Prestige's Guide to Pre Paid Funerals

 

Your resource-laden guide for over 50's to help prepare for uncertain times. We consider pre paid funeral planning, explain the benefits and discuss the risks...

 
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Unfortunately, death is inevitable. While the topic isn’t one most people like to dwell on, some early planning and preparation is important to alleviate stress, financial and otherwise, for your surviving loved ones. One option many in the UK turn to are pre paid funerals.

What I Learned About Funeral Plans

UP UNTIL LAST YEAR, I'D NEVER HEARD OF 'PRE-PAID FUNERALS'

But about 10 months ago my uncle was killed in an auto accident. At only 52, he had made no preparations should he pass away unexpectedly. My aunt, along with myself and the rest of my family, handled all of the funeral plans on our own.

Since then, I’ve been looking into how a pre-paid funeral can help my family. There’s a lot an individual can do to plan their own funeral. Even if you’re young, healthy and have no reason to believe you’ll die anytime soon, pre-paid funeral preparations provide peace of mind.

I wager I’m not the only person who had some confusion about paying for a funeral in advance, including average funeral costs. So after doing the research for myself, I put together this complete guide about prepaid funeral plans.

If you’re looking to learn about the best prepaid funeral plans, the cheapest funeral plans and everything in-between, you’re in the right place. My guide will help you compare funeral plans and find the best solution for both you and your family:

What is a Pre Paid Funeral Plan?

Also known as a funeral care plan, prepaid funerals are for anyone who wants to pre pay for their funeral expenses well before they’re necessary. There are a few reasons why you’d want a funeral prepayment plan:

  • Your family doesn’t have to pay for your funeral out of their own pocket.
  • Your family also doesn’t have to plan a funeral while they’re grieving.
  • Your funeral wishes are chosen directly by you.

Funeral prepayment plans can be purchased directly from a funeral director or from a specialised funeral-plan provider. Some people prefer to purchase directly from the funeral home, as these are often the best value funeral plans. Other people find a provider is easier for funeral plan comparison.

What Are Pay Monthly Funeral Expenses?

Payment options

Why Take Out A Prepaid Funeral Plan?


Paying for Your Funeral in Advance is a Great Way to Save Money

Inflation causes the price of basically, well, everything to rise over time. This includes many of the products and services associated with funerals. If you can pay now for a “guaranteed rate” you’ll get a better deal on a coffin, funeral service, body transportation and more. The earlier you pre pay funeral expenses the more you’ll save.

More Payment Options

Reduced Stress for Your Family

Allows for Your Wishes To Be Followed

Helps You Deal With, and Stay Protected Against Mental Impairment


Policies, Best Practices & Authorities

What is the best funeral plan?

Your Estate

In some cases, you might not want to pre purchase any type of funeral plan. If your heirs don’t need access to your money right away, and you have a thorough will detailing your wishes, pre purchasing a plan might not be worth the trouble. Note that this is not a common scenario, however. Even if money is not much of an issue, most people prefer a pre pay funeral in order to ease the burden on their surviving friends and family.

Your Family

The types of issues you need to prepare for depends on your family’s specific needs. If you normally pay the monthly bills, then your family will need to know how to access those accounts. A Financial Factsheet is useful here.

A Financial Factsheet is a document detailing the various financial accounts your family will need to know about. You’ll also want to detail all the household services such as electricity, milk delivery and even Netflix. The members of your household will need to know about all reoccurring bills in your name.

Picking which funeral plan will work best requires you to analyse each of the above factors. Most likely, you’ll want to choose some type of plan. Depending on your current age and financial status, you can make low monthly payments and save money on your funeral plans.

My Experience

I wasn’t really looking to plan my own funeral. So at first I concentrated solely on helping my parents pay for a funeral in advance. Together, we sorted through many funeral plan quotes. There were many funeral plans for over 60 but we eventually settled on a prepaid cremation plan for my dad and a burial service with various prepaid funeral arrangements for mum if she was the first to die.

After that was all settled, I decided to look into prepayment funerals for under 50s. This was for myself. My children are very young, so they wouldn’t be planning a funeral anyway. But why put my family through the hassle? I started my search by only considering guaranteed funeral plans. This way my family wouldn’t have to pay additional fees down the road.

I found what I feel is the best funeral plan for under 50. Using a funeral savings plan allows me to make small monthly payments. The entire process was surprisingly comfortable. Instead of making me feel depressed or afraid, I was actually relieved that something so important for my family was now taken care. After explaining this to my wife, we decided to pre pay funeral expenses for her, too. Now we have joint funeral plans. This saved us a bit of money as well as makes our personal record-keeping easy.

As it turns out, my uncle left a blessing in disguise. A good portion of my entire family, including much of my extended family, has purchased funeral plans. This has brought us all peace of mind – while also saving everyone some money, too.