While prepaying for your funeral sounds like it is a good plan, this isn't always the case. This is an option many people consider as they look for ways to make the process easier for heirs and children when they pass. However, before you look into prepayment plans and burial insurance, it is important to understand all the factors that go into this decision.
The Funeral Home
If you choose to purchase a prepayment plan at the funeral home of your choice in , you are dependent on the funeral home actually still being there in the future. Things can happen, and that funeral home you have chosen may not be around when you pass away. This means they may be unable to fulfill their obligation.
Over the last year, funeral costs have been averaging $6,500. This total does not include the burial fees, plot, and headstone. It also may not include the obituary, flowers for the service, and other services. When factoring in all these prices, the average funeral can quickly average around $10,000.
For this reason, you need to comparison shop when it comes to choosing a prepayment plan or burial insurance. Don't settle on the first policy you come across.
The Fine Print
Funeral prepayment plans also have a ton of fine print to wade through, and the contracts can vary from plan to plan. Even with the purchase of a guaranteed installment plan, it may not cover all of the expenditures involved when it comes time for the family to pay. There may be additional fees involved.
So, do your research and consult with professionals that can help lead you in the right direction when it comes to finding the right coverage options.
The Problem with Some Prepayment Options
Lots can go wrong when you choose the wrong prepayment plan. This is why it is so important to consult with experts before you make any financial decisions regarding your final expenses.
Burial insurance is a life insurance policy with death benefits that can be used by the beneficiaries in any way they choose. You don't have to worry about the availability of a particular funeral home if you prepaid, and you don't have to worry about the additional fees or hidden costs that often come with some prepayment arrangements.
The Benefits of Burial Insurance
With a burial insurance policy in place, the beneficiaries can use the death benefits for all final expenses, including any outstanding bills, legal costs and fees, debt, and the costs involved with the funeral or cremation.
It is a form of permanent life insurance with a small death benefit that is easy to get. Burial insurance doesn’t require a medical exam, and there are affordable options available to fit any budget.
Some prepaid funeral plans may not cover as much as you would expect but do allow you to plan for the future well in advance. However, when looking at all of your prepayment options, burial insurance is something that should be considered.
For more information on burial insurance for yourself or a loved one, contact the professionals at https://burialinsurancenetwork.com in today.