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What is a Funeral Plan?

What you would like for your funeral is not an easy topic to bring up. Most people find it uncomfortable and upsetting, however, if you plan for your funeral not only can you ensure all your wishes are taken care of, you can make sure the financial considerations are too. This takes a huge burden off the ones you leave behind as well as giving them peace of mind that you get the arrangements you wanted.

A pre-paid funeral plan allows you to choose anything from a simple cremation to an elaborate burial ceremony with limousines for those with a large family and friends. Furthermore, your plan can be tailored to ensure you get the funeral you want.

Why do I need a Funeral Plan?

Covering the cost of a funeral can often be a huge financial problem for your loved ones and will often be quite unexpected. Not many of us have thousands of pounds to cover the costs involved with a funeral and it can often lead to those left behind having to shoulder a large cost that they cannot afford. By making both practical and financial provision for your funeral before the time comes, you can take comfort knowing everything will be taken care of.

Unfortunately, funeral costs in the UK are rising every year. The average funeral back in 2004 cost £1,920, but in 2019 it rose to £4,417 (Sunlife’s cost of dying report 2020). That’s an increase which is well above inflation. Should this rate of increase continue then in just 5 years you could be paying more £5,285 for a funeral. Just putting money aside may not cover even the basic costs, and that is where a funeral plan comes in. By choosing a funeral plan now we are securing the cost of the Funeral Directors services at today’s prices. It doesn’t matter when you pass away the cost remains the same and will cover everything as laid out in your plan.

Alternatives to a Funeral Plan?

It’s a commonly asked question as many people think that by having savings or an over 50’s plan there will be money set aside to pay for your funeral. Unfortunately, it often isn’t that simple; money in savings can be held up in probate and life insurance may not pay out in time either. A Limited funeral plan can either be paid for as a lump sum from as little as £2,995, or you can spread the cost on a monthly basis.

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