Burial Insurance Topics
What Are The Advantages And Disadvantages Of Prepaid Funerals?
As with all things in life, there are good things and “not so good” things about prepaid funerals. Whilst they are very often a good idea and alleviate problems for the loved ones which are left behind, there are some disadvantages which you need to be aware of.
Advantages of Prepaid Funerals
- The final wishes of the deceased are known without any shadow of a doubt, and paid for (if they finished all of the payments).
- Surviving family and loved ones don’t have to make any decisions about the funeral etc at such an emotional time immediately after the death. It can also help to cut out arguments!
- Everything can be sorted out in good time.
- The deceased and the survivors can talk it through and make the decisions together.
- The money which has been paid into a prepaid funeral plan is not included in any calculations to determine eligibility for Medicaid.
- Paying for a funeral in advance means that the family aren’t left with escalating costs later.
- You have the presence of mind that you have organized every last detail of your own funeral – some might find that a bit weird but there you are.
Disadvantages of Prepaid Funerals
- The deceased may end up stuck with a funeral plot they don’t want.
- You might find it difficult to amend any of the arrangements.
- The prepaid funeral policy might be cancelled if you are late with just one measly monthly payment.
- Once you’ve bought your plot, ground care on it could stop!
- You might actually end up paying more than is necessary.
- You are, in effect, paying a finance charge on services which you haven’t actually received yet.
- Products are generally sold “as is”.
- Your prepaid funeral policy could very well be non-refundable.
- You could end up paying inflated prices for inferior goods – casket, urn, services.
- You might have trouble transferring the policy if you move out of the area.
- If you request a refund you might have to pay as much as 1/3 in sales charges.
- The company might even have ceased trading before you die (the funeral director might not live as long as you do)
- If you die before you’ve paid for the whole plan, you might find that the agreement isn’t honored in full.
- The funeral home could withdraw the interest in the name of “administrative fees”.
So you see, there are good things and not so good things about prepaid funeral plans. The important thing to remember is, that if you do decide to pay for your funeral in advance, make sure that you read all of the small print, dot the “i’s” and cross the “t’s” and know exactly what the ins and outs are of your chosen prepaid funeral plan.
Free Burial Insurance Rate Quote
Most people who are searching online for burial insurance don’t realize that funeral insurance is essentially life insurance. A very inexpensive way to obtain quality burial insurance is to get several, free life insurance quotes.
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Burial insurance (aka funeral insurance) is a basic issue life insurance policy that covers people until they reach 100 years old. Burial insurance (also known as funeral insurance) is promoted as a way to pay in advance for your funeral expenses so that your loved ones won’t have to pay for your funeral. There are many things you can do to make your death easier on the wallets of those you love. Preplanning your funeral saves money and grief, as well as deciding whether you want to be buried in a casket or cremated and put into and urn, figuring out who gets what part of your estate and all the related turmoil associated with the end of life.
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