What Types Of Pre-Payment Options Exist?
There are three major types of pre-payment options: Payment in cash to the funeral home or cemetery where the arrangements are made, insurance earmarked for these expenses, or placing your money aside in a separate bank account to be used only for funeral and cemetery expenses. Keep in mind the following. Money paid to a funeral home or cemetery will normally eliminate the need for someone to make detailed financial arrangements with that establishment at the time of your death. If insurance is purchased, the need to make such arrangements may or may not be eliminated, depending upon the manner in which you purchased the insurance. If you place money aside yourself, a loved one will definitely have to make the necessary arrangements at the time of your death and many of the advantages associated with pre-payment will be lost.
