29 / 03 / 21
Why buy a funeral plan?
Less stress & financial worry for your family
Signing up to a funeral plan ensures the stress of planning and paying for a funeral is greatly reduced on your family, in a time where they’ll already be going through a lot. In a way, buying a funeral plan is like investing in the happiness of your loved ones. By putting aside a small amount of money on a regular basis, you can be confident that your wishes will be carried out, and those you leave behind won’t have high funeral costs lingering above them.
Having a funeral plan means that no matter what you want to happen to you after death, your wishes will be respected and organised with no organisational burden on your family. Whether you want a religious ceremony in a specific location with a burial, or a crematorium funeral, a prepaid plan ensures everything you’ve asked for is noted, so when the time comes, everything you wanted can be dealt with efficiently.
Getting a funeral plan means you can fix the price of your funeral now, avoiding the expected continually increasing costs, while helping to keep your family financially secure with minimal stress and worry. Death can often come at an unexpected time, so a funeral plan means your family won’t be caught out at a difficult time.
The rising cost of funerals
In 2004, the average cost of a funeral sat at just under £2000. In 2017, this figure had already more than doubled, with the average cost predicted to grow and grow as the years go on. In less than ten years, the cost looks set to stand at more than £7000, while by 2036, research shows average costs of £12,200 are likely.
Signing up to a funeral plan today means you’ll get it at today’s price – even if your funeral doesn’t take place until 2036, when the predicted price stands at over £12,000, it will still be set at the price it is now. This means you could save your family thousands of pounds, helping them to avoid an expected increase of more than 200% in costs.
Funeral Plans vs Life Insurance – which is right for you?
Full funeral cost cover
A funeral plan will pay the fees of your funeral director, which will be fixed for the lifetime of your plan, regardless of how much these costs may rise in the future. The services of your funeral director will be procured on your behalf at no extra cost to you or your next of kin.
The lump sum your family receives on the payout of a life insurance policy can vary in total, and isn’t always going to cover the full cost of your funeral, which can sometimes result in financial struggles for those you leave behind.
Easy to sign up
A funeral plan is easy to organise – with simplicity you can choose the level of plan you want to take out, discuss your wishes, and get it set up quickly.
The process for getting a life insurance policy can be much trickier, especially if you have health issues. You may be required to attend a medical examination before it’s approved, and if any issues are discovered, you may be declined or charged a higher premium. A funeral plan doesn’t take this into account, meaning you don’t have to worry about the process.
Organised in accordance to your wishes
A funeral plan isn’t just a financial investment, it’s something that will make sure your wishes are granted after death. When organising a plan, you can choose the funeral director, venue, whether you’re getting buried or cremated and many more details. When the time comes, the funeral will be carried out in accordance to what you stated in your plan, taking away the responsibility that would otherwise be placed on family.
A life insurance plan doesn’t really touch upon this side of things at all. Instead, after you pass away, your family will receive a set amount of money which can go towards a funeral, but the onus is on them when it comes to planning it, and often, with death treated as a sensitive subject, it’s not discussed with love ones what you actually want to happen.
Quick after-death claim process
After you’ve gone, activating the claim on your funeral plan is a quick and easy thing to do for your family. All they have to do is contact the chosen funeral director, and the organisation comes into action, with the plan provider paying out.
A life insurance claim can sometimes cause problems, with the approval process not always straightforward. In some cases, the payout might not even happen until after the funeral has taken place, which can cause problems for your family when it comes to paying for it.