This product is underwritten by Great Western Insurance Company, a Wellabe company.
Our mission at Wellabe is to ensure you and your family are well prepared, well protected, and well loved. Our Preneed Funeral insurance plans help prepare you for tomorrow so you can live better today. Advance funeral planning allows you to do more, worry less, and make every day better.
You usually don’t grasp how expensive and overwhelming it can be to plan a funeral until you lose a loved one. That’s when you face questions like, “What were my loved one’s wishes?” and “How am I going to pay the funeral expenses?”
We’re here to help you answer those questions, not only to minimize tough decisions for your family but also to alleviate their financial burden.
Wellabe’s Preneed plans not only help you fund a funeral, but they also help you make your final wishes known. You tell your story the way you want and leave no expenses for the ones you leave behind.
Preneed Funeral insurance funds a funeral service agreement between you and a specific funeral home. You decide every element you want included in your funeral service, which includes everything from the casket to flowers to transportation for the family. The funeral home director totals the costs, and that amount is the basis for your Preneed insurance plan.
Over time, inflation will cause funeral costs to increase. But a funeral contract combined with a Preneed insurance plan can offset inflation for the services you include in your policy — essentially “locking in” the cost at today’s rate. You can either pay the amount in one installment or through monthly premiums. Upon death, the funds are used to pay the funeral home for your funeral.
Preplanning a funeral also allows you time to understand the process and make clear choices that are right for you and your loved ones. You can decide if you want a burial or cremation, select a casket or urn, and even prearrange incidentals at the ceremony.
Best of all, advance funeral planning makes the entire process easier for your family. Your wishes are spelled out clearly, so it eliminates all the guesswork. They won’t need to wonder what kind of service you wanted or whether you desired a burial vs. cremation. Every detail will be outlined in advance, so they won’t be overwhelmed with choices while grieving.
Wellabe’s Preneed insurance plans are specifically designed to keep pace with an ever-changing funeral market. Your premiums will never be increased, and your policy will never be discontinued as long as the premiums are paid on time. Your health may dictate which plan you qualify for, but you won’t be denied a policy based upon poor health.
The Voyage plan is designed so you’ll never pay more in premiums than what gets returned in the death benefit. It can be paid in a single payment, one-year plan,1 or through multi-year payment plans based on age. Two simple health questions qualify you for first-day coverage; otherwise, a graded death benefit is available. (Please scroll down to the FAQ section for a definition of graded death benefit.)
The Course plan is designed to provide a favorable growth rate on the dollar amount of the policy. Its premiums are slightly lower than the Voyage product. It also can be paid in a single payment, one-year plan,2 or through multi-year payment plans based on age. Two simple health questions qualify you for first-day or immediate full coverage; otherwise, a graded death benefit is available.
The Destination plan is a single-payment annuity designed for a funeral service that is only weeks or months away. Health questions are not required. The death benefit is whichever is greater — the premium paid or the cash value.
Voyage plan | Course plan | Destination plan | |||
|---|---|---|---|---|---|
Payment options and issue ages | |||||
• One year*: Ages 0-89 • Three-year: Ages 0-87 • Five-year: Ages 0-85 • Ten-year: Ages 0-80 • Single Premium: A single payment option is available for ages 0-100. Questions about the applicant's health are not required for enrollment. | This single plan is available to all ages. Questions about the applicant's health are not required for enrollment. | ||||
Face amounts | |||||
• Single payment: $500–$24,999 • Multi-payment: $750–$24,999 | • Payment amounts: $500–$24,999 | ||||
Additional features | |||||
• Standard Away-from-home rider: For policies with a face amount of $2,000 or more when death occurs 250 miles or more away from the applicant's residence, this rider is provided at no-cost and pays a benefit of $500. • Away-from-home supplemental rider: Optional rider that will pay a benefit of $500 if death occurs 250 miles or more away from the applicant's permanent residence. The applicant can purchase the rider at the time of application for a one-time payment of $10. • Grandchild rider: Optional rider for policies with a face amount of $2,500 or more that will pay a one-time benefit of $2,500 on the death of an eligible grandchild. An applicant can purchase this rider at the time of application for a one-time payment of $10. • Add-on rider: An applicant can purchase extra coverage on an existing policy by using an add-on rider form. Coverage will need to be added in increments of $250 or more. | • Conversion option: Annuities that are still active after 11 months can be converted to a single premium life insurance policy, unless elected otherwise. • Additional funds: Additional money can be added at anytime. | ||||
* A Course One-year payment plan is guaranteed issue only, and a Voyage One-year payment plan is first-day coverage only. | |||||
Preneed Funeral insurance is a type of permanent life insurance that only covers your funeral expenses. It’s purchased through a funeral home, which becomes your insurance beneficiary. You attend a preplanning appointment with your funeral home director, where you choose every feature you want included in your funeral service. The funeral home director totals the costs, and that amount is the basis for your Preneed Funeral insurance plan. It also holds that rate for the cost of your funeral, regardless of inflation. Upon death, the funds are given to the funeral home to pay for your funeral.
Graded means the benefit is paid out according to how long you’ve had the policy and is usually provided in percentages, e.g., 30% of the policy amount within Year 1, 70% within Year 2, etc.
If your goals are to combat funeral inflation and to make sure you have the funeral you want without affecting your family’s finances, then you may consider Preneed Funeral insurance and advance planning worth it. Every detail of your Preneed Funeral insurance plan will be outlined in advance, so your grieving family won’t be overwhelmed with decisions. And the funeral costs will be locked in at today’s rate and paid to the funeral home at the time of your funeral.
Our Preneed plans have two types of growth rates – simple and compound. A simple growth rate adds a certain percentage of the total policy amount each month. So as long as the rate stays the same, the increase is the same number of dollars each month. For example, if you have a $10,000 policy and a consistent simple growth rate of 1%, $100 will be added to your policy each month.
A compound growth rate increases the death benefit by a percentage of the prior death benefit each month. So as long as the rate stays the same, the amount of increase each month will get larger over time. For example, if you have a $10,000 policy and a consistent compound growth rate of 1%, $100 will be added to your policy the first month, $101 will be added the second month, $102.01 will be added the second month, $103.03 will be added the third month, and so on.
Cash surrender value is the actual amount of money you will receive if you choose to terminate a permanent life insurance policy before its maturity date or death.
Absolutely. As long as the other person is aware and approves, you can coordinate funeral insurance coverage for another individual. To see make sure their end-of-life services fit their vision, it’s best to loop in the other party during the process of the actual planning.
Call 800-995-9010 or click below to connect with a funeral home partner near you who provides Wellabe's Preneed Funeral insurance.
50-01-00007 US
06-23
