Q. How much do funeral plans cost?
A. When you choose to take out a funeral plan you will be signing a financial agreement which commits you to paying a certain sum each month so that when the time comes your most (or all depending on what you choose) of your funeral expenses, planning are already paid for and arranged.
To complicate matters, each funeral plan provider has multiple levels of service, packages which include varying degrees of offerings from change of cortege route to additional memorial services. We have cast our eye over some of the most popular plans online to allow you to see how much each plan costs and what they contain. You can view our funeral plan comparison page here.
Paying for a funeral is never easy at any time. Whether out of the blue or known, it can still be a financial set back for most. Even if payment is to be borne by the deceased’s estate and you’re the Executor and Benefactor, the organisation of payment and settling of dues can still be unsettling.
This is why many choose the option of a funeral plan. Because having asked themselves the question of how much is a funeral today and how much will the funeral be next year? They have realised that undoubtedly a funeral will cost more in the years to come than it will by starting to make payments in the immediacy.
There are two examples of how much a funeral plan can cost.
Much like any arrangement where you are buying a financial product that has a monetary outcome there will be varying terms and conditions attached to any payment schedule, so it’s recommended to read the terms & conditions of any funeral plan before you sign on the dotted line.
- 1. If you are aged 50 and you wish to start paying for your funeral over a longer period, you need to treat your funeral plan payment as an investment that returns a fixed fee for services required. Your prospective funeral details could include, burial, the coffin – chosen by you, a service, flowers, transportation or more basic or more detailed.
You will be asked to pay £x amount a month over several years until the agreed balance is paid off.
- 2. A second example is: You’re perhaps 80 years old, quite concerned about your children paying for your funeral so decide to take a policy out for a funeral plan over twelve months instead.
This schedule works out similar, only payments will be spread over 12 months and the difference between a funeral today compared to the years to come will be lessened; furthermore your family won’t have to pay or arrange any major details – as this will be all done beforehand.