Pre-Need Insurance
The celebration of your life is an important event!
All through your life you have made decisions with your family’s best interests in mind… providing a home, saving for college, and taking out insurance. You have prepared for tomorrow by thinking of today. Prearranging your funeral is yet another way to show your family how much you care.
A funeral is probably the last thing you or your family want to think about today, but the stress to your family can be overwhelming when they need to make immediate decisions regarding your specific wishes. Give yourself peace of mind and take the time now to consider prearranging your funeral with a Pekin Pathway prearrangement plan.
Pederson Funeral Home has chosen to use the Pathway prearrangement plan from Pekin Life Insurance Company. We are required by law to place money given to us in prearranging your funeral into a “trust” agreement. Pre-need insurance is used for this purpose. This specialized insurance gives us a method to satisfy the “trusting” requirements by using the money you have paid in advance as a payment towards the purchase of insurance. At death, the family is spared the cost of the funeral because the death benefit from the insurance policy pays for the funeral. Here are the types of plans that we offer.
Pathway Single Pay – The single pay plan is issued from age 0 through 95. Everyone qualifies for this plan as there are no medical questions to be answered. The face amount of the policy is payable if death occurs beginning with month seven A reduced benefit is payable if death occurs during the first six months. The Single Pay plan may receive face amount increases at each policy anniversary, and they are based on interest compounded annually. These face amount increases are prorated to the month of death beginning month seven.
Pathway Multi-Pay – Everyone qualifies for this plan. It is issued from age 0 through 80. There are no medical questions to be answered. The face amount of the policy is payable if death occurs beginning with year three. A reduced benefit is payable if death occurs during the first two years. The Multi-Pay plan may receive face amount increases at each policy anniversary, and they are based on simple interest. Plans are available on a 3-year, 5-year, 7-year and 10-year payment plan basis.
Pathway Annuity – the annuity can be used for issue ages 96-99 and can be purchased in a lump sum. Flexible payments can be made at younger ages where multi-pay life insurance is not feasible. It is a non-qualified plan.
You will have peace of mind and your family will be relieved that you thought ahead and prearranged with the Pathway plan from Pekin Life Insurance Company.
