Can I Pay For My Funeral in Advance
A question we are often asked is, can I pay for my funeral in advance. The rising costs of funerals means a lot of people are looking at prepaid funeral plans – this is where you pay for your funeral in advance. There are so many prepaid funeral plans out there you need to be careful you choose the right option for you. This is where we come in as we have access to numerous providers and can walk you through the process and the various options and compare whats on offer in order to pay for your funeral in advance.
What Are Prepaid Funeral Plans?
A prepaid funeral plan is an easy way to arrange and pay for your funeral in advance whilst protecting your loved ones against increasing costs and making sure your funeral is what you want. A prepaid funeral plan can mean you –
* Pay for funeral costs now at today’s prices *
* Plan it your way exactly how you want it *
* Peace of mind you’ve paid for your funeral in advance *
* Just one phone call for your family once the time comes *
Why Choose a Prepaid Funeral Plan To Pay For Your Funeral In Advance?
* A choice of different providers to make sure you choose the right option for you *
* Pay at today’s prices protecting yourself and loved ones from price increases *
* A choice of different ways and options to pay *
* Family doesn’t get a large bill to cover your funeral *
* Cost increases of funerals are higher than savings rates so makes financial sense *
* One less thing for your family to deal with during their time of grief *
What Do You Need to Know About a Prepaid Funeral Plan?
The average cost of funerals are rising all the time which is why a lot of people prepay for their funeral in advance. Most plans allow anyone over the age of 18 to prepay their funeral costs and set out the relevant arrangements – this way when the time comes your family has just one phone call to make and the funeral director will take care of everything.
Although the FCA currently doesn’t regulate funeral plans we take a regulated approach. We discuss your objectives and needs and go through the different options and prices. The FCA plan to legislate the industry in the future however for now you have the Funeral Planning Authority – It provides certain rules and regulations that members have to adhere to.
Some things to consider …
Can I pay for my funeral in advance? Short answer is yes but consider the things below….
A prepaid plan won’t cover everything –
Whereas a prepaid funeral plan will cover the funeral directors costs, and an allowance (or guaranteed) disbursements it won’t cover things such as a wake or food and drinks. If you opt for a burial rather than cremation it is advisable you speak with your local authority first to ascertain the costs involved. Even if you already have a plot it could be quite a considerable cost to reopen. It is better to be aware of these costs now rather than a shock for the family later on.
A prepaid funeral plan isn’t for everyone – First port of call is to check you are not already covered. You may already have funeral plan cover through work or pension benefits
Advantages of a Prepaid Funeral Plan
One of the main advantages of a prepaid funeral plan is paying for your funeral in advance at today’s prices protecting you and your family from the spiralling increases. It also saves your family having to find the funds when the time eventually comes. If you have the funds now it makes financial sense to pay for your funeral in advance. Even if you have life insurance it may not pay out in time to pay for your funeral. Plus if its a fixed amount of life insurance it may not be enough to cover the costs in the future.
Prepaid funeral plans are also exempt from care home fees assessments and inheritance tax. This is because the funds are no longer in your estate.
If you make monthly payments some plans will pay out after 12/24 months depending on the provider
Comparing Funeral Plan Providers
When you ask yourself, can i pay for my funeral in advance, you start looking online and met with a host of information.
With the number of choices out there it can seem like a mine field working your way through all the options, providers, costs and differences. All the providers offer a “direct cremation” service which is as the name suggests. A very basic direct cremation with no service.
They all provide collection of the body, caring and dressing of the body. Disbursements depending on the provider, a hearse, cremation and service. You then generally have the choice of the number of following limousines.
Can I Pay For My Funeral In Advance – Conclusion
In short, for most people, it makes financial and emotional sense. However we would always recommend getting impartial independent advice and that is where we can help. We are not tied to any one provider and we can help you through the process from start to finish. Contact us now for a free no obligation chat.