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Don’t buy a prepaid funeral plan. It’s wise to set aside some money to pay for your funeral in a savings account, investment account, or through life insurance, but it makes no sense to pre-pay a funeral because the cost of funerals is not going up any faster than the general rate of inflation.

You’re better off investing the money so it can grow, rather than giving the money to a funeral company where it won’t grow at all.

Another downside of a prepaid funeral: what if your family moves or if you decide you don’t like the funeral company, or the current owners sell?