Unexpected Funeral Costs

It’s never too soon to get financially prepared. As you get on the property ladder, or perhaps start making more money, you might consider getting some affairs in order. Perhaps you write a will, or get life insurance. But have you thought about a funeral plan?

The average cost of a funeral is now around £3,693 in the UK, and it’s risen by over 92% in 11 years. This means that your funeral is likely to be much more expensive that you’d expect.

In many cases the family of the deceased have to cover funeral costs, adding unnecessary stress at a sad time. This can be because the deceased hasn’t left money to cover the costs; or, more likely, they have, but it’s tied up in the will. The funeral usually takes place weeks before the will is settled and finances are released. It takes even longer if your money is tied up in assets that need to be sold.

It is possible for the family of the deceased to apply for Funeral Payment – a government scheme to cover some of the costs of the funeral. When the deceased’s assets are released, though, this money will need to be repaid. For those who don’t qualify for Funeral Payment, families will need to dip into their savings or borrow money, paying back from the deceased assets when they are released – plus any interest that’s accrued. In a time of mourning, it’s a lot to figure out.

Thankfully, you can purchase a pre-paid funeral plan now, and split the cost if you need to. This means you get a plan that’s set at today’s costs. Many funeral plans include a will, which further enhances the money-saving benefits. It should also include the services of a funeral director, casket, cost of burial or cremation, and other essentials for the funeral.

A funeral plan isn’t just a financial thing, though. You can also set out your final wishes for your funeral. This might mean songs to be played (or not played) or a dress code. Some like to include special requests that align with their beliefs; such as ensuring an eco-friendly funeral, or organ donation.

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