For those that wish to plan ahead, paying into a funeral plan can be an excellent means of ensuring you’re financially prepared for the costs associated with burial, cremation and memorial services. While there are other alternatives, such as funeral insurance, a proper funeral plan is advantageous for a number of reasons, which we’ll explore below.
What is a funeral plan?
A funeral plan locks in a funeral at today’s prices. With a funeral plan, you pay a pre-arranged amount of money to cover the cost of your future funeral services, the sum total of which is released upon your death to cover all agreed expenses.
This protects the customer from the yearly increases in prices and fees we’re currently seeing in the funeral industry. With the cost of a funeral rising far quicker than inflation, the average funeral is expected to cost £10,203 by 2029. Compared to today’s average price of £3,800, this an incredible figure – one you could avoid paying if you were to plan ahead now.
What are the advantages of a funeral plan?
On top of tying your funeral to current prices, a funeral plan gives you greater control over the details of your funeral, value for money, a wide selection of funeral directors to choose from, and a guarantee that your investment will be well taken care of.
With Beyond’s Open Plan, you can customise your funeral to meet your needs and wishes. Rather than having to make concessions by agreeing to a pre-existing plan in which the specific details of a funeral are fixed, the Open Plan allows you to make all the important decisions relating to your funeral. This provides greater control to you and gives every individual the dignified funeral they deserve.
It also gives you the opportunity to choose your preferred funeral director from an incredibly wide variety of local businesses, ensuring your funeral isn’t in the hands of someone you haven’t directly approved. Having paid into the funeral plan, your money will be handled carefully by a board of independent trustees who have a history of providing customers with a good rate of return.
Why are funeral plans better than funeral insurance?
Depending on the individual, funeral plans can be advantageous for a number of reasons. Funeral plans require you to pay a fixed amount, whereas funeral insurance necessitates regular payment up until the moment of death. Depending on how long you live, there can be a big difference between these two figures.
Funeral plans also allow for much greater control and puts all the important decisions in your hands. With some funeral insurance products, you may not even have a say in whether you’re buried or cremated. Funeral insurance costs can also be extremely high if you suffer from pre-existing health conditions, whereas this is irrelevant in a funeral plan.
