How else can I pay for a funeral?
Of course the other option when thinking about funeral payment options
is to look to your estate or any savings you may leave.
Paying for funeral costs when the time comes may be your
preferred option but before making that decision, remember:
- If you are relying on your estate to pay funeral
costs, it may take time for your family to access the money. Therefore they may
have to find the money to pay for the funeral in the short term and wait to be
refunded once the estate is settled
- If you have money squirrelled away in a bank
account, just be aware that funeral costs have consistently risen by 5% to 6%
for over 10 years, which unfortunately is way above any interest rate you can
get on savings these days. You may therefore need to keep ‘topping up’ your
funds if you want to leave enough money to fully pay for the funeral.
The other alternative is not to
have a funeral service at all and consider a direct cremation, which will cut the costs by half. This is an
option that is increasing in popularity throughout the UK, appealing to people
who are looking for cheaper funeral options or those who just don’t like
At the end of the day, one of the main benefits of a prepaid funeral
plan be it a more traditional plan or a direct cremation plan is that it freezes costs at today’s prices, so you don’t have to think
about interest rates or estates being settled. Once you’ve paid, that’s it – no
worry, no uncertainty, just reassurance and guarantees.