What Is A Funeral Plan?

It may seem like a morbid idea to be thinking about your funeral whilst you are still alive and well. Death is a subject that many people do not like to talk about. Especially when they are being asked to discuss the death of one of their loved ones.

However, death is a fact or life and it may be prudent to have a funeral plan in place. What exactly is a funeral plan and how does it work? 

Simply put. A funeral plan is a way for you to organise and pay for as much of your funeral as you can. Before you pass away.

Not only does this have the benefit that you can clearly state your wishes. Such as whether you would like to be buried or cremated. It also takes some of the financial strain off your family members.

With the average price of a funeral being around £5,000, they are not cheap. The question should always be asked of whether your dependents would be able to afford it when the time comes.

Once you have passed away all your descendants need to do is inform the funeral home. Once they have done this your funeral plan will be activated. 

Although planning for your funeral may not seem like the most important thing to check off your to-do list. Knowing that everything is in place can allow you and your loved ones to live your lives. With the peace of mind that when the unfortunate time does come you will all be looked after.

Do I need to be a certain age to have a funeral plan?

As the saying goes, it’s never too early. Hopefully, you will lead a long and happy life. Meaning your funeral will not be needed for many years to come. Funeral plans can be bought from the age of eighteen years old.

There are some providers who only cater to the older generation. Catering only to provide funeral plans for those over fifty years old. 

Will a funeral plan cover my whole funeral?

Funeral plans and what they cover will vary between each provider. Some will cover the funeral directors services, the cars, church service and part of the cost towards the burial plot or cremation. Whereas others will not cover anything towards the burial plot or cremation. This will need to be paid for separately after your death.

Most providers however, will allow either a one off payment to cover the entire plan. Or provide a monthly payment plan. Although this will be subject to interest charges. 

Is my money safe? 

It is always a worry when paying for something up front. What would happen if that particular company goes out of business?

Most funeral directors will either place your money in a trust or invest it in an insurance policy that pays out once you pass away. The professional body for providers, the Funeral Planning Authority (FPA)  has a strict code of conduct for all of its members. If a provider does have the unfortunate circumstances of having to close their business. Then the FPA and it’s members will look at potentially covering the cost of your funeral. 

I’m not sure if I need a funeral plan? 

It can seem like we have a plan for everything these days and our expenses are always rising.

Many people may feel like a funeral plan is just another added expenditure that can be put off until later.

Before making your decision it is advised to look at the below points. 

How would your family pay for your funeral

It could be that your estate could cover the cost of your funeral. However, if that isn’t the case you need to look at whether your family would be able to pay for this out of their own pocket. At a time where emotions will already be running high. Do they have the finances available to cover all of the costs in a short amount of time? 

Compare prices online

All funeral plans will vary in their prices. You can easily do a price comparison check online to try and find the best prices. Having a funeral plan in place also helps to ensure that your wishes are carried out after your death. 

Payments

It is important that you understand how you will pay for your payment plan. Paying one lump sum will normally work out to be the cheapest option. As you will not be subject to interest charges. 

Read before signing

It is also vital that you read your documents carefully before signing them. All plans will come with a cost breakdown. So that you can be fully aware of what is covered. As well as what will be left to pay by your loved ones after your death. If you are unsure of anything. You should clarify this with your provider before signing and agreeing to the terms of your plan. 

Although planning for your funeral may not seem like the most important thing to check off your to-do list. Knowing that everything is in place can allow you and your loved ones to live your lives. With the peace of mind that when the unfortunate time does come you will all be looked after. 

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