Funeral Insurance Plans
Funeral insurance is not the same as a prepaid funeral plan. With normal life insurance, you might have to undergo a medical exam, while “funeral life insurance” companies will not subject you to that. Some insurers load (increase) the premiums OR don’t pay out until you have survived – typically – 2 years. That makes funeral insurance a gamble, in our book. But sometimes it is still the right thing to do. We review every case on its’ facts. But worse is to follow with many…
Funeral Insurance pay, pay and pay some more…
Additionally, you will often have to continue to pay for insurance for your entire life, and you may well end up paying more than your funeral actually costs. With many funeral plans, there are no age restrictions, unlike many insurance companies. If you miss a couple of payments, most companies will make no refund, and no payment whatsover when you then die.
What is better than funeral insurance?
Funeral plans are a very easy idea to understand, and you can either pay for the funeral in full at the start. Alternatively, you can pay whatever you can afford as a deposit with monthly payments over a year or up to 10 years. One year schemes are usually interest free.
When your funeral arrives, you have a paid for the funeral services, and your family will incur little to no expense as a result. They might need to pay a little bit in some cases, that that is much better than having to find several thousand pounds unexpectedly. Generally speaking, flowers and catering are not included (but you can add funds to make an allowance for them if you wish.) But one of the reasons the Prepaid Funeral Review team are so important to making a wise choice is that some plans leave out vital things – such as the actual funeral. So our independent professional advice is really comforting to folk determined to make life as easy as possible for those left behind.
Funeral Plans Gives You Peace of Mind, in addition to removing the future cost burden on your family members.
If, like me, you have seen families argue and fall apart over funeral arrangements, you can also use funeral plans to reduce their stress during an emotional time. When we organise your funeral plan, you often have several different options. Many companies will have a basic plan, which might include a simple coffin and no service. They might have a standard plan including a posher coffin, transportation and a service. The premium plan may include even more things such as a second car. Most funeral plan providers also allow you to pick and choose what you want at your funeral. What this means for you is that get to choose what you want included at your funeral. Perhaps a special kind of flowers? A favourite song? Any detail that you wish can be added into your funeral plan. This way, your family members will not be able to fall out over what you would have wanted, and the already ultra stressful situation will not be even harder.
Funeral Plans save you and your family money and extra grief.
Many funeral life insurance companies will offer funeral plans based on the cost of a funeral when you invest in your plan. Funerals are expensive, and the prices continue to rise at above the rate of inflation each year. This means that your death can leave your family with a large financial burden. By purchasing a pre paid funeral plan, rather than a conventional insurance policy, you are saving them from the high costs of a funeral. Even if the prices have risen massively, your family will not have to pay the difference on the main items. By purchasing a funeral plan instead of funeral insurance, you are also saving yourself from paying ongoing premiums. If you are interested in finding a company that sells funeral plans, but the right ones for you, you have come to the right place – we can help find the most suitable plan for you
Funeral insurance if you still want to know more, click the link!
More on funeral insurance.
There are three types of life insurance which the public think of as funeral insurance, though it is rarely advertised as such as it isn’t.
- Term insurance – this type of policy last for a specific number of years and then finishes with no cash value. If you miss payments, then most policies will be cancelled and you will get nothing back. If you die after the policy finishes, you get nothing. In most case the funeral will cost far more than the death benefit which was fixed when you took the plan out For the sake of argument, if your initial cover is for the full cost of the funeral, ten years later it will probably cover half of it with a bigger shortfall every year as inflation bites harder. Even worse are policies with a reducing death benefit.
- Non profit whole life. There are at least better than term insurance in that at least they will pay out when you die, if you don’t miss any premiums. There is no investment element, so the only way to get cash back is by dying.
- Flexible whole life: these are only sold by regulated financial advisers, so rarely appear as a funeral plan recommendations. They could be used but they are pretty complex and the premiums would have to be pretty high: but there would still be no guarantee. We are not financial advisers, just funeral plan experts.