To avoid leaving their loved ones with an unwanted burden, many people today choose to plan and pay for their funerals in advance. By pre-planning, individuals can be assured that their last wishes are carried out, thereby removing the guesswork for surviving family members. And, by pre-paying, individuals can also be assured that the financial burden of paying for their final expenses does not fall on loved ones.

This course examines Virginia laws governing the sale of preneed funeral contracts, including the requirements for holding funds in trust, using preneed funds to purchase life insurance or annuity contracts, and ensuring that certain consumer protection provisions are included in contracts. The course also explores when a preneed funeral contract may be terminated by the contract buyer and the solicitation, disclosure, and recordkeeping rules that preneed contract sellers must comply with.

Upon conclusion of this course, you will be able to:

• state the terms that must be included in a preneed contract
• explain the requirements for depositing preneed contract payments into trust accounts
• discuss the process when a preneed contract terminates
• differentiate between guaranteed versus nonguaranteed contract pricing
• discuss how a preneed contract can be funded with life insurance or an annuity
• understand the steps to be taken to protect preneed contract funds when a funeral service establishment goes out of business or is sold to another funeral service establishment
• explain the pre-need professional's role and ethical duties when working with clients