A pre paid funeral plan is where you buy a bond that covers 100% of the funeral cost.
If you had bought a bond in 2005 it would have cost around £1950 and funerals today are around £4000, so your family would have been saved £4000, by you investing less than £2000 in 2005.
Today, in 2016, funeral pre paid funeral plans are around £3700 to buy and in ten years’ time the average funeral will cost between £7000 and £8000 and in 2035 the average funeral will be over £12,000.
When in the midst of grief, many families will buy the most expensive funeral, even though their loved ones would not want to see them in financial difficulties.
By planning your own funeral and paying for it ahead of time with a prepaid funeral plan, you protect your loved ones from getting into debt because of a funeral.
You also ensure that your families inheritance is not spent on paying for a funeral.
The best pre paid funeral plans are ones that cover 3rd party fees (known as disbursements). These fees include cremation, or internment fees, medical and minister’s fees.
You can also include limousines to take your family to and from the funeral, a floral spray for the coffin, an obituary in the local newspaper, and any special requests. You can plan your funeral completely and ensure your loved ones are not left with a hefty bill that they cannot manage.