Even when things might seem a long way off, there is still a lot to be said for making plans in advance.
It gives you time to think about what’s going to happen, how you want events to unfurl, how much any arrangements might cost and how – or who – is going to pay for them.
This is a basic principle that applies every bit as much to planning for the funeral you want at the end of your life. It might be many years to come, but advance planning is likely to help ensure that what you want is what you get – and, just as important, are able to pay for. Prepaid funeral plans may offer a solution.
The rising cost of funerals
SunLife’s latest annual Cost of Dying study reveals that the cost of a typical funeral has increased by 5.5% in the past year to £3,897 – rising much faster than any cost of living, with the pace of growth outstripping inflation, wages and pensions.
With the cost of your funeral likely to outstrip the rate of inflation – many times over – there is a very real danger that you loved ones are going to struggle to find the money to give you the final send-off you have always planned and deserve.
Beating the market
By planning ahead, you stand a very good chance of staying ahead of the game and paying in advance for the funeral you will eventually want at today’s prices.
Funeral plans work in a very simple and straight forward way. You nominate the funeral directors you want to perform the service and make all the arrangements you may care to make. Instead of paying the funeral director directly in advance – a facility offered by many funeral directors – you pay a specifically established national provider of funeral plans.
In this way, you avoid the risk of the funeral directors you have chosen going out of business and, so, potentially losing the money you have paid up front. A national provider, on the other hand, ensures that the money you paid remains safe and secure by keeping it in a specially set up trust fund or through the purchase of a whole of life insurance policy which pays out that amount when you die.
Finding a funeral plan provider
There are a number of companies offering one form or another of this type of funeral planning, so you may find it more than a little confusing choosing the one in which to place your trust.
Fortunately, there are also a number of online resources which allow you to compare one with another. These may also offer you the additional security and reassurance of knowing that any funeral plan provider on which you are given a quote is also backed by the Funeral Planning Authority – a regulatory body which obliges its members to adhere to a strict code of practice to ensure that customers’ interests and rights are followed first and foremost.