In case you didnt know it yet, yes, you can prepay your funeral and pay for the cost of your burial at todays prices, not at the prices when you pass away. You can pay for a prepaid funeral plan at your local funeral services – most of them would offer it.
Some people think that pre-paying for their funeral is morbid, however, it is actually a practical financial decision that offers some real benefits.
One of these benefits is true peace of mind. We really do not need to tell you, but the cost of burying someone who has passed away can actually cost thousands of dollars depending on the arrangements. What you want to do is to lower the cost by paying for it now, not at a later time when inflation would have made the cost of burial even more expensive. A funeral plan takes away the financial burden of funeral arrangements for those who are left behind.
For those who hold a funeral prepaid plan, it ensures that their preferences are carried out faithfully. Do you prefer to be cremated, or would you rather be buried? Prepaying your funeral ensures that you get what you want, even if youre no longer there to make sure of it.
Please take note that just like anything else, not all prepaid funeral plans are created alike, and while there are plans that are pure funeral plans, there are those that have an insurance aspect to it, and your beneficiaries could get a lump sum. What you want to do, however, is check different plans and compare their features. Most plans only offer a coffin, arrangements at your wake, flowers, and candles. Many do not include burial lot or cremation in their price. In other words, you might need to buy a cemetery lot or pay for your cremation separately.
But feel free to research on how the businesses in the death industry do business in your area.
You might think you need to pay a lump sum to prepay a funeral, however, there are actually plans out there that offer installment payments. Again, make sure to compare and do the math – it might be cheaper to pay a lump sum. Also, make sure that your money is held by a third-party trust company so you can still make a claim even if the funeral service goes out of business.