A funeral plan is essentially a promise to deliver a funeral at a date in the future. While funeral costs are rising faster than inflation, purchasing a funeral plan fixes the cost of the funeral at today’s prices. Funeral plans also allow you to make special requests and wishes for the funeral, such as music or readings, to ensure your loved ones arrange the funeral that you want, when the time comes.
Are there alternatives to a Funeral Plan?
Some people consider over 50s life insurance policies, ISAs or savings accounts to cover the cost of their funeral. However, these can prove unreliable in covering funeral costs as they don’t take into account the rising cost of funerals.
You could also end up paying in much more than you would be paid out – which in turn could lead to further funds being needed when the time comes, putting stress and burden on your loved ones. Furthermore, banks and financial companies won’t help with the funeral organisation. For total reassurance for yourself and your family, a funeral plan is the most practical choice.