Like other kinds of investments, it is of paramount importance that you take the pros and cons of prepaid burial plans into careful consideration before deciding to commit to and buy a particular plan. You will be better positioned to make a sound decision once you comprehend the advantages and disadvantages.
Here are some of the many pros of prepaid burial plans, which will surely persuade you to get one.
Helps to Save Money
Post your death, your family’s first objective will be to ensure your life is honored and remembered. In their time of sorrow, this might result in them overspending on certain things to emphasize how much they truly cared. Although this is positive sentiment and may assist in their healing process, it is unnecessary most of the time.
Furthermore, overspending can put them in a tough spot financially. Most folks who prepay for their burials and funerals (by buying a prepaid burial plan) usually spend less as they objectively consider the costs and not via a bereavement lens.
More Control over Burial and Funeral Arrangements
When you prepay for your burial costs, you are in greater control of the burial arrangements. That can go a long way to make you feel much better about assisting your family members in remembering you specially.
Furthermore, this may provide them with peace of mind after you die. Knowing that you pre-planned your burial and funeral will be a pleasant reminder of how you lived your entire life and your time spent on this earth.
Easy to Get
Prepaid burial and funeral plans are considerably easy to get. They do not need any health screening, a medical, or a certain age limit to qualify.
Cons of Prepaid Burial Plans
On the flip side, prepaid burial plans have some disadvantages as well. Some of these are as follows:
Lack of Flexibility: Most prepaid burial plans are, unfortunately, non-refundable. What that means is that if you would like to alter your funeral or burial arrangements at some later stage or choose another funeral home, you will not collect your money back.
Additionally, in the majority of the cases, pre-arranged and prepaid burial plans are not portable either- which means that you cannot transfer them from state to state or city to city. Bear this in mind, mainly if there is a likelihood that you might relocate to another city soon.
Risk of Cancellation: There is a strong chance that the funeral home may cancel the prepaid burial plan, which you have signed up for if you are late making one of the monthly payments. Some of the funeral homes do not accept a delay in this regard!