What is a Pre-paid Funeral Plan
A Pre-paid Funeral Plan is a simple way to plan ahead for the inevitable. For many people they are an alternative to life insurance won’t necessarily cover your funeral costs. For others, a funeral plan compliments a life insurance by allowing the monies from the insurance to be paid to their loved ones for their benefit rather than to pay for the funeral. In both cases, a funeral plan is designed to cover the costs of your funeral.
Funeral plans are not legally binding and should be flexible enough to allow you to change your mind over aspects of your planning as time goes on.
Funeral Plans also provide a number of substantial benefits and cost savings. Including:
Providing for your funeral in advance
Taking a decision now to plan for your funeral and to cover its costs at today’s prices allows you to remove potential anguish for your family and get on with living your life to the full, without having to worry about what happens afterwards.
Back in 2004, an average funeral cost around £1,920. However, recent research (Mintel 2015) showed the average cost of a funeral in the UK to be £4,056 – a huge increase and well above the general level of inflation. If this trend continues, the average cost of a funeral in 2022 will be over £6,220.
Paying in advance for your funeral is a sensible decision that will save money, benefiting your family.