Protecting your family through tough times
Pre-planning a funeral may not be high on your ‘to do’ list but given soaring funeral costs and the painful process of arranging a funeral, it is probably one of the kindest things you can do.
There are a number of reasons why pre-planning your funeral is important but cost is probably one of the main considerations. With prices now averaging £3,456, having risen by an inflation busting 7% every year for the last decade, dying isn’t cheap; so it’s little wonder an increasing number of families are facing financial hardship when it comes to arranging a funeral, often looking to credit cards as their only way out
Pre-paying funeral costs with a Funeral Plan could save a considerable amount of money and remove that pressure from your family when the time comes. Prepaid Funeral Plans let you arrange everything in advance and pay for your services at today’s prices, therefore avoiding the impact of inflation. It doesn’t matter how prices increase over coming years, it simply won’t affect you.
Typical funeral plans include a guarantee to cover the cost of the funeral director’s fees and an allowance for third party costs or disbursements as they are also known, which covers the cremation or burial fees and the minister’s and doctor’s charges.
Costs depend on the level of service you choose but expect to pay between £3,000 to £4,000 however you can spread payments with monthly instalment plans starting from £22 a month.
Over50choices is an Over 50s personal finance and comparison website that gives you the opportunity to compare leading funeral plan providers so you can be sure of getting the most suitable plan at the right price.
In addition to their price promise guarantee that ensures you pay the lowest prices, they also offer a free gift of either a free Will of £50 gift voucher with every funeral plan bought through their website.
Another option available to you when it comes to paying funeral expenses is Over 50s Life Insurance. These life insurance plans offer guaranteed acceptance regardless of the state of your health, paying out a cash lump sum when you die that can be used to help towards funeral costs. You are covered for the full amount after an initial period of 1 or 2 years depending on the plan provider but keep in mind that as the cash sum paid out is fixed and premiums are payable either for life or until your 90th birthday, there is a chance you could pay more in than the plan pays out.
If you are looking for life cover and in good health, it could be worth looking at Regular Life Insurance as this could pay out at least 40% more life cover. The application process is longer and does include health and lifestyle questions but the life cover could be a great deal higher leaving more money for your family.
To compare both life insurance options, visit the Over50choices website.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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