What does guaranteed versus non-guaranteed refer to in a preneed contract?

In the context of preneed contracts, "guaranteed versus non-guaranteed" fundamentally pertains to the price of services offered. A guaranteed preneed contract assures that the price of the funeral services will not increase, regardless of inflation or changes in costs by the time the services are needed. This provides consumers with peace of mind, knowing that they are locking in a specific price for their funeral services in advance.

On the other hand, a non-guaranteed contract indicates that the price may increase at the time of the service, leaving the consumer potentially liable for any additional costs incurred. This distinction is crucial for consumers evaluating their options for prearranging funeral services, as it directly impacts financial planning and potential future expenses.

While refund policy options, the assurance of services rendered, and the terms of payment are important considerations in a preneed contract, they do not encapsulate the specific meaning of "guaranteed" versus "non-guaranteed" as well as the pricing aspect.