Can the Funeral Home Guarantee Any Prices in My Funeral Contract?

Funeral homes can guarantee the prices for specific goods and services in your funeral contract if you select a guaranteed prepaid funeral plan. When you agree to a guaranteed plan, prices for the designated goods and services will remain effective according to the terms of your plan even if the funeral home eventually increases its prices. This means that your loved ones will only pay the prices that were current at the time that you entered into the funeral contract. 

It is important to note that these secured prices are only possible if you agree to a guaranteed funeral contract. A non-guaranteed contract or plan does not provide the same level of protection from rising expenses. Instead, it covers funeral expenses only to the extent that you have pre-paid for them and serves as a deposit for your goods and services with the expectation that the final cost and any additional expenses will be covered by your loved ones. 

Estimating the total amount of prepaid funds to cover funeral expenses can be challenging due to fluctuating costs caused by inflation or other economic factors. However, opting for a guaranteed contract offers predictability by securing current costs and keeping them effective until the time of need. This provides assurance and peace of mind, ensuring that potential expenses are managed effectively.

Sources

“3 Ways to Protect Your Funeral Funds”. Funeral Basics. https://www.funeralbasics.org/protecting-your-funeral-funds/ 

“How to plan your own funeral”. Memorial Planning. https://www.memorialplanning.com/resources/planning-ahead/how-to-plan-your-own-funeral/