In life, there are unexpected expenses you don’t always save up for. One example of this is paying for a funeral. A decade ago, funerals used to cost around £1,920. Nowadays, the cost of a decent funeral is around £4,000. Imagine how much it would be a decade from now. Saving enough for a funeral is not sufficient. Rising interest rates and inflation can cause your savings to decrease in value over time.
Although it is often thought of as taboo, preparing for funeral costs ahead of time by paying for a funeral plan is considered a sound financial decision. The advantage of paying for a funeral plan is the assurance that you are getting the services you wished to have while paying for prices at today’s rate. What are the benefits of a pre-paid funeral plan?
The assurance of fulfilling your final wishes
You can buy a funeral plan for yourself or any of your family members. Unfortunately, if you don’t know the final wishes of your loved one, you may end up planning a funeral without knowing these wishes. If you pay for a plan now, you can ensure that these wishes are respected and granted when the time comes. More importantly, you have peace of mind knowing that a death in the family will not add unnecessary financial burden later.
You can choose a funeral director
Before you compare funeral costs and the cost of paying for a plan, you should also consider finding a funeral director you can trust. Most funeral plan providers work with a network of highly experienced funeral directors. Buying a plan also assures you that your service is locked in with a reputable funeral director.
Your funeral funds are secured
One of the reasons why people hesitate to pay for a funeral plan is the possibility of losing their money. On the contrary, funeral plan companies are also life assurance companies that ensure your money is secured. If you want a better guarantee, buy a plan from an established company. You can easily research reviews and feedback from clients and customers which will guide you in choosing the right funeral plan provider.
Secure your family’s inheritance
Worrying about money is the last thing you want when a loved one passes on. It is common to encounter this issue when a family is not prepared for such events. In some cases, paying for a funeral can lead to unnecessary debt. You can avoid worrying about finances if you prepay a funeral plan. Remember that if you have an estate, part of it will pay for funeral costs. By paying for a funeral plan, the estate is protected.
Careful financial planning should not only include expected events but must also take into account the possibility of unexpected situations. Paying for a funeral plan should be included in every family’s preparation. It gives you peace of mind and assurance knowing that when a loved one passes away, a funeral plan provider will support you every step of the way.