The strong emotions accompanying the death of a loved can make sound business decisions regarding final expenses more difficult. Family members may ultimately spend far more than was anticipated or necessary. Funeral prepayment plans are designed in principle to eliminate the need for making those hurried, last-minute decisions.
Buying a particular plan from a local, trusted service director can ease those concerns. The concept of having all final affairs in order is satisfying on both emotional and practical levels, but that appeal does not alter the reality that doing so is a major financial commitment for many people. Comparing individual plans is vital.
Choosing one of these plans is similar in most respects to buying insurance coverage against consistently rising funeral expenses. The payment for these future services can be made in one lump, or spread out over time. For some buyers, extended payments can actually end up costing more than the value of the original plan.
The details are usually contained in the fine print, which merits more than a quick glance. Because there are few standard nationwide regulations, states vary regarding the amount of money that must remain in the policy trust fund, and related financial abuses have occurred in the past. Read local rules carefully to avoid any misunderstandings.
Other concerns include provisions for making changes when necessary. Cancellation of a plan might not guarantee a refund, and purchasing one does not always mean that all expenses will automatically be covered. Understand your rights and benefits before signing anything, and arrange to be kept current with any updates.
With these caveats in mind, consumers who decide to make this type of investment enjoy greater freedom from unnecessary worry and concern regarding final wishes. Saving loved ones from the addition burden of making those difficult decisions is often well worth the cost.
Buying a particular plan from a local, trusted service director can ease those concerns. The concept of having all final affairs in order is satisfying on both emotional and practical levels, but that appeal does not alter the reality that doing so is a major financial commitment for many people. Comparing individual plans is vital.
Choosing one of these plans is similar in most respects to buying insurance coverage against consistently rising funeral expenses. The payment for these future services can be made in one lump, or spread out over time. For some buyers, extended payments can actually end up costing more than the value of the original plan.
The details are usually contained in the fine print, which merits more than a quick glance. Because there are few standard nationwide regulations, states vary regarding the amount of money that must remain in the policy trust fund, and related financial abuses have occurred in the past. Read local rules carefully to avoid any misunderstandings.
Other concerns include provisions for making changes when necessary. Cancellation of a plan might not guarantee a refund, and purchasing one does not always mean that all expenses will automatically be covered. Understand your rights and benefits before signing anything, and arrange to be kept current with any updates.
With these caveats in mind, consumers who decide to make this type of investment enjoy greater freedom from unnecessary worry and concern regarding final wishes. Saving loved ones from the addition burden of making those difficult decisions is often well worth the cost.
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