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YOU
THINGS TO THINK ABOUT
HERE ARE SOME THINGS TO CONSIDER WHEN LOOKING FOR A FUNERAL PLAN
Consider your family’s finances
Pre paid Funeral plans are there to meet the cost of your funeral. If your estate could easily cover the cost of a funeral (even with the likely increases), or your family has the money, a basic plan might be your best option.
Compare a number of funeral plans
A comparison site is a good way of taking the legwork out of finding a number of suitable plans. Remember that funeral plans can be complicated so examine the policy carefully speak to someone in person if you are unsure about the details
Break down the costs of funeral-plan providers
Funeral plans can differ quite a lot. Check out the plans for a full breakdown of what is included. We help you plan the whole process and make a record of it for your family to put in place when you die.
Pay as soon as you can
Funeral plan providers give you the option of paying in instalments or in a lump sum. You will most likely have the option to pay over 12 – 120 months. Paying in instalments for a long time will cost more due to admin fees and interest. We help you decide what is best for you.
GET YOUR PERSONALISED FUNERAL PLAN QUOTE IN MINUTES!
Making plans for the end of life can be overwhelming and the temptation to put it off is ever present.
However, leaving your loved ones to deal with costs and preparation of a funeral is an equally daunting prospect. The average funeral cost in the UK is £4,400 and more and more people, in fact, around 20%, are choosing to set up pre-paid funeral plans. This enables you to remain in control of all stages of funeral preparation, reducing stress and worry for your loved ones and fixing the cost of services at today’s prices.
Reduce The Financial Burden On Your Loved Ones
Increasingly here in the UK people are taking out prepaid funeral plans to reduce the financial and emotional burden on their loved ones. The benefits of a funeral plan include securing your desired funeral at today’s prices, ensuring it is organised according to your wishes and knowing your loved ones don’t have to worry and organise it when they are grieving.
In 2018, the average cost of a funeral was approximately £4,270. This is expected to rise to £6,944 by 2023. By taking out a funeral plan, you can freeze the costs to today’s prices and hence avoid any future increases, no matter when you die. This means you can fix these costs at today’s prices, meaning the sooner you take out a funeral plan, the more money you are likely to save.
Exactly which of your costs are covered depends on which plan provider you choose, but most providers guarantee to cover the funeral directors costs for arranging and conducting the funeral. It is important to compare funeral plans carefully to choose the best one for you.
Planning ahead also helps save your friends and family additional worry when you die. A funeral presents a large amount of money for your loved ones to find when you’re gone. With a prepaid funeral plan, you can rest assured knowing that you are helping to reduce the financial burden on your loved ones.
One of the most common reasons for credit card debt in the UK today is for paying for “unexpected” funerals.
It also relieves your family from having to make many of the difficult decisions about your final farewell. Your family can avoid painful deliberations over what your last wishes were and you can avoid them overspending because they are trying to fulfil your wishes.
Avoid Giving Your Loved Ones Credit Card Debt
It was something of a shock to hear that funerals are thought to be a major contributor credit card debt. Annual spending on both credit and debit cards in the UK has now passed £647 billion, with funeral costs often being the largest item added to a credit card.
Three of the highest value purchases and services were paying off a tax bill, buying a car or floor coverings. However, the largest single item added to the credit card was for funerals. Many are forced to use a credit card for at least some of the cost. The average amount was £1,114 – about a quarter of the normal cost of an entire funeral.
Not everyone realises that it is possible to buy a funeral plan and it can also be purchased for someone else. Or buy a funeral plan for yourself, but one with the facility to give it to a friend or relation just to ease the initial strain. No reason why their estate can’t pay you back in due course.
It is a concern that many are forced to add over £1000 to their credit card because they cannot afford the full cost of a loved one’s funeral. They are of course simply adding to the interest and deferring the need to pay. And the interest is usually very considerable. But for many, this is their only option in ensuring their friend or relative has a decent farewell. What about those who have to add the full cost of the funeral to their credit card? It doesn’t bear thinking about if they are on a modest income.
A funeral plan can avoid causing unnecessary debt for those you leave behind. For further information on what funeral plans can do and how much they cost, simply contact a member of our research team on 0800 090 3051 or use the enquiry form.
Don’t use a credit card to pay for a funeral – get it paid in advance – and freeze the costs!
Financial Planning – Looking back, thinking ahead
One thing is for sure… prices will only go one way… up!
