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.
Signing a contract prior to actual need has been likened to buying insurance coverage against rising end-of-life costs. Like many other policies, the premium may be paid in regular installments, or one lump sum. Buyers should determine whether their long-term payments will actually end up costing more than the stated value.
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.
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.
Comparing and understanding the options offered by a local service provider gives consumers the knowledge to enter such an agreement with realistic expectations. Freeing others from the responsibility of choosing final service options is well worth the small amount of time and effort required to enjoy increased peace of mind.
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.
Signing a contract prior to actual need has been likened to buying insurance coverage against rising end-of-life costs. Like many other policies, the premium may be paid in regular installments, or one lump sum. Buyers should determine whether their long-term payments will actually end up costing more than the stated value.
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.
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.
Comparing and understanding the options offered by a local service provider gives consumers the knowledge to enter such an agreement with realistic expectations. Freeing others from the responsibility of choosing final service options is well worth the small amount of time and effort required to enjoy increased peace of mind.
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