Important Things to Know About Prepaid Funeral Plans
Funeral plans are a great way of avoiding a lot of financial strain to family and friends during the time of bereavement. For families looking to avoid high costs when death occurs, it is important that they consider entering into prepaid funeral plans. Recently, funeral plans have received a lot of bad press. However, not all the information available out there is not accurate.
Here are some of the most important things to know about prepaid funeral plans:
What is the reason why you should make a pre-payment?
One of the reasons why you should plan for your own funeral is to ease the burden to the survivors when making decisions after your death. Make sure you decide on the kind of funeral you would like to have and pay for it in advance. With a prepayment, you have assets to help you get a decent send-off.
There is no denying the fact that some people still doubt if they should really enrol in a prepaid scheme. But that hasn’t made this investment option any lesser when it comes to its popularity. In fact, millions of elderly individuals are already taking up prepayment as a way of footing funeral expenses when they are gone.
What exactly do prepaid funeral plans mean?
There are various plans which can be taken out, depending on your requirements. There are also options to pay either a lump sum, or interest free for 2 years. We can also create a plan to pay anything up to 10 years.
What to ask before you sign up for a funeral plan
If you have any concerns about prepaid funeral plans, it is important that you get as much information as you can. But you can’t do that without first asking the right questions. Make sure you find out the following:
- What happens to your money when you pre-pay it? Where does the interest earned on the money in a trust fund go?
- What guarantees that your funeral expenses will be paid if the funeral home or cemetery goes out of business? Do you have any protection?
- What if you change your mind? Can you qualify for a full refund when you cancel the contract?
- What if you move to another area or die away from your home?