Before signing any pre-need contract, or paying for anything in advance:
- Know exactly what you are paying for and who will provide the services and merchandise you are purchasing.
- Know what happens to the money you've prepaid. Is the money being properly escrowed?
- Know who you are dealing with, who owns the firm and how long have they been in business?
- Know what happens to the interest income on money that is prepaid.
- Know if you are protected if the firm you deal with goes out of business.
- Know if you can cancel your contract and get a full refund if you change your mind.
- Know if the arrangements are Portable, Transferable and Refundable without penalty.
- And ask yourself, "Are you feeling 'pressured' or hurried to buy something? If so, by whom?"
- Check if the seller is registered to sell prepaid funerals in Michigan: https://www2.dleg.state.mi.us/colaLicVerify/ or (517) 241-9288.
- And, check to see if the funeral home is a member of the Michigan Funeral Directors Association, whose members ascribe to a code of ethics: http://www.mfda.org/ or (888) 955-6332.
>> Consumer Tips on Pre-Need Funeral Investments, Courtesy of the Michigan Funeral Directors Association