Long Pitched to People of Lesser Means, the Controversial Deals
Are Going Upmarket – and Now May Carry Bigger Risks
It’s among the best-intentioned and – in the eyes of some – worst investments that people make: paying in advance for a funeral.
Now, in the wake of recent allegations of fraud and mismanagement in this multibillion-dollar industry, state and federal lawmakers are trying to crack down on abuses in so-called prepaid funeral plans.
“Consumer advocates have been urging states to enact stricter regulations of prepaid plans for years,” says Sally Hurme, a senior project manager who specializes in consumer education at AARP, the Washington-based advocacy group. “This is a step in the right direction.”
Long thought of as products for lower-income families, prepaid funerals are increasingly being sold to consumers across all income levels, even the wealthy.
Read the full article in the Wall Street Journal