November 29, 2015

Prepaying for your Funeral – Your Options Explained



It is important to remember that funerals provide our loved ones with a way to say their final goodbyes. Detailing what music you want played and how you want arrangements to be conducted are common considerations for those planning these details. However, you also need to consider the financial arrangements.

Costs relating to arranging a funeral are rising faster than ever and have seen a massive increase, well above the rate of inflation in recent years. With the UK economy still plagued by the effects of the recession this means many consumers are relying on loans and credit cards to finance cremations and burials of recently departed loved ones.

By taking out a prepaid funeral plan you can tackle this problem head-on, locking in prices at today’s values and preventing your family from facing an unnecessary financial burden after your passing, leaving them to worry about nothing more than planning the funeral order of service. So, what are your options when it comes to paying for your funeral in advance?

Single payment

A single payment covering the entire cost of the plan is the easiest and most straightforward way to have complete and instant peace of mind. By paying a one-off, upfront sum you have immediate cover and can relax knowing that everything has now been arranged.

This option is only suitable if you have the necessary funds to hand. Those without adequate savings or who would prefer not to lose such a sizeable sum of money in one hit will need to consider other options.

Multiple payments

By paying over 12, 24 or 36 months you can make the outlay more affordable. Even funeral costs rise during the time of your payment schedule, your agreed monthly payment will not increase. This means prices remain locked in but you benefit from greater flexibility over payments.

Most plans also offer a schedule of lower monthly payments. Each month you simply pay a fixed amount for the specific plan you have chosen until the total amount is covered.

Direct debit 

For those who want the security of knowing their payments are made on time, direct debits are the best option. These can be set up quickly and ensure that any regular contributions are deducted automatically so that you don’t have to worry about manually authorising transfers or payments.

What is covered by a pre-paid funeral?

Arranging a funeral plan is straightforward and allows you to make all the main decisions regarding what happens following your death. All the services included in the plan will be guaranteed against any future price rises.

The personal aspect is extremely important and it is both simple and easy to make sure your personal wishes are carried out to the letter; whether that relates to the choice of music, flower arrangements or the preferred decor.

Most standard plans include enough flexibility to cover most people’s wishes but there are also a number of more personalised, bespoke options which offer an even greater amount of flexibility.


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