How to Protect Yourself Against Rising Funeral Costs
Facing a bereavement is a terribly sad time. Needing to find the funds to pay for a funeral can make your loss even more traumatic, and could leave you in financial hardship. This is where a prepaid funeral plan can come in. They will help you with planning the details of your funeral, hopefully long before there is any need for the policy to be cashed in. You will be able to rest easy, knowing you or your loved one will be laid to rest in a dignified way; without any need to count the cost.
How Do Prepaid Funeral Plans Work?
With prepaid funerals, you sign up to a payment plan with the provider. You can then make your payments in a number of ways. Firstly, you can pay in a one lump sum. This is ideal for those who have taken a lump sum from their pension upon retiring, for just such an eventuality. The funeral costs are then covered from that moment, with the policy ready to kick in as needed.
Secondly, instalments can be paid monthly for a period of anything from one year to five years. When the agreed price has been reached and the contracted time is up, the policy is fully paid and waiting until it is needed.
The third way is a monthly payment of a modest amount; paid until the agreed target is reached. This is better suited to those who cannot afford large outlays of cash;, either as a lump sum or in instalments.
In the latter two cases, should you (or your loved one) pass away before the plan is fully paid up, the balance will have to be met by your estate or family.
Funeral Planning: Points to Consider
Funeral planning can protect you against rising costs. There will be no more to pay for your funeral plan, even if the price of a cremation or burial goes up. The price is set once the contract is enacted. However, there are sometimes extras that will not be included in the policy. Therefore, you should make a point of finding out what extra costs may be incurred. For example, the price of a headstone is rarely included with a burial plan.
You can pay in a way that suits your income, with the lump sum or the small monthly payments. This means that you can enjoy your golden years in comfort, without worrying about scraping pennies together for your funeral.
The biggest advantage of planning a funeral in advance is that you will have the peace of mind, knowing that your affairs are in order. The prepaid funeral plan will be quietly waiting until needed; whilst you have fun with the grandchildren, travel and indulge all those hobbies you have been wanting to try out.
What Types of Funeral Plan are There?
There are various types of funeral plan available, from cremation plans to burial plans. You should always read the fine-print about what you will actually be getting for your money.
Funeral plans vary in terms of what is included. Each plan will include the services of a funeral director; whose role it is to take care of the deceased, arrange the funeral, and organise transport.
As well as the core costs, some prepaid funeral plans offer a comprehensive package. However, there are many points in the process that will need to be paid for. These additional costs to consider range from providing an urn for the ashes, to paying a minister to conduct the service for you.
If you are planning your funeral well in advance, try to cover all of the eventualities and ask the funeral director any questions or concerns that you might have about the plan you are buying. Why not call us today, and discuss all the options available to you?