Funding a Funeral and the Benefit it Brings
As the adage goes death and taxes are the only certainties, yet as a nation we are reluctant to discuss death, never mind plan for this inevitably.
With the rising costs of funeral expenses, families can suddenly left to face a mountain of bills. Decisions about funeral arrangements are already difficult in the midst of grief but cost complications can be overwhelming. Research carried out by Royal London revealed the average cost for a simple funeral is £3702 – a hefty, well above inflation, increase of 6.1% since 1980. This problem is further compounded by location. A burial in Beckenham costs £7216 compared to Belfast where a cremation or burial costs around £3000. Sun Life Direct predict that by 2020 an average funeral could be £4620.
In a bid to beat these staggering funeral costs, prepaid funerals have become more and more popular. Prepaid funeral plans work by offering a funeral based on current prices. Freezing these prices mean you are protecting your loved ones from the predicted future increase in funeral expenses. This can be paid in one lump sum (ranging from £3000 to £5000) or the cost can be spread out over a fixed period.
Prepaid Funeral Plans Generally Include
Transporting the deceased (both the collection of body and the provisions of hearse on the day of the funeral), preparing the deceased’s body, the provision of a coffin, supporting families with advice and either fully pay burial or cremation costs or at least provide a significant contribution towards it. With coffins alone ranging from £150 to the thousands, transportation of the body costing over £120 and a single hearse costing around £300, it is easy to see how funeral expenses can begin to add up.
It is Crucial that you Read the Terms and Conditions
before investing in a prepaid funeral plan. The extent of coverage offered can vary widely between different providers and within their own tiers (basic, standard or premium). Certain funeral expenses may be not covered by plans. These range from the cost of flowers, notifying the press to headstones to wakes. Some arrangements that you would take as a given like embalming, doctor’s fees for cremation, minister fees and even viewing of the body may not be covered by your provider.
Opting For a Prepaid Funeral Plan Lets you Firmly Establish
Your wishes and takes away from your family’s burden. Most households only have around £3000 in savings thus funerals can plunge many into debt. Even if families qualify for support from the government’s social fund, there is an average shortfall of £1372. It might be an unsettling thought but paying for a funeral today may help your family tomorrow.
Plan Ahead for Funeral Peace of Mind
At some point in our lives, most of us will find ourselves asking: “how much does a funeral cost?” Whether we are asking the question for a loved one, or thinking ahead for ourselves, the answer might come as something of a shock.
A standard UK funeral, either a burial or cremation, currently costs around £3700.
The figure is roughly 90% higher than it was a decade ago. If we project that rise in costs into the future, the cost of a funeral just four years from now could amount to nearer £4700.
One of the ways that you can Safeguard Against Additional Worry
At a difficult time is to consider a prepaid funeral plan. By arranging the details ahead of time and paying into a plan which covers them, you can clear the costs of your funeral at today’s prices and give yourself peace of mind.
When the time comes, everything will have been arranged and paid for to your specification, and you won’t have left your loved ones facing the question; “how much does a funeral cost?” With a prepaid plan, you know exactly what your funeral will cost and you can be guaranteed that you will receive the service that you want at the price you would pay today.
It is common for funeral directors who offer a prepaid service – either independently or as part of a network of funeral directors taking part in a scheme – to offer you options. Set burials and cremations will follow a standard plan. Custom funeral services will allow you and your family to agree on certain touches that might not be included in the more traditional funeral.
The Average Amount of £3700 Will Cover all of the Basics that you Would Expect.
There are certain standard services which apply to many prepaid funeral plans. When looking for your preferred provider, you may wish to check if they offer the following: help for the family when dealing with the registration and certification of death; an appointed funeral director who will help the family organise the service and make sure that it runs to plan on the day; the care and preparation of the body; a funeral car or hearse to transport the body to the service.
Your coffin costs will depend on the casket that you chose and this is decided by you with the assistance of your funeral director. Many providers will also allow you to amend some of the details, possibly at extra cost, if you change your mind after the initial plan is made. They will be able to discuss the financing with you, and the question of “how much does a funeral cost” will depend on the final options that you choose.