Planning for the future is hard enough, but when you have to plan for the uncomfortable and inevitable reality of passing away, it becomes an even bigger challenge.
Many people put this off, not looking into writing wills, buying a burial plot, or setting up funeral plans that include prepayment, or finance.
It’s understandable to not want to deal with this matter of life. But with the rising costs of funerals, along with just about everything else, tackling this task when you can may end up saving money and giving peace of mind to both you and your loved ones.
Doing so can ensure there’s no confusion, mistakes, or even ill-will when it comes to dealing with your estate and dividing assets to family members. You don’t want someone you care for to be left out – and unfortunately this can happen if a will isn’t made or written accurately.
And since not everyone knows when they’ll pass away, unless diagnosed with an illness, writing your will and planning your funeral will make sure you get the send-off you want.
Given these points, it’s important to look into estate and funeral planning, speaking to a will expert such as a specialist solicitor. You can also talk to funeral directors to get advice and ideas on the best plan and finance options to suit your circumstances.
In this article, we’ll take a look at funeral plan options in order to help you make an informed decision…
Pre-Paid Funeral Plans
Some funeral directors offer pre-paid funeral plans. This essentially means you pay in advance and lock in the current price of a funeral. And with inflation affecting even funerals, it’s a wise idea to consider purchasing a pre-paid plan to avoid paying higher costs years down the line.
It’s a worthy investment, as it gives you the piece of mind knowing that your family will be relieved from the financial and emotional burden of having to make quick decisions after your passing.
Over 50s Life Insurance Plans
You can buy life insurance at any age after 18, and the younger you get it the cheaper it will be monthly (barring any health issues that may complicate your entitlements).
However, over 50s life insurance is essentially more geared towards planning for death in old age or due to illness. The qualifying ages usually range from 50 to 80 but this varies according to the insurance provider in question.
Monthly payment for coverage is usually low but this means that the payout may not cover full funeral costs
Funeral Insurance Plans
Some companies provide insurance specifically meant to cover funeral expenses. This allows beneficiaries to use the insurance funds to arrange the funeral service, however, with rising funeral costs there’s a chance the insurance payout may not fully cover the entire service, unless the policy states otherwise.
Pay as You Go
Instead of paying for the service upfront and all in one go, a pay as you go style funeral finance plan allows a person to save up for their funeral over time. This is usually done via a dedicated savings account or by using a trust.
Finance and Paying in Instalments
Funeral finance is a similar concept to pay as you go, but may be paid by the surviving relatives after the death instead rather than being paid via money from the estate. It allows you to spread the cost of the funeral and pay in instalments over several months or years. There may be interest but this is often low.
Many funeral directors and financial providers offer this option in order to bear the burden of upfront costs.
Direct Cremation or Unattended Funerals
As well as payment plans, there are also budget friendly options such as unattended cremations and burials. These involve no official service, saving costs on venue hires, celebrants, funeral cars, etc.
Mourners may then decide to gather at a place of their choosing for a more low-key celebration of the deceased’s life.
David Bowie is one of the most famous examples of a person who opted for a direct cremation, as he said he wanted to “go without any fuss”.
Final Thoughts
Choosing the right funeral plan depends on your personal wishes, services you want to be included, as well as your financial circumstances. By researching and speaking to a funeral director, you can get expert tailored advice and find the plan that best suits you.