Guaranteed Price Preneed Contract - South Carolina

Guaranteed Price Preneed Contract is a legal document that was released by the South Carolina Department of Consumer Affairs - a government authority operating within South Carolina.

FAQ

Q: What is a Guaranteed Price Preneed Contract?
A: A Guaranteed Price Preneed Contract is an agreement between an individual and a funeral provider in South Carolina to prearrange and prepay for funeral services at a guaranteed price.

Q: Why would someone want a Guaranteed Price Preneed Contract?
A: A Guaranteed Price Preneed Contract allows individuals to lock in the costs of funeral services at today's prices, providing peace of mind and protecting against future price increases.

Q: Who can enter into a Guaranteed Price Preneed Contract?
A: Any person who is at least 18 years old and of sound mind can enter into a Guaranteed Price Preneed Contract in South Carolina.

Q: What does a Guaranteed Price Preneed Contract cover?
A: A Guaranteed Price Preneed Contract typically covers funeral services, such as embalming, transportation, casket or urn, and other related items, as specified in the contract.

Q: Can a Guaranteed Price Preneed Contract be transferred or canceled?
A: In South Carolina, a Guaranteed Price Preneed Contract may be transferred to another funeral provider or canceled, but there may be penalties or fees associated with the transfer or cancellation.

Q: Is a Guaranteed Price Preneed Contract regulated in South Carolina?
A: Yes, Guaranteed Price Preneed Contracts are regulated by the South Carolina Board of Funeral Service to ensure consumer protection and fair practices.

Q: How can I find a reputable funeral provider for a Guaranteed Price Preneed Contract in South Carolina?
A: You can research and compare funeral providers in South Carolina, checking their reputation, pricing, and customer reviews. It is advisable to choose a provider that is licensed and registered with the South Carolina Board of Funeral Service.

Q: What happens to the funds paid for a Guaranteed Price Preneed Contract?
A: In South Carolina, funeral providers are required to place the funds paid for a Guaranteed Price Preneed Contract into a trust or insurance policy, ensuring that the funds are available to cover the prepaid funeral expenses when needed.

Q: Can I make changes to a Guaranteed Price Preneed Contract?
A: Yes, you may be able to make changes to a Guaranteed Price Preneed Contract in South Carolina, but it is important to review the contract terms and consult with the funeral provider to understand any limitations or fees associated with changes.

Q: Is a Guaranteed Price Preneed Contract the same as funeral insurance?
A: No, a Guaranteed Price Preneed Contract is different from funeral insurance. With a Guaranteed Price Preneed Contract, you prearrange and prepay for specific funeral services at a guaranteed price, while funeral insurance typically provides a payout to cover funeral expenses after the individual passes away.