Why you may not want to prepay your Funeral?
Why shouldn’t you prepay for your funeral?
Funeral homes often promote the benefits of the prepaid or futures plans they sell. The idea is that it will save your family money and heartache when the time comes.
But the truth is, it is generally not advisable to pay in advance, why you may not want to pay in advance for your funeral. Users may not understand the contracts, be aware of their existence, or be surprised when faced with additional fees. In addition, many states do not have adequate consumer protections, which puts your money at risk.
Understanding prepayment vs. immediate payment
How does prepayment differ from immediate payment? The difference comes down to money. The prearrangement allows you to choose the cremation or burial, as well as its provider. You also get an upfront advantage on the paperwork required at the time of need and a discount on the final price. Unfortunately, there is not much information online on how much these services cost if they are needed on an emergency basis.
Funeral savings alternatives
Many families would struggle to cover an expense of $15,000 pesos or more, so planning ahead and saving is crucial to avoid overburdening your family. While some families resort to a joint (friends and acquaintances) funeral, there are easier ways to avoid that route.
Some banks offer life insurance which are a better decision than paying a prepayment at a funeral home. With a bank account, you will earn interest and have money in case of an emergency, as well as provide money for your family when you die. Just remember to share your plan with others.
You should also make sure that your beneficiaries are up-to-date on their insurance and investment accounts.
Questions to consider while planning
As you make your end-of-life decisions, consider these questions:
- What is the size of the expenditure you are planning for?
- How far in advance are you planning?
- What flexibility do you require with respect to time?
- What is the financial security of your family members and/or beneficiaries?
Know your rights
No matter how you choose to plan your settlement payment, make sure you know your rights.
If you still consider a prepaid funeral plan, for example: what happens to the money you have prepaid and the interest income on that money, and what happens if the funeral home moves or goes bankrupt?
Making an informed decision is a gift you can leave to your family that will live on long after you are gone.
Remember that Boinita is a Simple Cremation Service without a Funeral Service with the guarantee of the best price and service.
At Boinita we can take care of the cremation of your loved one. Then, once we have returned the ashes to you, you can arrange a simple memorial service that is perfect for you and your family.
For more information about our service go to http://boinita.com
Boinita offers Single Cremation services without a Funeral Service, with a fixed price and 24-7 customer service. Boinita is located in the metropolitan areas of Aguascalientes, Cancun, Hermosillo, Merida and San Luis Potosi.