Pre-paid funeral madness

You may dream of organizing everything about your life so that it’s neat and tidy. Some people, regardless of age, like to think all details they can control will be covered, and this includes pre-organized funerals. Thus, that eventual happening can go on schedule, according to specifications of the deceased.

Consider that with over 200,000 cemeteries in the United State, many cemeteries operate through volunteer boards of directors and one or two employees. There are also about 25,000 funeral homes, where the vast majority of cemeteries and funeral homes (~87%), are small businesses and family-owned operations.

Fraud runs rampant in the prepaid funeral business. The government has issued warnings to protect the naive, the elderly and anyone who might think they're a good idea. Many companies sell services they never intend or don't have the capacity to make good on, and prepaid funerals, along with pet cemeteries, have become highly-suspicious. Do your homework. If 9-11% of Americans polled purchase prepaid funerals and over 2,000,000 people die in the U.S. per year, this can lead to a considerable amount of money. What research have you done?

Even if you choose a legitimate firm, a prepaid funeral doesn't necessarily make financial sense. Consider the numbers. The average pre-paid funeral costs $5,000. If you that money and invested it at 9%, in 17 years that could become over $20,000. If funeral companies claim interest made from prepaid funerals offsets inflation, just think what you could be doing with that money yourself.

Buying a prepaid funeral package locks you into the exact funeral arrangements stipulated in the contract you sign up for. In the meantime, life happens and things change. What if you move? Why lock into your funeral arrangements with certainty when you embrace your live now with its unknowns? Perhaps now is the perfect time to review life on your terms. Consider your age, financial situation and your priorities.  If your estate is put in order in a written will, you can redefine what it means to be in the land of the living.  No need to rush prepaid funeral decisions.