What Is Prepaid Funeral Insurance?
Locking in services with a specific funeral home.
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Quick Answer
Prepaid funeral insurance (sometimes called a "preneed" plan) is an arrangement where you pay a specific funeral home in advance for pre-selected services, locking in today’s prices for your funeral.
For more detail, see our explanation of prepaying a funeral vs. buying burial insurance.
Prepaid plans can be appealing because they let you choose exact details in advance and may lock in current pricing. However, the funds are typically tied to one specific funeral home, so if you move, or that funeral home closes or is sold, accessing your prepaid funds or the exact services you chose can become complicated.
Burial insurance offers more flexibility by comparison: the cash benefit goes to your beneficiary, who can choose any funeral home and use the money however it’s needed at the time, rather than being locked to one provider’s services.
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