As you can probably tell from my previous posts I am a firm believer of preplanning, whether it is your or a loved ones funeral. Planning for the future is just another way to have a little hedge on inflation and it makes good sense financial and otherwise.
I suppose my reasoning comes from being in and around funeral business for so many years and have seen what a funeral and its expense, at a very vulnerable time, can do to a family, sometimes things are purchased that are really not needed only done to make the arranger feel they have done the right thing.
I am a big supporter of the preplan process. You don't have to prepay, altho' it makes good sense, but let your wishes be known. Don't leave the decisions to a son or daughter that is in enough pain having to deal with a death, but knowing what you would have wanted takes some of the stress away and allows the family to handle the other processes with a little more dignity, not having to ask another family member for help.
Some tips for those considering preneed insurance.
Find out your state laws on preneed insurance.
Before buying a funeral policy, discuss your options with your family and lawyer to make sure it's consistent with your will and estate plan.
Verify the insurance license of the funeral director or preplanner.
Take advantage of any "free look" laws your state might have to review your policy before you are locked in.
The FTC's "Funeral Rule" requires funeral homes to give you a written price list of available goods and services.
Find out if your funeral director provides price guarantees. If not, the money you pay today may not cover the cost of your future funeral.
Do not accept any documents that have not been completely filled in and signed in your presence.
Make sure the funeral arrangements can be moved to any funeral home at any time. This is important, especially if you move after buying the "preneed" plan.
Check all of the arrangements, services and products sold as part of the "preneed" plan, and make sure those details are spelled out in writing.
Make sure you receive at least one statement each year detailing the status of your account.
Know what happens if you stop paying premiums on your preneed insurance policy.
Find out if you can cancel your preneed insurance policy.
A traditional funeral including a casket and vault, costs about $6000, according to the FTC and additions such as obituary notices, flowers and limousines easily run up to total over $10,000.
There are plenty of reasons to preplan and prepay your final arrangements long before the need arises.
One being inflation,another letting your wishes be known, and a third peace of mind. However, be sure you do your homework and follow the tips above and work with a reputable and "family owned" funeral home. I suggest family owned as they usually have your best interest as heart. They are not usually only interested in the bottom line and they have a reputation to uphold.
Be prepared, your loved ones will thank you for it.
