Help with funeral
More and more people are now arranging their funeral in
advance, the majority in their 60s and 70s but also a growing number of 50
something's are seeing the benefits of planning ahead.
Let's take a look at your options:
Use your savings:
If you have sufficient savings you could use this pot to help pay for some or all of your
However if you have that cash
in your account today which will ultimately be used by your family for funeral costs, you could consider buying a prepaid funeral
plan in advance, which will freeze your funeral director's expenses as detailed in the plan, at today's prices and not be
subject to funeral inflation.
And of course, with savings rates currently being low, this
could be a better use of your money.
Prepaid funeral plans: These have become increasingly more popular with over 183,500 sold in 2015 and over
one million now in existence. They simply allow you to choose the funeral you want at
today's prices, regardless of when you die.
So the younger you are, the more financially beneficial they
Saving you and your loved ones money is only part of how the best funeral plans could help your family; as you will have arranged
your funeral in advance, it will be one less thing for your family to worry about when the time comes.
You can decide on a local funeral director, what type of service you want and how much you want to pay rather than leaving it for your family to make those difficult and potentially costly decisions when the time comes.
As specialists in arranging prepaid funeral plans, the
Simply team are on hand and happy to help compare funeral plans if you
want more information on this option.
Over 50 life
insurance: often referred to as funeral insurance, over 50 plans are life
insurance plans that provide a cash sum upon death that can be used to pay
for some or all of the funeral costs.
They start from as little as £3.70 a month which may appeal to those who prefer to keep to a tighter budget but want to help their loved ones pay for
More detailed information on Funeral Insurance can be
found on this site.
The Social Fund Funeral Payment (SFFP) is the government's support fund to help
those who can't afford a funeral, however this comes with a serious warning as it is difficult to qualify for and cannot be relied upon as a way of paying for your funeral.
The rules on who qualifies are not clear but you must be on
state income benefits and even then it's likely to only cover around 35% of
your funeral costs. In 2014 the average funeral fund payout was £1,375.
In summary, don't wait to get help with funeral costs; the
sooner you start planning for your funeral the easier it will be for your family.
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