Organising a funeral – whether it be your own or that of a cherished relative – is one of the most poignant things that we may ever have to do. There is a responsibility to ensure that they – or you – have the farewell that they want.
But it can also be one of the most stressful and expensive things we’re tasked with. An average funeral costs £4,184; this price varies depending on where you live and the type of funeral you choose. This doesn’t include discretionary and third part costs, and factoring in these expenses can take the cost to just over £9000.
You can cover the cost of your funeral with funeral insurance, which covers the costs of your funeral service, or pay for it in advance with a prepay funeral plan.
Funeral insurance is similar to life insurance and over 50s plans – you make regular payments and your family receive a lump sum following your death. However, funeral insurance is specifically designed to cover some or all of your funeral costs; other plans are often advertised as a means of paying towards your funeral, but can be used for other purposes.
Funeral insurance will vary between providers and policies, but it typically covers any service provided by the Funeral Director. While some may pay for a plot in the Cemetery or contribute towards the wake, the majority don’t, and things like flowers and catering will be an additional expense for your family.
Funeral insurance also tends to be paid out after the funeral, meaning that your family are left to foot the bill – and any additional costs – while waiting for the insurance to be paid out.
To avoid this financially difficult situation and ensure all your funeral expenses are covered, it’s a good idea to invest in a prepaid funeral plan. This allows you to arrange and pay for the entirety of your funeral in advance; that way, your family won’t have to find the money to pay for your funeral at a time of grief..
To see how a funeral plan could help with planning your final farewell, contact us now or call 0800 411 8683 and one of our friendly advisors will be happy to help.