The Pros and Cons of a Prepaid Funeral

More people nowadays are choosing to pay for their funeral in advance, rather than setting money aside or hoping that their family can afford it when they pass. The concept of prepaid funerals is a growing trend, and something to consider for yourself or family member.

Pro – Peace of Mind

When you prepay for your funeral, you are also buying peace of mind. You know that your funeral will be exactly what you want. You will get the casket, service, and burial options that you want. You also know that your loved ones will not have to pay for your funeral, because you have already taken care of it. For many, prepaying for their funeral is an act of love, and to relieve some of the burden from their loved ones left behind.

Pro – Save Money

When you pay for your funeral now, you will likely save money. The cost of your casket may be $1,000 today, but in 20 years it may cost twice that amount. You are paying current prices for a future funeral which may have cost much more.

Con – No Guarantees

There are no guarantees that the funeral home you paid will still be in business when you pass. In that situation, your funeral has been paid for but there is no one to conduct the services or provide the products. Look into consumer protection in your area, and buy from a well-respected funeral home with a longstanding history in the community. Also, talk to the funeral director about this risk.

Con – Changed Minds

What if you change your mind about your funeral? For example, what if you move and you want to be buried in a different location? Make sure that the plan you buy allows for your funds to be transferred to a different funeral home. In the state of Michigan, all pre-arrangement plans are transferable. Some funeral homes may charge an administrative fee if you cancel or transfer your contract. For many who buy a prepaid funeral, this isn’t an issue – they know where they want to be buried and this will not be changed.

Con – Uncontrolled Expenses

There are some expenses that a prepaid funeral cannot control. For example, the cost of third-party services such as flower arrangements may have gone up, leaving your loved ones paying the difference. However, this can be quickly managed if you set aside a little money in savings to account for any potential uncontrolled expenses.

For many people, a prepaid funeral gives them peace of mind, allowing them to relax and live out their remaining days confident that their funeral is planned and paid for.