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Pre-Need vs At-Need Memorial Service

Posted by Golden Future Life Plans on June 10, 2024


Planning for end-of-life arrangements is a sensitive topic, but it is a crucial aspect of financial planning that can significantly ease the burden on loved ones during a challenging time. When it comes to memorial services, two main options are available: Pre-Need Memorial Plans and At-Need Memorial Services.

Each offers distinct features and benefits, which can influence decision-making based on individual needs and preferences. Golden Future  is a company you can rely on with memorial plans.

5 Years Payment Term vs 7 Days Payment Term

One of the most significant differences between pre-need and at-need memorial services is the payment structure. Memorial plans offer flexible payment terms, typically allowing customers to spread the cost over several years. A common term is five years. This extended payment period makes it easier for individuals to manage the financial impact. This integrates the cost into their regular budget without a significant strain.

Conversely, at-need memorial services require payment within a much shorter timeframe, often within seven days of the service. This immediate payment requirement can be financially stressful, especially during a time already filled with emotional distress. Families must quickly gather the necessary funds, which might involve liquidating assets or taking out loans if sufficient cash is not readily available.

Flexible Payment Terms vs One-Time Payment

Pre-need memorial plans provide a variety of payment options, offering flexibility that accommodates different financial situations. These plans may include monthly, quarterly, or annual payments, allowing individuals to choose a schedule that best suits their financial circumstances. This flexibility can make Pre-Need plans more accessible to a broader range of people.

In contrast, at-need memorial services typically require a one-time payment. This lump sum payment must be made promptly, limiting options for those who might not have substantial savings set aside. The necessity for immediate full payment can be a significant drawback for many families who might struggle to cover the cost without prior financial planning.

10% to 50% Discounts vs 20% Discount for Seniors and PWD

Pre-need memorial plans often come with substantial discounts, ranging from 10% to 50%. These discounts are designed to incentivize early planning and commitment, making the overall cost of the service significantly lower than if purchased at the time of need. By locking in current prices and securing these discounts, individuals can save a considerable amount of money over time.

At-need memorial services, on the other hand, typically offer limited discounts. For instance, in some regions, seniors and persons with disabilities (PWD) might receive a 20% discount. While this discount is helpful, it pales in comparison to the potential savings available through Pre-Need Plans. The limited scope of these discounts means that the cost of At-Need services is generally higher.

Insured vs Not Insured

Another critical aspect of pre-need memorial plans is the inclusion of insurance. These plans often come with a built-in insurance policy that ensures the funeral services will be covered even if the planholder passes away before completing all the payments. This feature provides peace of mind, knowing that the financial burden will not fall on the family regardless of when the individual passes.

At-need memorial services do not include such insurance benefits. Without the protective cushion of insurance, families are responsible for the full payment at the time of the service, regardless of their financial situation. This lack of insurance can create significant stress and potential financial hardship during an already difficult period.

Assignable vs Non-Assignable

Pre-need memorial plans also offer the advantage of being assignable. This means that you can assign the benefits of the plan to another individual. This flexibility allows the planholder to help other loved ones or sell it to others who need it. In contrast, at-need memorial services are typically non-assignable. Once you purchase the service, they are tied to the demised.

Transferable vs Non-Transferable

Transferability is another feature where pre-need memorial plans shine. You can transfer them to another person, which can be useful if the original planholder relocates or if there are changes in family circumstances. On the other hand, at-need memorial services are generally non-transferable. Once purchased, the service is fixed for the deceased, with no option to transfer the benefits to another individual.

Check our traditional and cremation life plan (memorial plan) packages for a worry-free memorial. If interested, contact us today.

When you are already decided on which plan to avail, Online Purchase is available.

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