Pros and Cons of Prepaid Funerals
A preplanned funeral is a considerate way to relieve surviving loved ones of the burden of making funeral arrangements in a time of grief. Many people assume that preplanning a funeral is the same as prepaying for it. This is not the case. While a prepaid funeral can ease the financial burden for survivors, there are several factors to consider before purchasing what is known in the funeral industry as “pre-need” funeral arrangements.
These are the benefits of prepaid funerals:
These are some of the risks of prepaid funerals:
- Your loved ones can focus on mourning your death rather than worrying about arranging your funeral and burial or cremation.
- You will have control over most of the details of your funeral and internment.
- You can determine exactly how much money is spent on your funeral and rest easy in the knowledge that your survivors won’t spend too much or too little.
Like all major financial purchases, be sure to carefully consider both the benefits and risks of prepaid funerals before making a purchase decision. Remember that you can always put aside money yourself for funeral arrangements and then specify your wishes in your Will. You can read more about the pros can cons of prepaid funerals at The Motley Fool.
- The money you pay is usually nonrefundable, making it difficult to change your plans.
- Your payment could be misappropriated or the companies involved could go out of business.
- There could be hidden fees that your survivors would be responsible for.
November 2, 2010