What are the benefits of a funeral plan?

The average cost of a funeral has risen over recent years.

What once cost £2,900 now costs closer to £5,000. So it makes sense that more and more people are looking to plan ahead and get all of their affairs in order no matter how good their health is.

Funeral planning isn’t just for those with a health issue or for the older generation. No matter what age you are, it can be prudent to start planning your funeral as soon as possible. 

By taking the planning steps now. You can then rest assured that when the time does eventually come. Your family will have one less thing to worry about.

What is a funeral plan? 

A funeral plan can be taken out directly with a funeral home or with a funeral plan provider. It is simply a way of planning and paying for your funeral ahead of time.

At the time that you do pass away your provider will action your plan. Most funeral plans do not come with everything included. Many will not include the cost of the burial plot or will only pay a certain amount towards cremation costs.

Each plan will vary between different providers. However, many will come with the following as standard – 

  • Transportation to the funeral home.
  • Care of the body. 
  • The funeral directors fees
  • Visitation in the chapel of rest. 
  • The cost of the church service.
  • The coffin.
  • The hearse. 

What are the benefits to having a funeral plan?

Easing financial strain

By having your funeral plans set. This will help ease the financial burden on your loved ones at the time of your funeral.

There will still be things that they need to pay for. Such as the headstone, but knowing that so much is already taken care of can help ease this for them during a difficult time.

Your estate can also pay towards the extras that are not covered by your plan. 

No inheritance tax

Many people ask if instead of having a funeral plan could they instead save the money and place it into a separate bank account.

Although this is perfectly acceptable. That money saved could then be subject to inheritance tax whereas a funeral plan is not. 

Fixed cost

With the cost of funerals rising. You have the peace of mind that the price you pay at the time of taking out your funeral plan, is the price that it stays.

If the costs of funerals rise your family will not be asked to make up the difference. 

Payment options

You have the option to pay your funeral plan in one payment. Or to spread the cost over a monthly payment plan.

It is worth noting that the payment plan will be the more expensive option. As it will include interest. 

No medical or health check required

Your acceptance for a funeral plan is not based on your medical conditions or your general health.

Anyone over the age of eighteen years old is able to take out a funeral plan

Your wishes are carried out

By having a funeral plan. You can state your wishes and these will be carried out after your death.

Maybe you have a fixed idea about whether you want to be buried or cremated. This can also help your family members as they know exactly what you want. Meaning there can be no disagreements surrounding your funeral and final wishes. 

By taking the planning steps now. You can then rest assured that when the time does eventually come. Your family will have one less thing to worry about.

There are no time limits and you do not have to use your funeral plan within a certain amount of time. Such as with a term life insurance policy. So although you may currently be in great health it is not a bad idea to take those planning steps now to protect both yourself and your loved ones. 

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