Parents On Getting Preneed Memorial Plan For Themselves: 'Iiyak Na Lang Ang Mga Maiiwanan'

When Smart Parenting recently posted a question on its online community page, Smart Parenting Village, if its members were in favor of getting a preneed memorial plan for themselves, the response was overwhelmingly positive.

Here are some of the responses stating the reasons, from practical and emotional to economic and even vanity:

"Yes. Para ready na po. Ang katwiran ko, kung sinuman ang mauna, iiyak na lang yung maiiwan. At wala na silang aalalahanin pa, lahat ay nakaayos na."

"Totally agree!!! Kung mahal mo ang pamilya mo, isa ito sa i prepare natin para hindi na mahirapan ang mga mahal natin sa buhay, nawala na nga tayo, mahihirapan pa sila kung saan kukuha ng panggatos para sa atin."

"Mabigat na sa damdamin, pero di sa bulsa.. mas mahirap kapag di ka handa.. pwede rin sya matransfer sa mga untimely death ng relative, family or friends."

"Yes of course! Actually I have one na fully paid na.. ayaw ko kasi na pangit na lamay at kabaong so pinaghandaan ko na. Haha!"

Indeed, "practical na ang mga tao ngayon," says Salve Cordero, who works at a sales and marketing agency of memorial parks that is also accredited by preneed plan providers.

Cordero recalls to us in a phone interview that she and her team used to do house-to-house calls back in the 1990s to sell memorial plans. Today, they already get calls from clients. She's now tasked to screen applicants to work as agents for GladPhil Sales Agency.

A memorial plan is also referred to as a preneed life plan because you will purchase it even before the need arises. It includes the basic package of memorial services (traditional burial or cremation), chapel for the wake or viewing, and casket or urn. But the memorial lot or columbarium vault is bought separately.

Advantages of availing a memorial plan

Aside from sparing family members, or "ang mga maiiwanan," the burden of paying for the deceased's funeral and burial expenses, there are other benefits of getting your own memorial plan.

1. Having a preneed plan will let you decide on your memorial services.

This may sound morbid to some people, but making the decision while you still can makes a lot of sense. You will unburden your loved ones from making difficult decisions, such as choosing between traditional burial and cremation.

2. A preneed plan is cheaper than buying at-need.

If preneed pertains to the prior need, at-need means now, or needed now. The total cost of memorial services, plus the casket or urn and other expenses, when availed at preneed price is comparatively lower than paid at-need, says Cordero.

3. Paying for a preneed plan is "mas magaang sa bulsa" compared to paying at-need.

A preneed plan can be paid in full (usually at a discounted price) or through installment basis in a span of generally five years. The terms of payments can be annual, semi-annual, quarterly, or monthly. So you'll have time to save up for each payment.

On the other hand, you or your family have to shell out anywhere from tens to hundreds of thousands of pesos when an untimely death occurs, and nobody has a preneed plan.

4. A preneed plan can be assignable or transferable.

You can assign your preneed plan to another person, a relative or not, in the event that he or she goes before you. This is valid even if you're still paying for your preneed plan. You'll just continue paying for the rest of the terms. But you may need to buy again for yourself as you had already assigned it to somebody else.

5. A preneed plan, memorial lot, or columbarium vault can be resold.

After buying memorial plans for yourself and your loved ones, and you still have extra funds, you may purchase more for investment purposes. You can sell your additional preneed plans to others who have to buy at-need.

6. A preneed plan may include a cash benefit for the deceased's beneficiary.

There are conditions, though, such as the planholder's demise occurred during the paying period of the preneed plan and that the planholder met the age requirement at the time of the demise.  

Tips in buying a preneed memorial plan

Here are some pointers from Salve Cordero, who has years of experience at a sales and marketing agency of memorial parks that is also accredited by preneed plan providers.

1. Go to a reputable agent or agency.

If you don't personally know the agent, you can call up the agency he or she represents for verification. Cordero cautions: "May mga nagpapanggap na ahente."

2. Try an agency that has several accreditations.

If you're not set on just one company that offers preneed memorial plans and you don't have the time (or the patience) to check out each one of them, you can enlist the help of an agency with several accreditations. It will give you options based on your preferred location, price, and package.

3. For personal use of a burial lot, buy one in a developed memorial park.

4. For investment purposes, buy one or several lots in a memorial park still in development to avail of the preselling prices.

Traditional burial vs. cremation packages

One of the repondents in the Smart Parenting Village's query on buying a memorial plan said she saw the value of cremation at the height of the COVID-19 pandemic. That was the time when all those who passed away were assumed to have the deadly virus (even if they had different causes of death), that's why they were automatically taken for cremation.

Thus, the respondent said in her comment that she went for the cremation package in her preneed memorial plan. But how does it compare in terms of prices with the traditional burial packages?

The traditional life plans at St. Peter Life Plan and Chapels, for instance, start at Php825 monthly for the contract price of Php43,000 (prices are subject to change) and can go as high as Php2,280 monthly for the contract price of Php120,000 (prices are subject to change).

There are two options for the cremation packages, depending on when you want the mortuary services to take place. Cremation after viewing costs Php1,880 monthly for the contract price of Php99,000 (prices are subject to change). Cremation before viewing costs Php1,255 monthly for the contract price of Php66,000 (prices are subject to change).

Read here for tips on buying a life insurance.