The reason to have a pre-paid funeral plan
Your guarantee of impeccable service and protection
It makes sense to pay now and deal with the financial side of your funeral in advance as it can save your family a considerable amount of money in the long term. The reason for this being that you will pay at today’s price, not tomorrow's or next year's. Funeral costs have risen dramatically in the last few years according to a survey conducted in 2017, showing that 20 years ago Funeral Directors' fees were £1000, 10 years ago they were £2000 and now they average £4-5000and there is no sign of it slowing down.
In addition to this we are all living longer, with the avarage life expectancy now reaching 90 - so with Funeral Directors' fees effectively doubling every 10 years - how much will YOUR funeral cost when you reach 90?
With the Government also introducing probate fees that will cost the average family £4-8k simply to access the estate a pre-paid funeral plan is essential to protect your loved ones from being put into financial hardship when you pass away.
For some, buying a funeral plan is a walk in the park. They are comfortable with the fact that we are all going to die so it’s just one more thing to tick off their ‘to do’ list. For others, it can be quite an emotional journey, possibly because they have just arranged a funeral for family or are in the process of researching funeral plans on behalf of their parent and feel in some way bad for doing so.
The following are good examples of the types of people who buy a plan:
The ‘I have some money coming my way’ plan
We find customers who are expecting to receive a lump sum of money perhaps from their pension pot often choose to use the cash wisely and buy a prepaid funeral plan so their family don’t have to worry when the time comes.
A growing number of people are becoming aware of the rising funeral costs and that paying money into a funeral plan and freezing costs at today’s prices could be a better option, preferable to putting it into savings. With funeral costs rising by 10% every year for the last decade, it’s easy to see why a prepaid funeral plan comes up trumps.
The ‘My parent has asked me to do it for them’ plan
These customers are very varied in the way they handle the task at hand. Some just want the best deal for their parent; and why not. Others find the whole concept of choosing a funeral plan for their parent very disturbing, just going through the motions as instructed is stressful.
Our mortality becomes far more apparent the older we get so it is understandable that our parents want to ‘put their house in order’; especially as they start losing the friends they have grown old with.
We should really take strength from their ability to be so clear headed and matter of fact about the whole thing. Choosing a funeral plan isn’t a bad thing; it’s just being prepared and protecting the people we care about.
The ‘My parent has moved into residential care’ plan
There are a number of things that need to be done when a parent is in the throes of moving to a residential home, one of which quite often is choosing a funeral plan. In fact often social services recommend it as the money used to take care of everything will not be included in the means test to assess whether a contribution to care home fees can be made.
We often find that people going through this process have usually got a million and one things to sort out, so are quite grateful for a bit of help and advice on the things to look out for when choosing the right funeral plan.
The ‘I’ve just arranged someone else’s funeral’ plan
A funeral is possibly the most common trigger for buying a funeral plan. Whether it is the personal experience of having to arrange and pay for everything yourself, or just the reality that this will happen and someone will be left to ‘carry the can’; the harsh reality often spurs people of all ages to act and put plans in place.
The ‘My kids can’t afford it’ plan
Quite often linked to arranging a funeral, the worry parents have about burdening their children with funeral costs and arrangements is often a big factor when it comes to why people buy funeral plans. Times are hard and funerals are expensive; many people would struggle to get their hands on £8-10k which is predicted to be the average cost of a funeral in 2028 and some are left to rely on credit cards to help which is why pre-planning is so important.
The ‘I’m not well’ plan
A serious illness has a habit of changing the way we think and feel about life - and death for that matter. Whether it is terminal or not, the situation is often life changing, making you consider things you’ve probably never even thought about. What will happen to the people you love if you are not around anymore? How would they cope? These questions can make you want to put plans in place; prepare your family for the ‘what if’ scenario, even though hopefully it may not happen for many years.
The ‘I’ll do it my way’ plan
For some, pre-arranging a funeral with a prepaid funeral plan is a way to do things your way; say good bye and be remembered the way you would like to be. Whether it is because there are certain things you would like included in the funeral such as a piece of music or reading, or because you want to make sure your family don’t feel in some way obliged to choose the best of everything when in reality you would prefer to do things on a budget. Doing everything yourself means your wishes are met and you have ‘had your say’.
A positive move
Hopefully if one of these scenarios applies to you and you are finding it all a bit tough, the fact that you now know you are not alone will help and most importantly feel that what you are doing makes sense. If on the other hand funeral planning has never been something you have considered before but this has struck a chord, why not give us a call and have a chat to see whether it is something you want to take further.