Savings or Funeral Plan?
Savings or Funeral Plan? It’s a question we often get asked, and the answer is pretty straightforward.
Increasingly, the public are catching on to the fact that Funeral Plans are not only really thoughtful, they also make great financial sense. Statistics* show that the cost of the average funeral has risen by 71% in the last eight years.
So what has happened to Savings or Funeral Plans over the last 8 years?
If you had put enough to pay for a funeral 8 years ago £1,920 into an average savings account, it would now be worth just over £2,630.40 to a non taxpayer, and considerably less to a taxpayer or higher rate taxpayer.
If the same £1,920 had been moved into a prepaid funeral plan, its’ buying power for non tax payers, basic rate taxpayers and higher rate taxpayers would now be £3,284.
Given the fact that funeral costs are pretty much inevitable, and that funeral inflation is highly likely to continue to be much higher than interest rates, we would pose the question:
Why continue to use Savings not Funeral Plans?
As you will appreciate, there are many other advantages to prepaid funeral plans as well as cost and convenience. Do have a look round our site and consider them.
Then consider the fact that we are INDEPENDENT of any funeral plan provider and our sole job is to help you to avoid the pitfalls of buying a prepaid funeral plan which is not really appropriate, or using a company with a long history of complaints.
Please download our enquiry form: if nothing else, it will help you to consider what you really do need. Return it to us when you are ready and we’ll review the market for the plan which best fits your needs. Savings or Funeral Plan? NO CONTEST!
* Mintel research September 2012.