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Protect your family from the rising costs of funerals by pre-paying for yours in advance

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Pre-Paid Funeral Plans

Being able to cover your funeral costs when you die shouldn’t be something that is either left to your family or to chance. Along with the costs associated, this is obviously a difficult time for you loved ones, having the right funeral cover in place can help at this delicate time.

Plans and insurance are two different ways of paying for your funeral in advance, the key to both is that they give you and your family the peace of mind to deal with the funeral costs.

In our guide, we want to show you the various funeral cover options and explain what you need to look out for when making this decision.

From the TV adverts to the leaflets that appear in your letterbox, funeral cover plans have become an essential financial consideration for many families in recent years. Whilst it doesn’t make the best of reading materials – having to consider your own mortality – it is a subject that needs to be considered with a level of delicacy and understanding.

According to the SunLife Cost of Dying Report 2018, the cost of dying increased to £9,204 that year. That’s based on the average price for a basic funeral as well as the send-off which includes things like funeral notices and flowers, as well as professional fees.

This is why being prepared before it happens can make the difference for families who will be going through this difficult time.

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FAQ's

Here are your most commonly asked questions about funeral plans:

Whilst there are variations, funeral plans work in a standard format. Effectively, you commit to a set out plan where you pay for your funeral in advance. Whether it is a lump sum or monthly installments is completely down to the plan that you choose and what your payment options are as well.

Funeral cover, also known as funeral insurance is just a way to safeguard the money until it is actually needed. What happens with that money is something that most people are curious about.

For many providers, this is a plain insurance pot that you are paying into and then extracted whenever it is needed. Other providers may place that money into a trust fund with trustees, but still, the money is yours and will be used for your funeral.

Whilst you would expect something that is called a funeral plan to cover everything in a funeral that is not always the case. In fact, many consumer groups have raised concerns over recent years that individuals who pay for their funeral in advance could find that relatives are lumped with additional costs.

It is thus, very important that when you are selecting a provider that you carefully check the details of any plan before buying it.

Cremations and burials will be partly covered, but a burial plot may not be. Flowers for the ceremony may or may not be covered as well as the funeral director.

Again, these would be things that you would need to check with your funeral plan before making any commitment to it. Be sure to do a thorough price comparison – and see what you are paying for at the same time.

This is where a life insurance policy may be better suited to your needs as well. Check out our life insurance guide and start with a quote today, it only takes a few minutes.

We’ve seen the adverts, but over 50s insurance are basically insurance schemes that once you pay money into the package, you can’t get it out.

There are naturally pros and cons with these kinds of plans, they include;

Pros

  • They are not medically underwritten so things like poor health does not make any difference to your pay out.

Cons

  • Missing a payment or payments means that you don’t get a pay-out or any cash back.
  • Payments aren’t in line with inflation which means, if you’ve budgeted for your funeral it could be more costly than what you’ve put away.
  • According to Which, life insurance could pay out more than 40% more when you die than an over 50s plan.

Being best informed and having a good idea of what your funeral plan will cover is always the best strategy before making any definite commitments.

That’s why we advise asking any questions like the ones here to give you the best idea of what your plan will cover, and how safe your money will be.

  • Do you have any cancellation charges?
  • Can you specify exactly what is in the plan and what potential added costs are not?
  • Are there any expenses for the funeral that I need to be made aware of?
  • Can I cancel the plan if my circumstances change?
  • Can I choose my own funeral director? Does the plan allow this.
  • What happens if my funeral director goes out of business?
  • What happens if the person the funeral is intended for dies abroad or away from home?
  • How long do I need to pay instalments for, and do I have to pay interest?
  • How will the funeral planner know about the plan holder’s death?
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