People feel a certain kind of discomfort when talking about death, let alone planning for it. It is irrefutable that people see funeral plans as a pessimistic approach to life. And yes, such sentiments are valid and real, yet there is more to investing in prepaid funeral plans if you look closely into it.
Are prepaid funeral plans a good idea? If you are someone who is considering the idea of a funeral plan but unsure of its processes and arrangements, you may be confused about which specific service best suits your needs.
You may even be wondering, “are prepaid funerals worth it?” We wish to tackle these concerns and feasibly shed light on your most common questions and inquiries. We hope to offer and provide you with services and products that will make good investments and benefit you and your future.
Understanding Funeral Plans
Before deciding whether a funeral plan is worthy of your investment, it is important to fully understand what it is and what it can do for you. Misconceptions about funeral plans could cause a lot of confusion and may discourage you from purchasing one. Let us clearly understand funeral plans and why they are important.
Why Don’t People Purchase Them?
Some people prefer not to prepay their funerals and refuse to purchase funeral plans. Why is this so? Well, they do not believe there is a need to spend money on one because they see it as an additional expense rather than an investment.
Some people also think that prepaid funeral costs are too expensive. True enough, funeral plans do come at a price. However, their benefits outweigh your investment. Many companies offer different payment options to fit their clients’ financial situations.
Lastly, people think that funeral plans are complicated to arrange. They find it burdensome to look for a trustworthy company and prepare the paperwork needed. However, that is not the case. Various agencies and companies offer affordable funeral plans that are easy to apply. All you need is strategic research and a few good recommendations from friends or family.
People’s Perception of Death
There is also a common misconception regarding death. We all wish it won’t happen anytime soon but seeing it as a far-removed idea could have its consequences. There are wisdom and prudence in accepting the reality of death, regardless of how young you are or how healthy you seem to be. Preparing for it and prepaying will lift you from unanticipated burdens.
What is a Prepaid Funeral Plan?
A funeral plan is a preparation strategy that lays out everything in connection to your funeral and its prepayment. You get to decide ahead of time whatever you want your funeral plan to cover without having any future additional expenses. The costs of your prepaid funeral plans could include a casket or cremation, the service, the headstone, obituary information, and even medical care during critical health conditions.
If you pre-pay, this means you are paying for your funeral in advance at today’s prices, without having to worry about inflation rates years after you have filed your funeral plan.
- Who Can Purchase a Prepaid Funeral Plan?
Here, in My Estate Planning, we provide funeral plans to anyone of any age, regardless of medical history or health status, making sure that our plans are tailored to your individual preferences and budget.
- Who Offers Such Plans?
Prepaid funeral plans in the UK are provided by funeral plan companies. Make sure you choose a company that is registered with the Funeral Planning Authority (FPA). This is an organisation set up by the funeral industry to regulate UK-operating funeral providers, making sure that consumers are well protected and that all policies are regulated by the law.
Reasons to Get A Prepaid Funeral Plan
The best time to plan for a funeral is before you need it. People may find this odd but there are clear advantages as to why you should prepare in advance a prepaid funeral plan.
- It provides security
Unforeseen circumstances and uncertainties are inevitable. At times of an unanticipated death, prepaid funeral plans provide security; it won’t be necessary to scramble for money because the funeral costs have already been paid for. This lessens the burden on the deceased estate, and even more so on the family and loved ones.
- It saves costs
Inflation rates increase each year. According to the Guardian, funeral costs now soar past £5,000, which is an 80% rise since 2004. If you include the extra costs for flowers, wreaths, catering services, and venue rent, the total expense could add up to more than £5,500. The University of Bath also noted that one in five families experience a shortfall when it comes to paying for funeral expenses.
This staggering cost is the main reason why investing in prepaid funeral plans is crucial. It can save you from the pressure of having to keep up with inflation costs and passing the burden to your family in paying that large amount of money.
- It allows for options
Prepaid funeral plan companies are now offering low-cost and no-frills options to give clients more freedom in choosing their desired plans. You can also discuss how you would like your funeral to take place and avoid the burden of letting your family decide everything for you. This could result in a more reasonable ceremony that works well with your budget.
- It allows for customisation
On top of the important points mentioned above, prepaid funeral plans provide you with the freedom to choose and customise. At My Estate Planning, we offer an array of different plans and payment options depending on what suits you and your financial situation.
Of course, the cost of a prepaid funeral is an important consideration; therefore, we present you with options, from paying low-cost monthly instalments and fixed monthly payments to 12-month terms and paying in full. In terms of customisation, we allow you, as policy owners, to customise your funeral plans.
This means you get to choose what type of funeral you have, where you want the funeral service to take place, and even elements you prefer to include such as flowers, music, and coffin. The cost of prepaid funeral plans starts from £2,995 or a £15.75 monthly instalment for a basic plan. We will always provide you with a professional yet personal, tailored service for your unique needs.
How Do You Know If A Prepaid Funeral Plan is What You Need?
In choosing which type of funeral plan to purchase, you must evaluate and assess your needs. Here are some of the factors that you should consider in choosing the best funeral plan to suit you.
Are you a family-orientated person?
Prepaid funeral plans are tailored to different people of different backgrounds. Being a family person is a huge consideration when it comes to purchasing a funeral plan as you would not want to leave your family with the burden of having to look after the expenses if your death is unforeseen.
Do you have a lot of medical complications?
Understandably, people who have a lot of medical complications spend most of their resources paying for medical fees. Hence, purchasing a prepaid funeral plan might help you qualify for Medicaid cover and you may be able to preserve some of the assets that your family will need one day.
Are you over 50 years old?
If you are over the age of 50 and close to retiring, it would be incredibly reassuring to have everything secured so you can avoid spending the rest of your retirement money on fees for unforeseen situations such as death.
Do you work in a hazard-prone industry?
If you are working in hazard-prone industries and are exposed to high risks of unforeseen death, it would be very important for you to consider purchasing a funeral plan. This could save you and your family a lot of future expense.
This should not make you feel disheartened. In fact, knowing that everything is in place will provide you with more security and assurance.
Do you travel a lot?
Life is uncertain. We will never know what awaits us while we are travelling; this is why it is important to invest in a prepaid funeral plan if you love to travel a lot. It can save you from unforeseen dangers and circumstances wherever you go. Plan it out with your funeral plan provider and ensure that, during your travels, unforeseen circumstances are covered accordingly.
Prepaid funeral plans are deemed helpful not only to a few selected individuals but to everyone. So do not hesitate to contact us; we guarantee to provide you with excellent services and the cheapest prepaid funeral plans possible.
Prepaid funeral planning may not appeal to everybody at first, but knowing its benefits is a good enough reason to consider investing in it. Not only does it lift you, your family, and loved ones away from an unforeseen burden, but it also allows you the freedom to discuss how you want your funeral to take place and guarantee that everything will be covered just as you wanted.
Prepaid funerals are a great idea and are beyond worthy of your investment. Here at My Estate Planning, we make sure your funeral plan needs are tailored to fit what you are looking for. We serve our clients with honesty and proper guidance to help them discover the best plan that works for them.
Contact us now, so we can start discussing your funeral plan needs and wants!