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Pre-Funding Options

Q: How does Prefunding work?

After you have selected the services and merchandise that fits your needs you have several options in regards to prefunding. You may choose to prepay in full, pay for a selected service or merchandise item, or start a payment plan.

Q: What happens when I make a payment?

The item or items you have paid for will be noted paid. The funeral home does not get to keep your money. Indiana law requires the funeral home to deposit your prepaid monies with a third party. This third party holds the money until the services are performed by the funeral home. Waters Funeral Home utilizes three companies to hold prepaid monies: Funeral Directors Life Insurance Company, Investors Heritage Life Insurance Company, and Masterchoice.

Monies collected for services and merchandise is guaranteed. You will never be charged for price increases over time. This is one major reason people choose to prepay their services. You may pay for your funeral today and not have to pay more when prices go up over time.

The prepaid monies will become a part of an irrevocable funeral contract. This means that they cannot be claimed by anyone other than the funeral of your choice – after they have completed services.

Q: How does a payment plan work?

After selecting services and merchandise that fit your needs you may choose to start an installment contract. We can build a payment plan to fit your needs, whether you pay monthly, quarterly, or yearly.

You have two options concerning payment plans:

  1. We can help you apply for insurance coverage to cover your funeral contract. Upon approval, your funeral contract will be covered if you pass away before the end of your term. Health questions and a review will apply.
  2. If you choose not to select insurance coverage, Waters Funeral Homes offers another payment plan that may fit your needs. You can choose to pay over time (up to 10 years). Once you have made your final payment, your funeral is paid in full. If by chance, you would happen to pass away before your contract is paid in full, your family will have a sum of money to apply towards the balance of the funeral.

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