Paying for a Funeral – The Consequences of Doing Nothing

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Following recent criticism over the soaring costs of funerals, Over50s financial planning experts Over50choices announce ways to put plans in place today and relieve the financial burden awaiting thousands of families.

paying for a funeral
Funeral costs are becoming a very real financial problem for families throughout the UK.

Having consistently risen by around 7% over the last 9 years, funeral costs are becoming a very real financial problem for families throughout the UK, adding to the grief caused by one of life’s most difficult times; the death of a relative.

Over 50s personal finance comparison site Over50choices understands all too well the despair and upset families face and suggests that people start to put plans in place ahead of time to avoid future financial difficulty.

To help customers plan, the website provides the widest choice of funeral options in the UK as well as comprehensive information on all aspects of funeral planning; from arranging, personalising and paying for a funeral to estate planning.

With a dedicated section on paying for a funeral, visitors to the site can easily read about the various options available, which include using savings, paying from the deceased’s estate, arranging everything in advance with a Prepaid Funeral Plan or buying an Over 50s life insurance plan.

Over50choices founder and managing director Ashley Shepherd states, “Using your savings may seem like an obvious option but people need to be aware of the difference in funeral inflation compared to interest rates on savings accounts."

He goes on to stress that with interest rates on savings increasing by only 1.5%, there could well be a shortfall when the time comes if people don’t account for the difference and put plans in place.

In addition to comprehensive guides on Prepaid Funeral Plans and Over 50 Life Insurance Plans, the site also gives visitors the ability to compare both types of plan and buy from a number of market leading providers.

Funeral Plans give people the ability to arrange their funeral and pay for it at today’s process, therefore avoiding the impact of inflation. They typically guarantee to cover funeral directors' fees and pay an allowance towards third party costs, which include doctor’s and minister’s fees and cremation or burial charges.

Over 50s life insurance plans pay out an agreed amount of money when the covered person dies. Over50choices is unique in its ability to offer visitors to the site the opportunity to compare both Guaranteed Over 50 Life Insurance and Underwritten Plans. A Guaranteed Over 50 Plan guarantees acceptance without the need of a medical whereas an Underwritten Plan has a longer application process which includes health and lifestyle questions but can offer a much higher level of cover.

Ashley goes on to say, “Many people quite understandably don’t give funeral costs a second thought, so it frequently comes as quite a shock when they lose someone close. In addition to going through the emotional turmoil, they also have to start thinking about the financial side of things, which unfortunately for some, means taking out a loan or using a credit card to cover the costs.

Of course we recognise that this won’t be the same experience for everyone and I am not suggesting you go out and buy a funeral plan or life insurance policy, although that may be a suitable option for some. I just want people to start thinking about funeral planning in advance; to think whose responsibility it would be to sort out the financial side of things and what impact that would have on them. What would the consequences be of doing nothing?”

For more information on arranging, personalising or paying for a funeral; or estate planning including Wills, Probate, Inheritance Tax Planning and Trusts, visit the site.

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