Preneed insurance is a financial product designed to cover the costs associated with prearranged funeral services.
Preneed arrangements involve making specific decisions and arrangements for one's funeral, such as choosing a funeral home, selecting burial or cremation, deciding on the type of ceremony, and specifying any special requests.
These arrangements are made prior to the individual's death, allowing them to express their preferences and relieve their loved ones from the burden of making these decisions during a time of grief.