Northern Indiana Funeral Care utilizes Unity Financial Life Insurance Company as their preneed funding partner. We are continuing the series of blog posts that focus on the details of funding funeral plans in advance. A feature that often creates confusion is the early payoff option. The following is a series of questions and answers that hopefully will help give a better understanding of the product and the benefits it provides:
Q. What is an Early Payoff Plan?
A. The Unity Financial Early Payoff Plan is a way to satisfy the remaining payments due on a policy before the end of the scheduled payment period.
Q. What are the benefits?
A. Paying off a policy early lowers the overall cost of protection. In addition, once the policy has been paid off, there is no need to worry about making any further payments in connection with your policy.
Q. Who can take advantage of this plan?
A. Unity Financials Early Payoff Plan is available for any 5, 7, or 10-pay policy that is less than 18 months old, and for any 3-pay policy that is less than one year old.
Q. How is the early payoff amount calculated?
A. It’s easy. First, add together all the premiums that have been paid for our policy to date. Then subtract that amount from the original face amount that appears in the policy. Unity Financial charges no fee for this option.
Q. Is there any paperwork to complete?
A. Once the payoff amount has been calculated; simply send a check for the payoff amount to the office of Northern Indiana Funeral Care of Fort Wayne. If you have questions or need to find out the payoff amount contact the advance planning counselor who originally helped you plan. They can verify your policy number and will also make a note of your conversation so the payment can be identified when you send it in.
Q. Does this affect my funeral or cremation pre-arrangements?
A. Funeral or cremations plans are between the family and the Funeral Director and will not change as a result of this plan.
Q. How will I know when the transaction has been completed?
A. Once all processing has taken place, a paid up certificate will be mailed as proof that Unity Financials Early Payoff Plan has been exercised and that no further premiums are due.
Call us today at 877-382-2756 for more information about how you can pre-arrange and fund your funeral while saving money and relieving stress for your family. You can also request a free brochure here.