Do I pay cash in total when I pre-pay? Was told there was some kind of pre-planning that involves an insurance policy and payments
Question About Preplanned Funerals?
Funeral Planning Guide
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You are taking a risk by pre-paying.
Hope you are aware.
- If you move, you can’t get your money back
- Money paid today may not cover inflated future funeral costs
- Money you pay today for funeral arrangements may be needed for other, emergency purposes
- If payment is made in installments and you do not complete the payments, you can lose
- ***The seller of today’s funeral services may not be in business at the time of your death
- Your survivors may not be aware you have prepaid your funeral.
Personal opinon: I see no advantage in pre-paying.
I see advantage into opening a savings account for this purpose and telling the children, and making sure they are the beneficiaries of all my savings and checking accounts. And have a will in place…
Yes, or a payment plan. Or, you purchase the insurance policy, and the funeral parlor is the owner and beneficiary.
It is done both ways. You can pay upfront and the money is put into a bank account to pay for the funeral or you can get a life insurance policy with the funeral home as the beneficiary,