
Prepaid Funeral Plans: How To Choose Your Best Option
by
Tom Harries
by
Tom Harries
Prepaid Funerals
|
January 9, 2022
Prepaid funerals are an increasingly popular option for end-of-life planning, and could be a good investment for you and your family.
Funerals are expensive in the US โ it is not uncommon for a funeral to cost more than $10,000, while the average cost of a funeral is about $7,000. Prepaid funerals might be a worthwhile consideration as part of your end-of-life planning process, helping to plan for this expense and to avoid placing the future financial and emotional burden on family members.
There are several considerations when choosing a prepaid funeral plan, such as cost, payment options and funeral preferences. By taking the time to compare the scope and features of prepaid funeral plans, you can find the most suitable option for your needs today and in the future.
This article looks at prepaid funerals in more detail, including what they are, how they work, and some of the pros and cons, which extend beyond just financial considerations.
Prepaid funerals, also sometimes called "pre-need" or "pre-arranged" funerals, are a way to pay for funeral services in advance so you donโt have to worry about costs in the future.
The funeral provider agrees to provide specific services for a fixed price, which you pay for in advance. You can purchase a prepaid funeral plan directly from a funeral home or alternatively through an insurance company or third party provider.
The prepaid funeral plan allows you to lock in a guaranteed price for your funeral and gives you a number of benefits in addition to the guarantee.
Before you prepay for a funeral, it's important to know how these plans work.
The fundamental element is the prepayment, and this can differ in both method and timing. The main options are:
Plans also vary significantly in terms of what is included, with packages ranging from very basic services to comprehensive arrangements.
Some prepaid funeral plans allow you to choose which funeral home or service you want to use. Other plans offer a list of approved funeral homes in the area. It is important to understand what you have agreed to and what flexibility is allowed, in case you move to another area later in life.
The cost of a prepaid funeral plan depends on several factors, including the type of services desired, the price of the chosen services, and the location where they will be performed. In addition, different funeral homes and providers have particular costs and fees associated with purchasing or canceling their prepaid plans.
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There are many reasons to purchase a prepaid funeral plan โ avoiding the stress of your family making funeral arrangements at an emotionally vulnerable time, and not worrying about how your future funeral costs will be paid for.
The advantage of prepaid funerals is that they usually cost less than funerals planned at the time of death, the prices are locked in when you buy the plan, and they're guaranteed to include the services you selected.
There can be disadvantages as well, including a potential lack of flexibility if family circumstances change, long-term contracts that lock individuals into costly options and less control over the actual funeral service itself. Families should also be aware of hidden or possible fees involved in canceling or modifying paid-for contracts.
Below are some of the most significant advantages and disadvantages of prepaid funeral planning.
Advantages of Prepaid Funeral Planning:
Disadvantages to Prepaying for Funeral Services:
It is important to fully understand what expenses a particular prepaid funeral plan covers. In many cases, this will be limited to the cost of the casket and burial plot or cremation and urn. With some plans, you can also cover additional expenses such as flowers, obituary notices and death certificates.
Typical expenses covered by a prepaid funeral plan include:
In most cases, a prepaid funeral plan wonโt cover:
At Earth, we specialize in soil transformation services. Soil Transformation, also known as human composting and natural organic reduction, involves the gentle transformation of a body into nutrient-rich soil. Families choose how much soil they like returned - to scatter or plant - with the remainder sent to local conservation sites for land restoration purposes.
If you are interested in a prepaid plan, you can read about our services and get an instant online quote.
Whether you need our services soon or youโre planning for the future, weโre here to help.
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