Are funeral plans a good idea?

Death is something we don’t like to think about, but it’s part of life. Just as we plan for everything else in life, death has to be planned for too.

Paying for your funeral in advance is a great idea. It may seem to be a massive upfront cost to some individuals, but there’s comfort in knowing your funeral plan has been taken care of. Funeral costs are increasing each year; if you buy a funeral plan at today’s prices, it will prevent your family from having to deal with high prices in the future.

Funeral plans are affordable because most funeral plan providers will offer flexible payments alternatives which give you the ability to spread the cost of your funeral cover over months or years.

What are the Benefits?

Having a funeral plan ensures your funeral wishes are known; moreover, it reduces the pressure on your loved ones when the day comes. Paying for your funeral in advance will also allow you to live your life to the fullest with the peace of knowing all your funeral plans have been taken care of. Here are the advantages of prepaid funeral plans:

  • With prepaid funeral plans, you choose the way you want your friends and family to remember you
  • You reduce the pressure on your loved ones at an already challenging time
  • The funeral plan helps communicate your final wishes
  • Assures your family will never have to pay more for your funeral, no matter how the costs change
  • Family and friends will be there to grieve and not worry about the funeral costs
  • The prepaid funeral plan is suitable for anyone who wants to save money

Memorials in stone

What Does a Plan Cover?

A prepaid funeral plan includes the goods and services you need for your funeral. N.E. DOWNING funeral plan providers will cover all the home/church services, the casket, flowers, transportation, and everything else needed on the day.

All you need to do is make a list of all the things you need for your funeral, and it will be on the policy. The funeral director will then tell you the price, which will be the basis of your funeral policy.

Why are funeral plans better than funeral insurance?

Funeral insurances have many disadvantages when compared to funeral plans. Funeral insurances have premiums that are not fixed, meaning the amount of money you pay per instalment will increase over time. Usually, the premiums go up as you age, and the insurance’s overall cost will outweigh the policy’s benefits.

Another issue is that when you’re unaware of your medical condition upon signing the funeral insurance contract, the condition isn’t covered by the policy and if anything happens to you before the covered time, the claim is denied.

What are Prepaid Funeral Plans?

Prepaid funeral plans protect you and your family from the ever-rising funeral costs. It allows you to pay for your funeral in advance and gives you the guarantee that your family will not pay more when you are gone.

When you purchase a prepaid funeral plan, you can either pick a guaranteed plan or a non-guaranteed plan. The guaranteed plan mentions all the services you want for your funeral, and then the prices you agree on is sealed in, which means when prices go up, your loved ones will not pay extra monies when you’re gone. Non-guaranteed plans don’t offer the same benefits; for example, if you choose transportation worth £1000, and the price goes up to £2000 by the time you pass, you’re loved ones will have to pay the extra costs.

What Should You Consider?

A guaranteed funeral plan is the best option for you and your loved ones. It will help protect your loved ones from a lot of stress and financial worries in the future.

Are funeral plans regulated?

Funeral plans are not regulated, but there’s a possibility of change in the near future.

What if a funeral director goes out of business?

When a funeral director goes out of business, two things could happen. The director might arrange to transfer the responsibility to another funeral plan company, or another director may be appointed to carry out the funeral.

What happens if you die before you have finished paying for your funeral plan?

Your family will have to pay all the remaining balance if you die before you finish paying for your funeral plan. However, some plans offer to pay the balance if you signed a form of insurance.

Do you need a funeral plan?

A funeral plan is one way of ensuring your loved ones won’t have to deal with the troubles of sourcing out funds to cover for your funeral after you’re gone. It helps them know all your final wishes and gives them a sense of closure when they know all has been taken care of exactly the way you wanted.

JT Brookes & Co - Funeral Services

Top 5 Reasons to Preplan Your Funeral

Preplanning your funeral has many benefits; below, we have listed some of the reasons why planning your funeral is essential.

1) You want to ease the burden on your family.

Disagreements are very common during funerals; families may argue on whether to cremate or bury your remains. All sorts of disagreements can be avoided with a funeral plan.

2) You want to assume the financial responsibility for your funeral.

A prepaid funeral plan allows you to take care of all your funeral costs. Your family members will find comfort in knowing everything has been taken care of and that all they have to do is accept the situation, heal and move on.

3) You want your family to have the benefit of a meaningful funeral.

Funerals are emotional, but they provide a sense of closure to the grieving family. When your family is able to know all your final wishes, it gives them closure and allows them to grieve with peace of mind knowing all has been taken care of precisely the way you wanted it to be. A funeral plan provides a sense of closure to your family when you’re gone.

4) You want your final wishes to be followed.

A funeral plan allows you to have all your final wishes followed; for example, if you want your remains buried at a specific place, the funeral plan will make it known. Or if you want to be cremated and have specific requests for your ashes, the funeral plan will make it all known to your loved ones.

5) You want to be self-reliant and have your affairs in order at the end of your life.

Planning for your funeral in advance shows how much you care for your loved ones. And when you’re gone, it’s comforting for them to know now that you have done all you can do to lessen their burden during the hard times.

What is the waiting period for funeral cover?

Funeral cover policies have a waiting period effective from the time you sign up. Natural deaths have a waiting period of six to twelve months. If you have a chronic medical condition when you sign up, your loved ones will not be able to claim for your death if you die within 12 months of signing up.

Alternatives to funeral plans

A funeral plan is not the only option; you can choose to have a life insurance policy, money from your estate and savings accounts can also take care of your funeral costs after you’re gone.

Savings account have the advantage of keeping your money with interest. To make sure that your relatives have access to your money after your gone, set the account up in a joint name of a trusted family member.

Your funeral can also be taken care of using the money from your estate; the bank will release your money if your family presents to them a death certificate with an itemized bill from a funeral director.