“Death is not the end of everything”, as the saying goes. True to the phrase however, when you put it into practice, it has a glaring connotation especially when we are talking about who will going to pay for your funeral expenses once you die.
And regardless, it’s indeed the end of your journey living and the start of a family feud or misunderstanding when money is involved.
Ideally it’s absurd to think the least that why would the family will fight because of the funeral expenses? But honestly, in poverty driven economies and poor financial capacity families, it’s a big issue and it’s really happening.
So, while you are still living and decently earning, you should avail your own funeral service plan to avoid such predicament. Choosing the right plan requires a lot of thought in it.
The pros and cons of each funeral plans like burial insurance for seniors, should be laid in order to come up with a real answer. But what makes the comparison?
Prepaid Funeral Insurance Plan
There are a lot of prepaid funeral insurance plan out there. One should determine whether it’s needed or not. It could go for a monthly scheme or revocable trust, it could also be through burial insurance, irrevocable trust or whole-life policy funeral insurance.
Alternative Prepaid Insurance Funeral Plan
If you are well off or financially capable, there are other alternative that you can try. Sometimes funeral insurance plans also work depending on your budget and your funeral needs, much like the typical life insurance plan available. One alternative is setting a payable by death account from the banks.
This is an account that will be distributed to your grieving family once you die and primarily covering all your funeral and burial expenses. However, this account should be available to the bank as there are some banks who doesn’t accept opening such account. So, ask your intended bank for such account.