Protecting the next generation from the increasing cost of your own funeral with a low cost funeral prepayment plan
(PRWEB UK) 25 August 2015
We are all aware that the cost of even the most basic funerals has risen dramatically in recent times and yet, it is sometimes tough to quantify just exactly how much these costs have increased. Last week, the BBC released a report that has uncovered that since 2010, the cost of cremations alone has risen by 30 per cent. The average price for a cremation is now approx. £640 pounds, but that figure does not take into account the funeral directors costs and all other costs involved with a funeral, which currently brings the average total bill to £3600.00. Some blame this increase on profiteering, while others instead cite larger coffins and new anti-pollution rules. Regardless of the culprit, the fact of the matter is, families are now forced to pay more than ever before, with some areas like Barrow-in-Furness, seeing price increases by 100 per cent since 2010. The BBC radio has also reported that the cost of dying has very literally risen seven times as much the cost of living.
More Important factors For Consideration
Compare Funeral Plans UK (CFPUK), a UK independent funeral plan comparisons company completely agrees with the figures. Senior Partner, Mark Leaper commented saying, “We hear so many stories of people relying upon Insurance policies to provide the finances to cover their own funeral costs”. He went on to say “What many people don’t understand, is that relying upon insurance cover alone is dangerous, as with the current rate of price increases, it is extremely unlikely that insurance plan growth will keep up, leaving the next generation in families having to pick up potentially massive shortfalls at the time of need.”
Leaper went on to state, “Consumers need to consider that funerals very often take place within a week or two of a loved ones passing, but insurance can take many more weeks to pay out, in fact, on occasion, even months if probate is an issue, leaving the family having to pay the full bill at the time, which many find hard or even impossible to manage.”
The answer is in planning ahead for your own funeral by buying a funeral prepayment plan. The single biggest benefit in this is fixing the cost of the funeral at today's price, totally avoiding the effects of inflation or other price increases and plans guarantee to pay the funeral director directly at the time of need, so avoiding any delays or money pressures upon the family.
A prepaid funeral plan can be paid for in a lump sum or by low cost monthly payments, but whichever option is selected, the price is locked in at the price on the day of purchase, so the most that will ever be asked of the family, if the plan is not fully paid at the time of need, is the amount that is left outstanding of the original plan price, not the price that the funeral might cost at the time.
Making choices ahead of time makes the lives of others so much easier. Taking decisions and making arrangements can put a massive strain on loved ones at a time of sad loss, so by planning ahead, you can remove some of those pressures for your loved ones after you have gone. There has never been a better time to set up a low cost funeral prepayment plan, there are independent expert advisers available, but avoid any companies who make charges, it is not necessary to pay arrangement fees for getting advice, making market comparisons or setting up a plan.
To fully appreciate the benefits that plans offer, it is a good idea to take a look at a handful of the most basic areas.
Financial Concerns Covered
First, a funeral prepayment plan works very much like any type of insurance policy, except that it pays out without any delays, directly to the funeral director, so does not become a part of the deceased's estate. At the time of need, a single phone call activates the plan. The funds in your plan guarantee to pay the funeral directors costs and cover additional elements like cremation fees, vicar’s fees, doctor’s fees etc. but burial plot purchases are not covered, so these must be paid for under a separate arrangement.
Acceptance for a pre-paid funeral plan is always guaranteed - Applicants are NOT required to take a medical before being approved.
The Tip of the Iceberg?
Another worrisome trend is that although the costs mentioned by the BBC is profound, the truth of the matter is that they may only represent the tip of the proverbial financial iceberg. As the population of the United Kingdom continues to age, it is likely that these increases will be dramatically eclipsed in the not-so-distant future. Not only is this a very real concern to those who are currently working, where are pensioners supposed to turn? Those living on a fixed income will certainly face some dire economic consequences should this trend continue (which many suspect it will). There has never been a more appropriate time to consider prepayment funeral plans for a peace of mind that would otherwise be nearly impossible to obtain.
How to Choose Funeral Prepayment Plans.
Compare Funeral Plans UK, understand that this is a topic that is not clearly understood and there are likely to be a number of questions that families will have before deciding.
Some of the most common questions include:
- What are the differences in cost between a burial and a cremation?
- What are the benefits features of prepayment funeral plans?
- Are there any interest charges made on monthly payment options?
- What if I plan on moving abroad upon my retirement?
Talk to the experts - There is a Free UK later life pre-planning guide, which answers these and many more commonly asked questions.
The Power of Comparison
One of the best ways to decide which plan may be the most appropriate for your needs is to visit http://www.comparefuneralplansuk.co.uk, which provides detailed information for comparing the best funeral plans.
Making sure that your chosen plan is the right one for you is the single most important factor. CFPUK will assist you to compare the current best prepayment funeral plans from across all of the UK providers, so you can be completely confident that the recommendations will meet and exceed your expectations. It is also worth mentioning that all of their reviews are objective; there is no bias in the recommendations, you will receive like for like comparisons to consider.
The Future Rising Tide
It is predicted that the cost of funerals in the United Kingdom will continue to rise in the future, the only question is how far the prices will jump. Some estimates even claim that a funeral could cost as much as £10,000 pounds in the next ten years. Although the BBC has shed some light on this situation, it is not likely that we will see a reduction in such costs any time soon. As with many things in life, preparation is the key to the welfare of you and your family.
Source: BBC News - http://www.bbc.com/news/uk-england-33905444