What is really a Prepaid Funeral Contract?
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Interested in getting covered in case of an unforeseen death more than 75 miles from home? Click here to learn more. Find the facts of why this is important. ¿Está usted interesado(a) en ser o estar cubierto(a)/protejido(a) en caso de una muerte repentina a más de 75 millas de su hogar? Dele aquí para averiguar más. Aprenda los factores de el porqué esto es bien importante.
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Information About Prepaid Funeral Planning: The Following Information Can Help You Understand Prepaid Funeral Contract Funding Options, Read It Carefully. The contract you are considering purchasing is commonly known/called a prepaid funeral contract. The prepaid funeral contract will impose conditions on you (the buyer), the seller or permit holder, and the funeral provider. TEXAS law grants you certain rights, protections, and options.
For example, in TEXAS, a prepaid funeral contract can be funded by a trust or by insurance. A seller may offer one or both funding types.
1. In a trust-funded prepaid funeral contract, payments are placed in an approved interest bearing restricted bank account or formal trust account to pay for the future costs of the selected funeral goods and services. Payments on the contract are made to the seller.
In most trust-funded contracts, the seller and the funeral provider are the same entity.
2. In an insurance-funded prepaid funeral contract, payments are used to purchase and insurance policy or annuity to pay for the future cost of the selected funeral goods and services.
Payments on the insurance policy or annuity funding the contract are made to the insurance company.
STATUES AND RULES: (The statute or the law requires a seller to provide an informational brochure to each potential purchaser of a prepaid funeral contract beginning June 1, 2010. However, we want to make sure you have the most outstanding information from the Texas DOB, so before you continue read the following).
The Law and Guidance Manual (Manual) is maintained on the Department of Banking’s website. Changes made since the last update of the Manual are included in the New Actions table. Before entering the Law & Guidance Manual, review the new actions table for items that may be of interest to you but that have not yet been incorporated into the web based Manual.
Prepaid funeral contract statutes and rules are codified under Chapter 154 of the Texas Finance Code and Title 7, Chapter 25 of the Texas Administrative Code, respectively. Statutes are passed by the Texas State Legislature when in session and rules are written by the Department to help clarify and enforce the statutes where needed. Rules are presented to the Texas Finance Commission, the Department’s oversight body, for their review and approval. The web based Manual includes search and finding aids at the top and/or left margin of the screen to help you locate statutes, rules or other guidance included in the Manual.
You have shown that you are an organized person by just registering with us, that says lots about you. We will continue to send you information about prepaid funeral planning, unless you tell us otherwise. We are committed to keep our customers informed, because we believe that an informed decision is the best decision. Don’t forget to check out the information about TRPPs, you’ll be glad you did.
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Yours Truly,
Grisel Tirado
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