What’s the Difference Between a Prepaid Funeral Plan and a Funeral Bond?
In this video, James explains the difference in one contrast: a prepaid funeral plan locks in specific items, like a cremation, at today’s prices no matter when you pass, while a funeral bond is simply a fixed sum set aside, which may or may not cover costs by the time it is needed. Put $5,000 in a bond today and it might fall short in 20 years; a prepaid cremation cannot. Watch the video above for James’s full comparison, then see what legal support Willed can connect you with once arrangements are made.
Read the video transcript
So a prepaid funeral plan is a funeral plan you take out with your funeral director. Locks in today’s prices for specific items. So for instance, at Willed Funerals we do a lot of prepaid cremations. So you’re locking in your cremation at today’s prices. So it doesn’t matter if you pass 2 years, 3 years, 5 years from now, 20 years from now, the price won’t go up. It will remain the same. The difference being with a bond is that it’s a fixed amount of money that has been put away for funeral arrangements at the time of your passing. So for instance, if you put $5,000 in a funeral bond, that might not be enough to cover your cremation, burial, what have you, whatever you’ve prepaid by the time of your passing.
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