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What Are the Pros and Cons of a Prepaid Funeral?

Setting money aside for a future event, like a wedding or retirement, is a smart move. But is it wise to plan and pay for your funeral?

A prepaid funeral saves your loved ones the financial stress of planning a funeral while they’re grieving. But you can’t access the money even if you want to pay your medical bills.

A prepaid funeral may not be suitable for everyone. So, in this article, we’ll explore the pros and cons in more detail.

What’s a Prepaid Funeral and How Does it Work?

A prepaid funeral is an arrangement made with a funeral home in advance of a person’s death. You make a list of items and services you want for the funeral, such as transportation, flowers, casket, and venue, then the funeral home director comes up with the total cost.

Pros of Prepaid Funerals

Next to taking an active role in organising your funeral, you can gain many advantages from choosing a prepaid funeral plan. The main benefits are:

1. Saving the Family From Any Financial Hardship 

You’ll reduce the financial burden on your family. Those you leave behind won’t have to make difficult decisions about what type of service you’d like, or better yet, worry about affording the funeral costs.

2. Organising the Funeral According to Your Desires

By choosing the right funeral home, you can pick the casket, cemetery plot, and type of burial. All will be in your control.

3. Secure a Reasonable Price

You’ll lock in today’s prices. Once you settle your pre-payment plan, you won’t have to worry about costs rising! Also, most funeral homes offer cheaper packages for those paying in advance, meaning you can get a pretty good deal.

Cons of Prepaid Funeral

Although prepaying for a funeral could give you greater peace of mind, they might not be for everyone because of these reasons:

1. Most Prepaid Plans Don’t Transfer

When you commit to one funeral home and move to a new location, the plan won’t apply there (except when signing an agreement with a national funeral home chain).

2. You May Encounter Unexpected Fees

Even though you cover everything in advance, your family may still encounter additional payments, including cemetery expenses, third-party service providers, and so on. To avoid that, make sure to read the fine print before any signing occurs! Check all the details carefully!

Wrap Up

Pre-paying for your funeral is a good way to make preparations in advance. It also takes away the financial and emotional stress your loved ones will face when you’re gone. And since you’ll be paying today’s prices, it’s a money-saver.