Keeping your money aside for any significant expenses is always an intelligent decision, and the same is true when it comes to funerals. There is a concept called pre-paid funerals, which is becoming quite popular.
More and more people are planning their funerals. This is to save all their loved ones from the stress and financial burden during the emotional time. However, making your arrangements have other benefits too, you will be able to choose the type of service you want.
But do all pre-paid funeral plans make sense when you think about finance? In this article, we will discuss important points about this service and help you decide if you should opt for this service.
The benefits of pre-paid funeral services would include:
- You will gain peace of mind by planning your funeral services according to your preference. Also, this will relieve your loved ones from the stress of arranging your funeral in tough times.
- Everything will be done according to your preferences, from choosing the cemetery plot to arranging the type of funeral you want.
- You will get all the services at today’s price even if the costs of funeral services go up in the future.
- You can opt for your chosen funeral home without any worries.
There are several benefits of this service as well, like:
- The funeral home you have booked may go out of business in the future. If this happens, it will leave your loved ones with the costs despite your efforts. Thus, take time to choose the right funeral home.
- Remember that most pre-paid plans, when it comes to funeral homes, will not transfer. So, for example, if you have a contract with one funeral home, but you die in some other location, then in most cases, they will not transfer your plan to the new funeral home.
- You might not get refunded in case you change your mind about getting the services or if you decide to pay for your funeral services separately.
Thus, you should always weigh the pros and cons before deciding whether you should pay for your pre-paid funeral plans in advance.
You can also purchase funeral insurance and pay for this expense without stressing or creating a burden on your loved ones. The insurance policy would cover many things, including your funeral cost, along with things like credit card debt and other utility expenses. These are much more flexible than the pre-paid plans, and they come with many additional benefits. Also, it helps in building a cash value. Thus, you can go for funeral insurance policies rather than the pre-paid funeral services to enjoy more benefits and consider lesser hassles.
