Is the Illinois Funeral Directors Association and ILLINOIS FUNERAL DIRECTORS BEING LOWERED INTO THEIR GRAVE? This not ramblings. It is reported to be happening.
One thing is for certain-The IFDA Preneed Trust Graveside Ceremony has begun. The trust is not taking on new funds. The Trustee of the Fund Merrill Lynch has pulled out. AND…..
It is now being reported that The Illinois Department of Banking has pulled the Cease and Desist order allowing Funeral Directors and the Association to take money out of the Fund.
Good For Illinois Funeral Directors and the Association Right? NOT
The fund has declined by at least 33%. On IFDA preneed policies -the Funeral Home needs to pay the difference if You the CONSUMER Die.
Some Funeral Home’s have $500,000 USD or more worth of preneed policies. In all likehood Funeral homes in the State will go under as the IFDA Trusts value continues to decline with the Funeral Industry‘s demise in 2010.
Funeral Industry| Funeral News | Funeral Blog by Your Funeral Guy.
The overall Picture is not good news for the Average Cost of the Funeral for Illinois In 2010.
My advice choose cremation or another alternative funeral service.
It was reported Here:
“Springfield, Ill – The Illinois Department of Financial and Professional Regulation, Division of Banking, has lifted its cease and desist order that has prevented funeral directors from transferring funds from the state’s beleaguered Preneed Trust Fund, except to pay for funerals. The Illinois Funeral Directors Association (IFDA), however, has requested a hearing to determine how much the fund is actually worth and what exactly are the ramifications for funeral directors who decide to cash out.”- Memorial Business Journal
How does this apply to Funeral Lawsuits on this matter?
How will it affect the Illinois Governors Race in 2010