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Prepaid funeral plans guide



It’s no secret that funeral prices are increasing, normally totalling over £5,000 for a basic service, and often falling to family and friends to pay the extortionate costs for their loved one's funeral. Sometimes, instead of being paid from the deceased’s estate, it can come out of the pocket of loved ones who then have to struggle with both grief and financial worries.

If you are worried about the cost of your funeral and its impact on your loved ones when you die, a funeral plan may be something to consider. Here is an explanation of what a funeral plan is, what is included in a funeral plan, how much it will cost and why it’s a good reason to invest in one while you are alive.

What is a funeral plan?

Simply put, a funeral plan is a financial arrangement that will cover the cost of your funeral when you die. However, while most funerals are paid for after death, a funeral plan is paid during the course of your life. Your funeral plan provider will then pay the Funeral Director directly for your ceremony or service, which means that your family and friends won’t need to get involved with any finances or administration after you have passed away.

There are a variety of funeral plans available, meaning you can choose one that suits you and your financial situation best. Funeral plans can also vary in price since it depends on what you want to include in your funeral, and the more details you want, the more it will cost.

You can either choose to pay for the plan up front, if your disposable income allows for it, or spread the payment over 12 monthly instalments. Some providers allow pay instalments over the course of 2 to 5 years. However, with the latter payment option, there is often a cost incurred. Paying in under 12 months is the cheapest option.

Should you pass away before paying off the instalments, your estate managers will need to organise payment of the remaining balance. However, sometimes the plan can be cancelled, and all the money will be returned, not including a cancellation fee.

What is included in a funeral plan?

A funeral plan can be as simple or as elaborate as you would like. There are a number of things that are automatically included in a funeral plan and some that are not, depending on your price range.

Every funeral plan starts with a basic package of around £3,000 to £3,500 that will provide you with a simple funeral. This will include a simple coffin, a designated funeral procession route, a fee for either burial or cremation, a set funeral day and a designated time for your loved ones to visit the chapel. In the case of a basic funeral plan, your family may also be able to receive bereavement support.

In contrast to the most basic funeral plan, the most expensive plans can cost up to around £4,500 and will be more flexible when it comes to choices, especially if you choose a tailored funeral plan. The coffin will be made of luxurious materials, your loved ones will be able to use two or more limousines for the funeral procession, there will be more flexibility surrounding the times your family can visit the chapel and wider choices for the funeral date.

Why is it good to have one?

Taking out a funeral plan can be a benefit to both you and your family for a number of reasons. Firstly, a funeral plan can take the financial stress away from both you and your loved ones, and the uncertainty of how a funeral will be paid for after you pass away.

Additionally, having a funeral plan already organised and taken care of means that you can focus on the more important aspects of your life before you pass, without needing to worry about saving money. It can also give you the time to plan the personal aspects of your funeral, such as the music and flowers so that your funeral can be exactly how you would like. These can be included in your funeral plan, meaning that your family have even less to worry about when the inevitable day comes around.

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