Convenient Wills, 16 Thomas Avenue, Newcastle-
There are several downsides to purchasing a plan.
The first one, and perhaps the biggest, is that you are making a payment now for a service that will be used at some point in the future. What guarantees do you have that the money will be available when needed? Could you end up paying twice for your funeral?
The second risk is how much the disbursements are going to increase over the years. Most plans cover the cost of the funeral but disbursements are not included within that guarantee. Some plans only allow for the cost of a burial to increase in line with the Retail Price Index, whereas the cost of burial is increasing at a far greater rate than the RPI.