Hello, my name is Damian. Until last year, I had never planned a funeral. However, when both of my parents passed away within weeks of each other, I suddenly had to plan two. I was experiencing such grief that I didn't know where to start. Thankfully, my friend put me in touch with a fantastic funeral home who guided me through the entire process. They looked after the bodies, recommended a church and helped to arrange transport for guest. I decided to start this blog to help others who need to plan a funeral. I hope you find the information useful.
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Over the last couple of years, more Australians have been pre-planning their funerals so that loved ones do not have to deal with the stress involved. Thus, most people are setting aside money to take care of all funeral expenses when the time comes. Consequently, funeral homes have been providing pre-paid packages to help clients handle funeral issues better. That said, few people understand what pre-paid funeral plans entail or how they work, creating the perfect environment for misinformation. This article highlights common myths surrounding pre-paid funeral plans.
Policy Payout Is Subject to Inflation
When clients think about pre-paid funeral plans, the first thing that comes to mind is the policy's future payout. Most people believe that the final policy payout is subject to inflation, and family members might have to pay more out of pocket in the future. However, this is not true because pre-paid funeral plans lock the current prices of services and products. For instance, if you choose a casket worth $2000 in a pre-paid funeral plan, the policy locks the price regardless of whether a casket price falls or increases. It means that loved ones do not have to pay a penny more when a pre-paid funeral policy matures.
Money Is Lost When Funeral Home Folds
Another myth relates to losing money when a funeral home goes out of business. While it is true that funeral homes, like any other enterprise entity, can go out of business, the chances of losing your pre-paid funeral investment are pretty low, especially if you choose a reputable service provider. Notably, the law requires that funeral homes invest pre-paid funeral resources with an insurer or trust. Thus, your investment is transferred to a different funeral home if the current service provider goes under.
Payout Is Used for Other Purposes
First, people often confuse pre-paid funeral plans with life insurance policies, but the two are different. For instance, the payout is given to the next of kin as stipulated in the insurance agreement upon maturity of a life insurance policy. It gives the next of kin authority to spend the payout as they deem fit. In this case, loved ones can use the life insurance policy payout to arrange a funeral service and pay for other things such as settling the deceased's debts. Conversely, the custodian of a pre-paid funeral policy payout is a funeral home; hence, the payout can only be used to cater for funeral expenses.
For more information about a pre-paid funeral, reach out to a funeral home near you.
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