Funeral Plan Prices Rise Again
Funeral Plan Prices Rise again- and again! Several times a year, funeral plan providers review their prices. We can’t recall a time when they went down! So reviewing prices means that they are going to go UP!
The worst time of year for funeral plan prices rise is usually the autumn, but there are a sprinkling of prices increases at random times during the year, so we are constantly having to review recommendations, which is why we ask you not to return the funeral plan enquiry form until you are ready to go ahead.
Funeral Plan Prices Rise Again – Much Faster than Inflation
(or the interest your savings are earning!)
With funeral inflation going up three times faster than retail prices (and probably even faster compared with your wages or pension!) it make sense to lock in the cost of your funeral plan as early as you can. Ideally you would pay for your funeral plan in one go – or at worst over 12 months interest free. But some of the providers offer pretty fair terms over as much as 10 years, which makes funeral plans pretty affordable especially if you put down as much as you comfortably can as a deposit. The bigger the deposit, the lower the repayments and the less interest you will pay. And you are protected when funeral plan prices rise again.
The disadvantage of paying by installments is that your relatives would have to pay for broadly whatever proportion you haven’t paid for if you are thoughtless enough to die before you finish paying in full. Generally, if you are unable to continue with the monthly payments, you will still have paid for a proportion of your funeral. Contrast that with the Over 50′s “Funeral” Insurance – you will lose the lot on most of those if you miss a payment and don’t catch up in the brief re-instatement window which can be less than a month! We think those products are awful. Do you really want to carry on paying for your funeral until you are 85 or so, scared to miss a single payment for fear of losing everything? Do you really want to see the real value of your “funeral” insurance go down year by year? Many of these Over 50 Insurance plans will be so radically cut by the rise of funeral inflation that they may cover less than one third of the cost of your funeral. Rather defeats the object of the exercise in our opinion!