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Should I Pay for Funeral Costs in Advance?

You’ve likely considered your funeral if you’ve already started thinking about passing away. You’re already on the first step to pondering paying for your funeral in advance, and this guide will answer whether it’s a good idea to do so.

Why Should I Prepay My Funeral Costs?

Paying your funeral costs in advance can save a lot of hassle and stress. The fundamental values of organising your funeral are peace of mind, financial relief, and logistical seamlessness.

That means that prepaying your funeral costs will assure you’ll have the farewell service you want. You and your family won’t have to worry about expenses and organising all the funeral arrangements – a funeral director will take care of that.

But if you need more reasons why a prepaid funeral can benefit, we have a few.

Reasons Why a Prepaid Funeral Can Benefit

We compare plans from the leading funeral providers

Here are five reasons why prepaying for your funeral yields personal benefits.

1. Take care of your funeral expenses now.

It is never pleasant to think about passing away, but it’s an inevitable part of life. There comes a time when you might want to start pondering what happens when you pass away seriously.

Do you want an elaborate remembrance service? Perhaps a simple, direct cremation? These are some things you might want to organise to get the farewell you prefer.

The only certainty behind planning your future funeral is that it will cost money. Then you’ll start asking whether your family can afford the expenses? Do the funeral costs come out of my estate?

Taking care of your funeral expenses is the straightforward solution to all those questions about what happens after you pass. You’ll be able to live with the security that there’s no uncertainty about your funeral service.

2. Protect your family against rising funeral costs.

The alarming statistics behind rising funeral costs show that a prepaid funeral would benefit. Over the last ten years, we’ve seen funeral costs rise over 54%, where you’ll find that the average price for a funeral today is £4,344.

There’s a prediction that by 2035, those costs will go beyond £7,000 if these trends continue. Would your family be able to afford to pay upfront costs for your funeral?

Paying for your funeral in advance will secure the funeral expenses at today’s prices. Not only are the costs paid for, but your family won’t need to worry about any financial burdens during a difficult time for them after you pass.

3. Have the funeral services you want already organised.

Besides the financial benefits of prepaying for a funeral, the logistical side could also give you peace of mind. Suppose you have ideas or a vision for your funeral arrangements. In that case, you’ll be able to plan out the details and have your final wishes fulfilled by a funeral director.

So when the time comes, you’ll have the wheels in motion for your funeral to occur. The funeral director, who usually takes the helm on your funeral arrangements, will get everything into place. In contrast, your family and loved ones grieve.

Funerals are never easy to organise, but planning one makes the process seamless. All the complexities and challenges behind your funeral service have already seen solutions.

4. Paying funeral costs in advance means there are flexible payment options.

The most prominent method to pay for your funeral in advance is taking out a prepaid funeral plan. The plans make funerals more affordable, but they offer flexible payment options.

When planning a funeral, most funeral plan providers will offer pay monthly funeral plans, sometimes even quarterly or annually, if your budget is of concern. Or, if you have the money now, you can pay a lump sum upfront to secure your funeral without any further involvement.

Funeral plans bring many options to the table to get the farewell you want, tailoring to your financial circumstances.

5. Prepaid funeral plans are exempt from taxes.

Taxes aren’t one of the most prominent reasons funerals get paid for in advance, but it’s undoubtedly a supplementary benefit. If your estate is liable to inheritance tax, money put towards prepaid funeral plans is exempt from taxation.

If you want to pay for your funeral in advance, what’s the best way to go about the action? A prepaid funeral plan is the most straightforward way to secure a future funeral service on your terms – but how do they work?

How Do Plans Cover Funeral Costs?

A funeral plan provider will generally offer a broad spectrum of packages to meet your farewell wishes and adapt to your circumstances. So, what costs will funeral plans cover?

Most funeral plans will cover at least the following:

  • Funeral director’s fees
  • Care and transport of the deceased
  • A standard coffin

However, there are many options for a funeral to customise them more to your preference or keep things simple. Prices vary depending on your final choices, where cheaper options are direct cremations. The highest tier of funerals covers a comprehensive suite of services.

Once the plan gets purchased, you’ll have assurances that your funeral costs have coverage. After you pass, the funeral plan provider will release your funds to the funeral director to fulfil your final wishes.

Most funeral plan providers will pay out after two years of payments if you select a monthly payment plan. That means costs get covered even if there’s an outstanding balance. A prepaid funeral plan yields plenty of benefits, but is paying in advance worth the expense?

Is a Prepaid Funeral Plan Worth It?

Despite the core reasoning that funeral plans offer minimal hassle at affordable prices, paying for a funeral in advance can still burden your budget. We can break up and definite the circumstances where a prepaid funeral plan is worth the investment or not.

A prepaid funeral plan may be worth it if:

  • You’re financially secure and can afford additional payments.
  • You want to protect your family against rising funeral costs.
  • You wish to have your funeral organised now.
  • You don’t have life insurance

However, purchasing a funeral plan may not be worth it if:

  • You may pass away in the next couple of years.
  • You already have life insurance
  • Funerals are already relatively inexpensive in your areas.
  • You need money to live off of now

Weigh up the options and consider whether a funeral plan fits your circumstances. However, almost exclusively, people would agree that a funeral plan is beneficial, considering the flexibility and affordability of packages.

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