Arranging a funeral can be overwhelming for those grieving.wildpixel/iStockPhoto / Getty Images
It’s not always the most wonderful time of the year. More Canadians die in December and January than in any other months, which means the holidays are filled with grief for some.
And if the deceased didn’t plan in advance, arranging funerals can be gut-wrenching and full of overwhelming questions: What type of service? Burial or cremation? What about flowers and pamphlets?
People often end up booking the nearby funeral home, making decisions on the fly. They’re just not in the headspace to compare costs and options, says Mark Duffey, president and chief executive officer at Everest Funeral Package LLC in Houston.
Everest, which also has offices in Canada and the U.K., sells small life insurance policies earmarked for paying final expenses (with a maximum $50,000 face value). Mr. Duffey says policyholders receive complimentary concierge services to help them make the best choices for their funeral in advance.
Mr. Duffey spoke with Globe Advisor recently.
What don’t advisors get about death planning?
When my father passed away, I had planned well. We knew it was coming. But when death actually happens, it still hits you like a hammer blow. While my advisors did help me, the fact is, you still have to make 100 decisions within 24 hours. Many advisors are ill-equipped to be able to handle that part. That’s not what they’re trained for.
But the funeral home can also help families during the process, right?
With funeral homes, consumers still fear being taken advantage of and not being able to afford the service.
What sort of concierge services do Everest’s policyholders receive?
We represent consumers as an unbiased advocate. We have licensed funeral directors on staff who work with the family to arrange everything. You don’t have to worry about going into a funeral home and trying to negotiate something when you’re grieving. We handle all of that for you.
We have a database of funeral home prices in Canada, and we’re independent. As part of our concierge services, we offer document storage, estate planning consultations and 24/7 access to our funeral advisors.
How are you paid for these services?
We have no revenue stream from any funeral home. Our services are included if the person purchases a final expense insurance policy through us.
How does this differ from a pre-need policy purchased from the funeral home or life insurance people buy on their own?
A person can prepay for a funeral, but then the person is locked into that funeral home. Maybe you paid for a traditional funeral, but then 10 years later, you decide you want a direct cremation. You’re not getting any money back; you’ve just paid for the funeral.
Our policies operate like other life insurance policies. The face amount pays out directly to the beneficiary. If a policyholder pays for a $50,000 policy, the beneficiary gets $50,000. They can spend it on a funeral, or they can go on a cruise. They use it as they wish.
This interview has been edited and condensed.
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