Funding Options

How Do You Pre-Pay For a Funeral?

You may select one of three ways to pre-pay for a funeral:

  • Pre-payment in Full - The first method is to make a payment in full. Once fully paid this provides you the McCullough Raiguel’s INFLATION SAFEGUARD guarantee that your family will never pay more for your funeral.
  • Monthly Payment Plans - The second option is for those who wish or cannot afford to pre-pay in full. We have several payment plans to choose from allowing you to pay over a period of time, (i.e. 1, 3, 5, 7 or 10 years). This plan could also qualify you for the McCullough Raiguel’s INFLATION SAFEGUARD guarantee that you or your family will never pay more, discuss this option with one of our advance planning advisors.
  • Personal Insurance Policies - The last option is to assign your existing life insurance policy. For those who choose this option, your existing insurance policy will not guarantee your funeral cost at the time of death. However, the price of the funeral will be determined at the time of your death and the value of the insurance policy will be applied towards that cost, potentially leaving a balance due from your family. There are still advantages to assigning your policy, please ask your advance planning advisor for details.

Is My Funding Secure?

All funds are placed in a special interest-bearing account; a copy is submitted to either West Virginia or Ohio state officials that monitor these accounts on behalf of the consumer. These accounts can only be used at the time of death and cannot be accessed by the funeral home, family or others until the time of death.

What if I Move?

The funds placed into an advanced funeral plan can only be used for your funeral. When you move, the funds can be transferred or assigned to another funeral home.

Are Pre-Paid Accounts Taxable to Me?

Some of our plans provide life insurance benefits that are exempt from federal income tax when paid to a named beneficiary. Neither the increasing value of the coverage nor the total benefits paid at the time of death are federal income taxable. However, some of our plans are placed in a funeral trust at the bank. These trusts may have income that is taxable to the named beneficiary. Discuss your options with our advance planning specialists.

McCullough Raiguel Funeral Homes & Crematory
Phone: (304) 643-2913 | Fax: (304) 643-2351
1200 E Main Street,
PO Box 204, Harrisville, WV 26362
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McCullough Raiguel Funeral Homes & Crematory
Phone: (304) 659-2251 | Fax: (304) 659-2978
447 W Myles Avenue,
PO Box 485, Pennsboro, WV 26415
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