I would like to know if there is an institution where I can pay early fees for a funeral service that will occur in the future and, of course, that this payment allows me to perform the funeral without cost.
There are two primary ways to prepay for a funeral:
1) You can purchase “guaranteed price funeral insurance” from a funeral home where you select the services and merchandise you want from their current price list and it gets itemized on a Prepaid Goods and Services Contract. (The insurance policy is the funding vehicle for the total of the Contract.) With most funeral home providers, the current price from their General Price List on the services and merchandise will be guaranteed. This means that for those items, your family will not be asked to pay any more for those items at the time of death. However, funeral homes do not guarantee the price of items known as “Cash Advances” – these are 3rd party services or merchandise (newspaper notices, clergy honorariums, musicians, cosmetologists, flowers, cemetery fees, etc.) You can include an amount for Cash Advances, but be aware that there is no guaranteed price on those items. To pursue a guaranteed price funeral insurance policy, contact the funeral home that you want to handle your services.
2) You can purchase “final expense funeral insurance” for an amount that will cover what you expect your funeral expenses will be. The policies are usually in amounts from $5,000 – $100,000 as it can also include amounts for other final bills such as credit cards or medical bills. A final expense policy is not tied to any funeral home. To estimate what your funeral services will cost, try our Wise Planning System and create and save a Quick Plan. To get quote on a final expense policy, try our Funeral Insurance Finder.