The Neptune Society is a cremation company. They sell prepaid cremation policies. This is similar to companies that sell prepaid funeral arrangements.A friend of mine purchased a prepaid cremation account with the Neptune Society a while back. She recently received a letter telling her contract has been changed from one "held in trust in investment products held by a bank. In today's investment climate these bank investment vehicles are as advantageous as they once were and are recommending that we change to a whole life insurance product that appears to be a more suitable investment for hte purpose of funding your contact."The recommended insurance company is National Guardian Life Insurance Company." This is a company in Madison, Wisconsin.Neptune asks her to sign a document authorizing then to change the trust investment and purchase a "Single Premium Life Insurance Contract."My friend's question to me was essentially, "What the *!@ is going on." She is currently not on the Internet and asked me to do some research.I did some searching in regard to Neptune and found some complaints, which seem to be typical of complaints about the insurance industry in general. In my opinion, this is a very subjective matter. As far as this 65-year-old man is concerned, I would be perfectly happy if they bury my carcass in my backyard (which is five acres of woods on Whidbey Island in Puget Sound), without bothering with a casket or a ceremony, but anything my wife and daughter want to do is fine with me.In terms of my friend, like me an active gardener on Whidbey Island, she will be happy to have her ashes buried in her garden.For another person or their survivors, a $10,000 casket is well worth the price. If that is what you want, it is not a "rip off."My friend and her husband, close friends, are coming over for dinner tonight. I printed out the web pages for the insurance commissioners of Colorado, Wisconsin, and Washington State with their phone numbers.Colorado, because that seems to be where the most energetic complaints about Neptune are to be found. Their Insurance Commission has taken action against the company. Wisconsin, because that is the headquarters of National Guardian Life Insurance Company. As far as I can tell, they are a perfectly reputable insurance company.Washington State because that is where we (my friends and I) live.I am going to suggest that if she remains concerned, she call one or more of those insurance commissioners.I am posting this because I am inquiring if anyone reading this knows anything about the funeral industry, about the cremation sub categor of the funeral industry, about the "Neptune Society" (a name that makes it sound like a non-profit rather than a company--disingenuous to say the least), or about National Guardian, or any reason to be concerned about this request on the part of the company.This may be the most boring post ever placed in the Financial Scams topic. I hope so.
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