Funeral Plans – A Matter of Life or Death

There are only two things certain in life: death and taxes. 

Despite this inevitability, though, millions of us still leave our finances to chance by avoiding the feelings of finality that the talk of death can bring. Indeed, surveys have shown that almost three quarters of over 50s have yet to make ANY plans for their funeral.

Sidestepping the issue, however, only serves to leave your family off-guard, both emotionally and financially, when it comes to organising a funeral service.

The very last thing anyone wants to do after bereavement is arrange transport, funeral music and flowers – and that’s before they’ve glanced at the list of costs involved.

Consequently, it pays to face up to the reality of your mortality now, giving you complete peace of mind that your funeral is covered, and avoiding a financial headache for your loved ones.

This is where a funeral plan is worth its weight in gold.

Of course, before you look around for a funeral plan, it’s important to realise there are many companies to choose from – but that doesn’t mean they’re all the same. 

The following services will all vary depending on what type of plan you opt for: 

• The funeral director
• Hearses and limousines
• The coffin 
• Crematorium costs 

Also, given that the average funeral now costs around £3,200 – with inflation on funerals running at around 7% the average cost of a funeral in 2020 will be more than £5,600 – sorting your funeral out at today’s prices means you could make significant savings as prices spiral.

A funeral plan offers easy funding options depending on how much you can afford to pay, and you get the funeral you want while relieving your family of the financial strain that a service can so often cause.

Finally, when you opt for a funeral plan, you can rest assured that your cash is protected and invested to ensure there will be sufficient funds available to carry out a funeral service that your loved ones will remember for all the right reasons.

Tips for Financing Your Funeral Planning

Your own funeral is not something you want to spend a lot of time thinking about. However, it is important to think about it long enough to make plans so that you can be sure you have the arrangements you would like and so that you don’t burden your family with huge expenses or significantly reduce the estate you leave behind.

Funeral arrangements can be expensive, so it’s important to plan no for how you will finance it and how to make choices to reduce the cost. Here are a few tips for financing your funeral planning:

Purchase Life Insurance

An easy way to get the money needed for your funeral costs is to purchase a life insurance policy. You won’t have your funeral planned, but you will get it paid for by the policy. You can get a small policy of only $10,000, which will keep your premiums low but will offer enough to pay for your funeral costs. Make sure you keep the policy up-to-date, changing the beneficiary as needed. You don’t want the money to get tied up if there is a dispute because the beneficiary you had named is passed on.

Comparison Shop

Not all funeral packages cost the same, and you can save a significant amount of money by simply shopping around. You may find that one cemetery offers a more affordable plot while another funeral home offers more budget-friendly options for the handling of the body. It may seem strange to try to spend so much effort on shopping for these options, but in doing so, you can save yourself and your family a lot of money.

Set Up Financing through the Funeral Home

While many people do decide to pay for their funeral arrangements in one lump sum, most funeral homes do offer a financing plan. Financing can make the package more affordable for you. Just be sure that you know how your money is going to be handled. Some funeral homes put the money in a trust until it’s needed, while others buy an insurance policy that names them as the beneficiary. Understand all the fine print and make sure that your investment is protected.

Pay for a Portion of What’s Needed

If you cannot afford to pay for everything for your funeral now, you can focus on paying for a part of what’s needed. For example, you can choose to just buy the burial plot, or you can focus on paying for the service. By doing this, you will be able to reduce the amount your family will have to pay later and you’ll also save yourself money now.

Make Different Choices

As with anything you buy, there are budget options and upscale options when planning for your funeral. For example, you can get a top-of-the-line casket that costs as much as some people spend on the entire service, or you can choose a more budget-friendly option. You can have the whole place decorated in hundreds of flowers, or you can choose a few tasteful decorations. Cremation is also less expensive than embalming. Determine what you are comfortable with and see where you can lower your expenses by making different choices.

Funeral planning isn’t pleasant to think about, but it’s necessary. These tips can help you to make funeral planning affordable for you so that you can protect your estate and save money for your family later.

Bio:
Chloe Trogden is a seasoned financial aid writer who covers specific opportunities such as grants for school. Her leisure activities include camping, swimming and playing her guitar.