Thinking of buying a burial plan? Then you need to keep the following points in mind when comparing various prepaid burial plans and finalizing your purchase
Comprehensive Inflation Protection
Handling the death of a loved parent can be stressful and sad affair for your children. In such a scenario, discovering they have to arrange for funeral expense because the plan that you bought does not cover all expenses can add to their agony.
Make sure the prepaid plans that you compare are inflation-proof. Simply put, the amount that the plan will provide at the time of your burial should be enough to cover the inevitably increase in expenses over time.
Easy Liquidation Procedure
Unlike other investments, the burial plan you choose must be extremely easy to liquidate with minimum formalities and procedures. Remember, your child won’t be in a happy state of mind when conducting this transaction. The last thing he or she needs is a long procedure involving submission of documents and completion of many formalities. Ideally, you be a position to all necessary documentation in advance. The plan should allow your child to grieve his or her loss without rude interruptions.
Good Returns
Identifying good investments that offer attractive returns is a matter of principle and habit. You should not be casual simply because you won’t be around to enjoy the benefits of the investment. Your decision to purchase a specific plan after comparing prepaid burial plans should be a lesson in investment for your children. You need to consider factors like the duration of the investment, the term of the plan, and the asset classes in which the money will be invested before taking a decision.
Low Initial Payments
You may be taking steps to prepare for the final journey that all human beings make. Yet, that doesn’t mean you can afford to ignore your present. You are still alive and cannot afford to compromise on financial security. Keep this in mind when you are negotiating the initial payment process for purchase of the plan.
Pension Conversion Option
If the plan is designed to remain active for a specific period of time, then you should make sure the investment does not lapse or go waste simply because you outlived the plan. You should have the option of converting the plan into a pension. You can use the pension that you will earn to spoil your grandchildren rotten. Or, you can just save it and make it available to your kids for arranging your funeral expenses.
The basics of buying a burial plan are the same as that of any other investment. Buy right, choose a reputed service provider, and watch your investments grow steadily till the very end.
