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Are Funeral Plans a Good Idea?

Are you wondering if a prepaid funeral plan is worth the extra expense? The realities of organising a funeral may dawn on you as you age, and you start to consider what happens after you pass.

Funerals are getting more expensive, and arrangements may get complex. You might ponder, “are funeral plans a good idea?”

This guide will look a the pros and cons of a prepaid funeral plan.

What is a Prepaid Funeral Plan?

A prepaid funeral plan is a service that allows you to address the costs of your funeral in advance of your passing. Most funeral plan providers offer packages covering all traditional funeral expenses, such as funeral director’s fees, a coffin, and officiant led ceremony.

Today, you’ll be able to choose between many prepaid funeral plans that best fit your circumstances and give peace of mind that a farewell is secure. However, funeral plans may not be for everyone, and you may wonder whether a funeral plan is worth the investment.

We’ll weigh up the pros and cons of a funeral plan below.

What are the Pros of a Funeral Plan?

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Here are five advantages a funeral plan can bring.

1. Protect your family from rising funeral costs.

One of the leading reasons why funeral plans are a good idea to many is concerns over the rising cost of funerals. We’ve seen prices rise over 54% over the last decade, and there isn’t much expectation that they will drop soon.

Investing in a funeral plan takes care of the costs of funerals now at today’s rates. It ensures that your family doesn’t have to face any unexpected costs or financial strain when you pass away.

2. Organise a funeral in advance to lift the burdens on your bereaved family.

It’s not an easy time when a loved one passes away. Organising a funeral amid grieving can cause significant stress and anxiety.

A funeral plan allows you to set the wheels in motion for your funeral even well before you pass. Most packages will include funeral directors to include all the arrangements, so your time comes, they will organise everything, minimising the burden on your family.

You’ll get the farewell you want without the emotional and financial toll it can take by not planning a funeral.

3. Prepaid funeral plans lock in funerals at today’s prices.

Today’s average funeral price is £4,344, which may increase to £7,000 by 2035. It’s much money to pay for a funeral and could be significantly worse in a few years.

Locking in a funeral with a prepaid plan ensures you pay today’s prices for a funeral and nothing more in the future. You can have peace of mind that your remembrance service is already taken care of with no future expenses for your loved ones.

4. Funeral plan providers are flexible with their packages and payment plans.

Funeral plan providers don’t offer just a one-size-fits-all package. They offer multiple plans tailored to specific requirements and address the core issues of organising a funeral.

You’ll find basic packages covering funeral essentials and other tiers that provide a more intricate service. All will generally have flexibility in their payment options, including monthly instalments or a lump sum.

You’ll be able to secure a funeral on terms you can afford, protected by the Funeral Planning Authority should anything happen to your funeral plan provider.

5. Get the farewell you want.

Finally, having the funeral you want may not be feasible financially or logistically without help. Funeral plans connect you to the resources you need to organise your desired service efficiently.

Funeral directors will take the lead in fulfilling your final wishes at more affordable rates than paying costs upfront after passing.

What are the Cons of a Funeral Plan?

Where there are pros, there are cons. Here are five disadvantages to purchasing a prepaid funeral plan.

1. Prices of funerals may come down.

The current trends and statistics suggest that funerals will only become more expensive. However, it isn’t an impossible scenario where funeral costs get cheaper than what you see today.

We can’t predict the future, and specific innovations, competitiveness, or general changes may decrease funeral prices. If you’ve taken out a plan, you’ll be locked into a more expensive funeral when paying upfront could be cheaper.

2. Not worth the investment if you might pass soon.

One of the most prominent selling points of funeral plans is that they protect you and your family from rising costs. However, the price hikes will not affect you if there’s a possibility that you may pass in the next couple of years.

The only benefit is the organisational factor behind funeral plans in that scenario. Otherwise, you may not be saving more money nor yielding the other positives of taking out a funeral plan, rendering the investment obsolete.

3. Some limitations on choice.

There may be limitations on what you can and can’t have with a funeral plan. Those restrictions include not being able to choose your funeral director, crematorium, or scheduling conflicts with the venue you’d like your service.

Funeral plans may present a few niggling issues that limit your options, not giving you the flexibility promised.

4. Funeral plans can still be a strain on the budget.

Even though you’ll find many reasonable options to pay for your funeral plan, the expense may not be feasible against your budget. You may need money to live now, and if you plan to leave your family some in your estate, they can use that to organise your funeral.

5. You can’t cancel or amend a funeral plan.

Many funeral packages offer flexibility and let you amend or cancel the plan. However, some won’t.

Suppose you move to a different area or personal circumstances change. In that case, you might get stuck paying for a funeral plan that you won’t be able to use or deliver the farewell desired by the deceased.

So with all things considered, is a funeral plan a good idea?

Is a Funeral Plan a Good Idea?

Weighing up the pros and cons of a funeral plan tends to suggest that funeral plans are a good idea if you meet the following circumstances:

  • You have disposable income to cover the lump sum or monthly payments of a funeral plan
  • You want to leave the organisation to the funeral director
  • Your family might not have the money to cover rising funeral costs.
  • You don’t have life insurance
  • It would help if you had an external entity to carry out your final wishes.

If some or all of these scenarios ring true, a funeral plan may be good for you.

Where Can I Investigate Funeral Plans Further?

Are you interested in learning about quotes from funeral plans? You can fill out a few details in the form below to get an overview of funeral plans tailored to your needs.