Pre-Paid Funeral Plans
Prepaid funeral plans are funeral insurance plans that allow you to choose the funeral and service that you want, and to pay for it in advance so that you don’t leave your family with a financial burden that they may find difficult to bear.
One of the main advantages is that your money is held in an independently controlled and audited trust so that it is completely safe, and they usually have a guarantee that your plan will cover rising funeral costs so that it covers at least a significant portion of the cost of your funeral at a later date.
Additionally by choosing your funeral it gives you the peace of mind that your wishes will be known and respected, and it also brings comfort to your family at a difficult time by removing the burden of trying to make the choices that they think you would have wanted.
You are in effect planning your own funeral (for want of a better way of putting it).
Costs that are covered
With pre paid funerals the rising costs that a funeral director will charge over time are accounted for, the inflation proof guarantee means that these costs are guaranteed to be covered.
Other costs which may increase over time like doctors fees, crematoria fees, etc (these are known as disbursements) cannot be guaranteed since they are outside the control of your funeral director.
Prepaid funerals make a contribution towards these costs, and you can opt to pay more towards them if you prefer so that you know that they should be covered.
These funeral payment plans are designed to be flexible and so you can opt to either pay a lump sum, or to pay in instalments, it really is down to your personal preference and circumstances, but it is usually possible to accommodate any requirements that you may have.
Remember though that if you are paying in instalments and you die before you have made the final payment, then your plan will only cover the costs of part of your funeral.
Am I too old to take out a funeral plan?
No! There is no age limit, and there are also no intrusive questions about your health or other personal matters, but instalment plans tend to cost more overall, and generally speaking funeral plans cost more the older you are, prices may vary greatly depending on your age.
If you change your mind or need to cancel your plan then you will usually be able to obtain a refund, although there may be an administrative charge that you will need to take into account.
For many people in many different circumstances, paying for your funeral in advance can be a fantastic idea, since it not only means that you could save a tremendous amount of money on the eventual cost of your funeral, but more importantly for most people it gives you and your loved ones the total peace of mind that you wishes will be met, and that there will be no financial struggle for the people that you leave behind.