Today's Chicago Tribune contains a story on poor market conditions and pre-paid funerals in Illinois. Some of those who pre-paid discovered recently that their initial investments will fall short thanks to the abysmal market conditions. The fund suffered from poor management and what appears to be a complete lack of foresight for a potential downturn. It appears that funeral directors and state regulators bought into the ever-sunny predictions for continual growth thanks to the market. But as some are learning, such as Lyn Canger, they are being left in the cold:
"Canger of Lake Zurich said she only learned a few weeks ago that her father-in-law's account had fallen in value after calling the funeral director that sold the contract. The balance in his account dropped from a high of $5,522.46 in September to $3,772.25, a 32 percent decline. While her contract guarantees the original deposit of $4,731.16, Canger is afraid the final funeral bill will be more than that."
The new estimate for the funeral includes up to an extra three thousand dollars.
The gentle, invisible hand of the market comforts you in your final hours
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