Often there is the worry about the financial burden of the funeral
what will it cost ?
will there be enough savings left to cover the full cost ?
will the family be able to get hold of the money easily to pay the bill ?
One way to deal with this is to put money aside in a savings plan, or take out an
insurance policy - but how much will you need? In recent years the cost of funerals
has roughly doubled every 10 years, so it can be hard to be sure that there will
be enough to cover the future costs. Meanwhile those savings are vulnerable to other
claims on your assets, such as having to use them to pay residential care costs.
For these reasons and more, increasing numbers of people are putting money into a
pre-paid funeral plan. A funeral plan can allow you to specify many of the major
components whilst ensuring that you have paid at today’s prices. Your payment can
be kept safe by a separate specialist company, independent of any funeral director
but ready to be released to pay for arrangements when required. Although you might
be living here in Leicester when you take out the plan it can be used anywhere in
the country, so there is no problem if you move home in the future.
There are various options available, allowing you to choose the type of arrangement
that suits you. Sometimes a couple may choose to purchase a single plan between the
two of them. This can minimise your costs today, whilst ensuring that whoever is
the first to pass away the survivor does not have to worry about finding enough money
to pay for the funeral. InHouse can provide you with details of what is involved.
Pre-paid Funeral Plans
Paying for a funeral at today’s prices can save money in the long term and remove
a major worry from your family.
Of course, finding the money for a funeral is only part of the story - it still leaves
the family to make the detailed arrangements at the time. Hence you may wish to plan
some or all of the details by creating your own personalised funeral plan.