You can do that.

IMO, the best approach is to just buy a 15K to 25K life insurance policy. If you are young and healthy, it'll only cost 10 dollars a month (maybe less) and the nice thing about those is that you/your beneficiary gets the money at death (tax free in most cases) and the funds can be used for other things beside final burial expenses.

Be careful of some of the plans sold by funeral homes. They may be the beneficiary and you may not be able to move your plans to another funeral home or use left over funds for anything else, etc.

I don't know about arrange, but lately my parents circle of friends has been "arranging payment without paying" by giving their kids the funeral money to go into a home loan offset account. So basically they save interest payments and have the cash on hand when needed.

Never used? Like if you somehow gain immortality or something (which is totally plausible)? I feel in that case money is the least of your problems.

(apologies if I misunderstood the question)