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The benefits of these plans are listed to the right.
The downside
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.
The Choice
There are a wide range of prepaid funeral plan providers.it is important to realise that by purchasing a prepaid funeral plan you will often be restricted as to the choice of funeral director. To our knowledge no one plan is accepted by every funeral director.
In our experience the choice of funeral director is more important to most people than the prepaid funeral plan provider; the majority of people wish to use a certain funeral director and in many cases that funeral director will only except one (or two) prepaid funeral plan provider(s). This means that you are often restricted as to the prepaid funeral plan provider to use.
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6 Reasons to Buy a Pre-Paid Funeral Plan
Prepaid funeral plans are becoming increasingly popular.
They give peace of mind to both the person whose funeral is covered, and also to their family.
In certain circumstances there are financial benefits to purchasing a plan as well.
However, not all plans offer the same benefits and guarantees, and care is therefore required in selecting which scheme provider to use.
The 6 benefits of
Pre-paid funeral plans
- ease the fear many people have that there will be insufficient funds for the funeral service they want. This is because the majority of the costs/fees have paid for the service up front -
when the purchaser knows that they have sufficient resources; - protect the cost of a funeral against the risk of inflation. This is because the cost is paid now, and the funeral company agree they will provide a funeral service in the future, whatever the costs are then: the testator will not be asked to pay any further monies (with the exception of disbursements);
- allow a person to set out exactly what service they want -
they have a contract with a funeral director; - remove the fear and concern for the testator that their executor may not be able to dedicate enough time to arranging the testator’s funeral arrangements;
- remove the concern of the executor that if their close relative passes on they are going to have to arrange their funeral service at a time when they will already be distressed by the loss of a loved one; and
- are regarded as a legitimate expense for most Long-
Term- Care assessments.
