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.
Purchasing the right kind of plan relieves many end-of-life concerns. There is also a certain personal satisfaction in knowing that these affairs are in order when the time comes. But for many people, finding the right plan is also a major financial commitment. Comparison shopping is as necessary as when buying a new car.
When a plan is agreed upon prior to actual need, it usually resembles an insurance policy against constantly rising funeral costs. The premiums, as with other insurance policies, are normally paid in one lump sum, or over a period of time in installments. Long-term payments can sometimes can exceed the actual value of the original plan.
To avoid making such costly errors, read the details before formally signing an agreement. If a lump sum is paid, it usually enters a trust fund. Because rules dealing with this practice vary widely by state, there has historically been a potential for abuse. Examining and understanding local and state regulations eliminates unpleasant surprises.
Life is a series of changes, so make certain the policy allows them. Never assume that a cancelled plan will be refunded, or that a particular contract will necessarily cover all possible expenses, because there are finite limits. Thoroughly understanding a policy contract prior to signing is the best way to avoid disappointment.
When consumers approach this type of personal investment with eyes wide open, and compare their options locally, buying a prepaid plan can help deliver the promise of increased peace of mind. For many people, the idea of saving others from the burden of making final arrangements is well worth the time and effort it takes.
Purchasing the right kind of plan relieves many end-of-life concerns. There is also a certain personal satisfaction in knowing that these affairs are in order when the time comes. But for many people, finding the right plan is also a major financial commitment. Comparison shopping is as necessary as when buying a new car.
When a plan is agreed upon prior to actual need, it usually resembles an insurance policy against constantly rising funeral costs. The premiums, as with other insurance policies, are normally paid in one lump sum, or over a period of time in installments. Long-term payments can sometimes can exceed the actual value of the original plan.
To avoid making such costly errors, read the details before formally signing an agreement. If a lump sum is paid, it usually enters a trust fund. Because rules dealing with this practice vary widely by state, there has historically been a potential for abuse. Examining and understanding local and state regulations eliminates unpleasant surprises.
Life is a series of changes, so make certain the policy allows them. Never assume that a cancelled plan will be refunded, or that a particular contract will necessarily cover all possible expenses, because there are finite limits. Thoroughly understanding a policy contract prior to signing is the best way to avoid disappointment.
When consumers approach this type of personal investment with eyes wide open, and compare their options locally, buying a prepaid plan can help deliver the promise of increased peace of mind. For many people, the idea of saving others from the burden of making final arrangements is well worth the time and effort it takes.
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