helps your family from financial burden. It is like paying for a funeral service today, but you can use it later in life. If the funeral service costs a minimum of PHP 30,000 today, in the next 10 years or so, this service could cost double or possibly triple.

If you avail of a memorial plan, you are saving your family from cashing out a one-time payment for the funeral service.

Have a meaningful funeral

Since your family is free from the funeral financial burden, they can focus more on coping with this difficult moment. Your family can have a meaningful funeral and can spend more time together.

Relieve the stress of making difficult decisions

Remember that you are getting a memorial plan not only for yourself, but this is basically for your family. Since you have already pre-planned your funeral, your family doesn’t have to worry about choosing the casket, which funeral home to assist, and not to mention, the processing of legal documents.

Be self-reliant even up to your last moments

Losing someone in the family is the most painful one could ever have. Moreover, the cost and other arrangements for the funeral can be added burden to the family. Availing of a pre-need funeral service for yourself means you are taking care of your family even until the end. It is comforting to know that you have already taken out all the financial and other burdens during the funeral.

Have a funeral the way you want it to be

When you purchase your pre-need plan, you have options to choose which casket to be used and days of embalming. Also included in the package is the processing of the documents, the hearse for burial, lights, and equipment for viewing and retrieval of the body.

When the time comes, imagine the strong emotion and confusion of your family. Adding to that is the decision on how the funeral is going to be. Not to mention, the finances. As early as now, even if you think you are healthy and don’t need to plan your funeral service, think of the people that you are going to be left behind. Help them by taking out the financial problems so they can focus on moving forward.

Benefits of getting a pre-need plan or memorial plan:

• Ready casket for the deceased
• May choose between with chapel (or mortuary) and residential viewing
• Retrieval of the body from the hospital or residence
• One week embalming
• Lights and equipment for the viewing
• Hearse or funeral service
• Documentation, including the processing of Death Certificate, Burial Permit, and transfer permit

In October 2017, Cosmopolitan Memorial has partnered with CLIMBS, a multi-purpose cooperative with a wide range of partners in the Visayas and Mindanao regions. Currently,  Climbs Cosmopolitan Memorial Plan is one of the largest pre-need companies in the country.

CLIMBS offers its members the following:

• Choose your preferred funeral home package. It can be equivalent to your memorial plan or higher. If it’s higher, you only have to pay for the increment.
• The memorial benefit increases by 5% of the contract price starting on the 6th policy year up to 150% of the contract price.
• Additional benefit equivalent to the Gross Contract Price (GCP) if the plan holder dies within the following conditions:
  • Insurable age up to age 65
  • Within the 10-year period
• The plan is considered fully paid in case of the plan holder’s death or total and permanent disability during the paying period.
• Transferable and assignable.
• Payable in five-year installments.

Death is inevitable. Often, it comes unexpectedly. The last thing we can do is to be ready and ease the pain of our family by taking out the financial burden. Availing yourself of a pre-need memorial plan is the best choice.

Images by FreePik.

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