To prepay or not to prepay

If you have decided to start looking at pre-planning funeral options on the Gold Coast, the first thing that you really need to do is your research. There are many options for pre-paying your funeral so ensure you are armed with all the available knowledge. There are many things that you should consider during this process to help you make an informed decision.

Questions to ask regarding Pre paid funeral options?

What if you decide to work with another funeral home?

What if you die in another location and your family decides to have the funeral there?

What if the funeral home closes down?

What are Funeral Bonds?

Am I guaranteed that my family won’t have to add funds to the funeral cost?

Options to Consider

When it comes to prepaying for a funeral, you have a few different options that you can consider: prepaid funeral plans, funeral bonds, and funeral insurance. This section will take a closer look at these options.

Prepaid Funeral Plans

One option that you can consider is getting a prepaid funeral plan. This is an option that allows you to choose and pay for a funeral through a local funeral director in advance. This can be a cheaper option when compared to funeral bonds or funeral insurance since the costs are calculated based on the current prices and it won’t increase over time. You can make a deposit then pay it off over time. You want to be sure that you carefully consider the funeral home packages before you decide on a funeral home.

Funeral Insurance

When it comes to funeral insurance, the biggest disadvantage is that typically you will pay more for the insurance than what your family will benefit from you having it. If you decide to stop making payments, you lose the money that you paid into the insurance. You aren’t really able to save for the funeral when paying for funeral insurance, but the funeral insurance may help your loved ones with these costs in the future. But the amount of money that you paid into the plan may end up being a lot more than what the funeral will actually cost.

Funeral Bonds

Lastly, you can consider funeral bonds. With this option, you may make regular payments where your money can grow in value. This money is used to pay for your funeral and cannot be used until then. You have the option of choosing the funeral director with a funeral bond, or you can make the bond allow your loved ones to make the choice for you. It’s important when you decide on this option to carefully consider the costs before you sign up to this option.

Conclusion

Pre-Paying for your funeral is a great option so ensure you do your research before committing to or signing any documentation.