Do I Need A Funeral Plan?

It is a fact that one day we will all need a funeral. However, do we all need a funeral plan?

Death is a subject that we typically don’t like to talk about until it is absolutely necessary. That’s not to say we all walk around with our heads in the sand, but it is a difficult subject. That can bring up a lot of emotions.

It is hoped that your funeral plan will not be needed for many years to come. By having it there, you can enjoy the rest of your life. Knowing that when you do pass away your funeral is already taken care of. 

So what is a funeral plan and do you need one? 

What is a funeral plan?

A funeral plan is a way for you to plan and pay for your funeral ahead of time. By choosing a funeral director and by either paying them in one lump sum or with monthly payments until your plan is paid in full.

From there your plan stays in place until the time of your death when it will be needed. All funeral plans will vary between each individual funeral director.

Most plans will include – 

  • Transport to the funeral home.
  • Care of the body.
  • Visitation in the chapel of rest. 
  • The cost of the funeral directors services.
  • Coffin
  • Hearse
  • Transportation for family to the church and burial site.  

With some plans part of the cost of either the burial plot or cremation will be included. However, some plans will not provide this cover. Meaning that this will need to be paid for separately by your family after your death. 

How do I know if I need a funeral plan? 

Everything comes with advantages and disadvantages. The biggest advantage to having a funeral plan in place is the financial strain that this will take off your family.

The average cost of a funeral is £5000 and prices are constantly increasing. If you pay for your plan now and it is not needed for another ten years, your family will not be asked to pay the difference in price,. Bringing you an extra sense of peace of mind.

Of course this does work both ways and if the cost of funerals were to drop they would not receive the difference in price back. 

The deciding factors

The biggest deciding factor when deciding whether to take out a funeral plan is. Whether you know that your family would be able to financially afford the cost of your funeral.

It could be that your estate would be able to pay for this, but if that is not the case. It is a conversation you would need to have with your loved ones. At a time when their emotions will already be high. Do they need the added strain of paying for a funeral? 

By planning for your funeral beforehand you will also be able to state your wishes. For example if you want to be buried or cremated.

If your wishes are clearly stated with your funeral plan then this can help to ease tensions and will ensure that your final wishes are carried out exactly as you want them to be. 

Could I not just have a savings account? 

Many people do choose to have a savings account where they accumulate money for their funeral. Although this can be an excellent option you will need to ensure that there is enough money to cover your funeral expenses. As the cost increases over the years.

You would also need to advise your family what you want it to be used for. They would then have to plan your funeral after your death.

Money in this savings account would also count towards your estate and could be subject to inheritance tax. Whereas, a funeral plan is not counted towards your estate. 

How do I know if a funeral plan is the right option? 

Obviously what is the perfect option for one person will not be for someone else. 

Could your family afford to pay for your funeral?

If the answer to this is no.

Then a funeral plan would be perfect for bringing both you and them peace of mind. Knowing that in the event of your death, they will not have the added financial strain that a funeral brings. 

Do you have specific ideas about your funeral?

If you have specific plans that you would want to be carried out.

For example, you know that you want to be cremated. Then by having a funeral plan in place you know that these wishes will be carried out. 

You want to plan early

Although some funeral plan providers will only offer plans to those over fifty years old. There are many providers who offer plans to anyone over the age of eighteen. 

You are a parent to young children

The idea of leaving your children without a parent does not even bear thinking about. However, when you do have children you need to ensure that you have plans and provisions in place. A funeral plan can go a long way to help with this planning. 

There are many funeral plans available. All of them will vary between what they cover and how much they are. It is advised to do a price comparison to find the best one that offers the cover that you are looking for. It is hoped that your funeral plan will not be needed for many years to come. By having it there, you can enjoy the rest of your life. Knowing that when you do pass away your funeral is already taken care of. 

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