A prepaid funeral plan is a plan that gives you complete control over the kind of ceremony you have when your time comes. They are also a means of paying in advance for your funeral. They have become more and more appealing as the costs of funerals have increased each year with higher inflation rates. There are two ways in which you can buy a prepaid funeral plan. You can purchase plans from local funeral directors or from dedicated providers. When you buy from a provider, you get all of the services you want, but you may be subject to steep subsequent charges. You may not have church services covered, or a chapel in the prepaid funeral plan.
If you are interested in a prepaid funeral plan, it is important that you review the pros and cons before you sign up. One of the biggest pros is the economic incentive. A prepaid funeral plan can save you a lot of money so long as it is thoroughly research and agreed upon under the right circumstances. As you investigate and compare different plans, you should check into any hidden fees. Some of these plans must be paid in full up front while others can be paid out in monthly instalments. While instalments is good for people with fluctuating income, they are often ever so slightly more expensive than a lump sum payment. Of course, in both cases the total cost is less than what the funeral would be years from now. So economically a prepaid funeral plan is a great option.
Another pro is that you can arrange your ceremony exactly how you want it. You get to choose the funeral you want, the music you want, the hymns you want (if any), and where you want to be buried (if you choose burial over cremation). This means you have the greatest level of control and do not have to place the burden of decision on the shoulders of your loved ones. You can take the load off the minds of your loved ones with a prepaid funeral plan.
As for the cons, some of these plans are full of very fine print and hidden fees that are not properly evaluated up front. There are things such as cancellation fees that are sometimes included, or fees for any change in your plan. There may also be limitations such as the number of miles the funeral home will travel to collect the remains. If you are unaware of these items before you sign, they can cause quite a headache later one.
Another con is that the quality of service you opt for may not be what you expected. Some large organizations may not provide the same level of consideration as smaller funeral homes. They may lack the decorum and sensitivity that you want.
Overall it is important that you read the fine print and research your prepaid funeral thoroughly before you sign. While it is an economically sound option you need to be sure to thoroughly familiarize yourself with the agreement to avoid any unexpected charges.