What happens to the money when we pre-pay our funerals with Spence Funeral Services?

In Pennsylvania, funeral directors are required by law to deposit in escrow or trust the entire amount of the monies received by the funeral director for future expenses. None of this money is available to the funeral director until the death of the one for whom the funds were set aside. There are a number of financial instruments available for pre-funding funerals. Spence Funeral Services typically utilizes an insurance policy designed for this very purpose. Your money is invested, and you receive an insurance policy outlining your particular coverage. Throughout your lifetime, the value of the policy will increase. The growth remains in the policy and is designed to offset future price increases. Although we cannot guarantee that the growth will always cover price increases for cemetery charges, newspapers, etc., we do guarantee the costs of our services and merchandise. If there is money remaining after expenses have been paid, the balance returns to the beneficiary of the policy or the estate.