5 Things to Consider When Comparing Prepaid Funeral Plans

Jun 10, 2022 | Burial Insurance | 0 comments

prepaid funeral plans

Funerals cost thousands of dollars. When a family is grieving the loss of a loved one, they do not need the extra stress of having to figure out how to pay for a proper burial. 

Prepaid funeral plans can solve this problem. The right prepaid funeral insurance will alleviate your family’s financial stress and allow you to give them one last gift, even after you’ve died. 

There are multiple prepaid plans out there. Here are a few things to consider as you look at different plans. 

1. Payment Plans Are Available

Burials cost a lot of money. You might not have the money you need for a prepaid funeral plan today. Most companies offer payment plans, though.

When you choose to pay installments, establish how many installments you will have to pay and if you’ll have to pay interest on the unpaid balance. Then keep track of how many installments you pay. This way you’ll have a hard date for when you will stop paying for the prepaid funeral.

If you die before you’ve finished your installments, your family will have to pay the remaining balance. Ask the burial insurance company what arrangements you can make should this happen. 

2. Can Pay For Extra Services 

Burial insurance will typically pay for more than just the burial cost. Extra fees add up. It can pay for fees for the church, crematorium, and minister.

It could also include things like the coffin, transportation to the funeral venue, a notice in the paper, pallbearers, and flowers. 

When you’re asking about the extra services, ask about how your family will receive the money. Some companies place the money in a trust so that your family can only use it for the funeral. Other companies will have a check cut into the estate. 

3. Protects Your Family

Burial insurance ultimately protects your family from making rash decisions when they’re in distress. You can worry less about a funeral home taking advantage of your family’s fragile state of mind if you have a prepaid plan in place. 

4. Works No Matter Where You Live

A prepaid funeral plan works especially well if you live in or plan on moving to an area with a high cost of living. Funerals cost a great deal in general. If you live in a highly-populated area where burial space or crematorium space is limited, it could cost even more. 

Check the plan before you buy it to see if it applies to wherever you do live or will live. 

5. Solves Cash Flow Problems

Death happens at inconvenient times. Rarely can we afford to pay for a funeral. Paying for a premium now will prevent cash-flow problems for your family. 

Even if you have a savings account or a stash of cash for your funeral expenses, your family may not be able to access it in time for to pay funeral bills. A prepaid funeral insurance plans allow a family to have the cash they need to function as they grieve. 

Make Prepaid Funeral Plans Today 

Make your prepaid funeral plans today. Examine the policies carefully, and make sure you and your family can afford the plans. You will need to establish an affordable premium and a plan for what happens if you die before you’ve paid off the plan. 

Are you in the process of making funeral plans? If so, contact us. We offer a variety of burial insurance options. 

Our insurance agents are ready to answer your questions. Give us a call today. 

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