From the day you are born, your parents are there to love and care for you. Support you both financially – in many cases for longer than they would have hoped for and emotionally. But there comes a time when the tables turn and the support and care swings the other way. Inevitably there will come the day when you find yourself arranging your parent’s funeral.
When it comes to losing a parent – as it will come to all of us – naturally you’ll want to celebrate their life and give them a send off full of the respect and gratitude they deserve. But will you be able to afford the fitting ceremony you, or they have in mind?
Not thought about it before? Then you may want to consider the following facts:
- Recent research shows that the cost of dying has risen by 103% since 2003, with the average funeral now costing £3,897 and the total cost of dying a staggering £8,802 per person
- The Daily Mail newspaper reports that this year 90,000 bereaved families were forced to borrow £1,601 on average to cover the cost of dying
This is not just scaremongering – unfortunately this is the hard cold reality – Dying is an expensive business that if not prepared for, can come as a very nasty shock, in more ways than one.
This may be why as another study has shown that as many as one in ten British people are now pre-paying for their own parents’ funerals. Not the most obvious birthday or Christmas present in the world granted, but something that could save a whole lot of grief in years to come. If it relieves some of the worry and stress of planning your parents’ funeral when the time comes and most importantly the financial burden, it might just be in your best interests to plan and pay for the funeral in advance.
Prepaid funerals – such as those we prove here at Simply Funeral Plans – offer the opportunity for you to do just that.
What are prepaid funeral plans?
A Prepaid Funeral Plan does exactly what it says on the tin – essentially it gives you the opportunity to arrange and pay for a funeral at today’s prices – costing typically between £3,300-£4,500 depending on the type of plan you choose and the level of service it offers.
This saves those left behind having to find the money themselves and make arrangements at a very emotional time.
Most plan providers give you the option to spread your costs over 12 months without incurring additional administration fees. If you want to stick to a monthly budget and prefer to spread your costs over a longer period, instalments options are available over a period of typically up to 10 years (some will allow payments up to 30 years dependent on age).
As you are freezing you funeral directors costs at today’s prices, you avoid future inflation meaning your services are guaranteed to be met, no matter when the person named on the plan dies – be it five, ten or twenty plus years.
Where can you buy them?
Prepaid funeral plans are available from national providers who use local undertakers, so you get the security of a national company with the benefits of a local funeral director. It’s worth making sure that the funeral plan provider is a member of the Funeral Planning Authority as recommended by the government’s Money Advice Service.
Under codes of practice enforced both by the Funeral Planning Authority and funeral directors’ representative body, the National Association for Pre-Paid Funeral Plans (NAPFP), your money is protected; being placed either in a dedicated trust fund or a whole of life insurance policy, which keeps it secure, releasing sufficient funds to cover your chosen funeral arrangements when the time comes.
While contemplating your parents’ death may seem morbid, by making the financial arrangements now and understanding your parents’ final wishes, you can have the peace of mind that when the time comes, you are giving them the send off they deserve, without worrying about the financial implications.