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Are Pre-paid Funeral Plans Worth the Money? A Definitive Answer

ff1-300x173It’s not the simplest answer, but we can arrive at relatively definitive conclusion for many people.

We’ve already talked pretty extensively about the benefits and the essential precautions that should be taken when considering pre-paid funeral plans, as well as the ideal circumstances for considering them, so we’ll round out this series with a third post on pre-paid funerals.

For this installment, we’ll take a closer look at all the risks, benefits and other factors involved in Adelaide funeral pre-planning and hopefully arrive at a helpful conclusion for those who are still doubtful of their stance on an important issue.

The Risks

In our pre-paid funeral precautions blog we touched on the risks involved, but are they really factors for most people?

There certainly are funeral directors and funeral homes out there that don’t always operate with their clients’ best interests in mind, but they’re definitely not the majority. If you feel you’ve found a trustworthy institution to take on your service (through research, word-of-mouth, past experiences etc.), chances are their pre-paid funeral options are trustworthy, too.

So what remains at this point is the risk of the individual. There’s no way for us to assess how well any readers may be able to read into the fine print of a pre-paid contract, so you’ll have to take this one on yourself or hire a legal professional to help out. Read carefully, ask questions and be sure to follow through with everything asked of you. It’s very likely that moving to a new city will not work out with the contract, so take those considerations before signing anything.

The Benefits

Remember, what you’re looking at with a pre-paid funeral plan is essentially a bond that’s protected, certified and guaranteed to cover a value that increases over time.

At Fulham Funerals, for instance, we take our clients’ pre-paid investments and place them either in Funeral Plan Management Pty Ltd or Catholic Funeral Trust. From there, interest accrues, meaning what you pay now will grow to align with inflation to ensure it covers potentially higher funeral costs down the road.

But what may be more important than saving money on your Adelaide funeral is saving stress. Paying for a funeral is a huge commitment, and one no one would want to leave to the surviving family members. Taking care of the financial specifics now can save your family from an incredible burden.

Who Should Consider Pre-paid Plans

So, then, who should consider this? Quite simply, those who know for sure where they’ll be buried. If you can find a funeral home you trust and know you’ll go with when the time comes, there’s virtually no reason not to. Be sure that the pre-paid plan, like Fulham Funerals’, only invests in government-approved areas to reduce risk.

Who Shouldn’t Consider Pre-paid Plans

If you’d like to keep the option of moving open, it’s best not to consider this. Also if you’re genuinely still uncomfortable with the idea of having others handle your investments, there’s no reason to add the stress of uncertainty. Finally, if money is just not an issue whatsoever, there’s really no reason to take one of these on.

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