The complete guide to prepaid funeral plans

Planning your funeral can be a touchy subject, and it’s difficult to know where and when to begin. But avoiding the inevitable can leave families in a tough situation, both financially and emotionally.

Quite simply, funeral planning is just as important as your Will. Not only does the plan highlight your final wishes, but provides your loved ones with the financial protection and support they need during a difficult time.

So, to help you understand what prepaid funerals are, how they work, the benefits, and where to get started, we’ve produced the complete guide explaining all you need to know. Read on as we shed some light on prepaid funeral plans.

What is a prepaid funeral plan?

Essentially, a prepaid funeral plan protects you, and your family, against the rising costs of funerals.

It allows you to prepare and pay for your funeral in advance, so that when the time comes, your relatives don’t have to worry – a fantastic stress and financial burden lifted from your loved one’s shoulders.

How do prepaid funeral plans work?

When it comes to paying for your prepaid funeral plan, you can do so in a single lump sum, or choose to pay smaller monthly payments over a set number of years.

Your money will then be set aside in something called a ‘whole of life policy’, or in a separate trust fund from the funeral plan provider. Either method means the funds are kept separate from the funeral provider company until the time is needed for the funeral.

What are the benefits of prepaid funeral plans?

You’re now aware of what a prepaid funeral plan is and how they work. Let’s explore the benefits in greater detail.

Avoid rising funeral costs

There are many funeral plans on the market, offering slightly different benefits. But the most obvious comes with the guaranteed cost. You pay today’s prices for the service you might receive in 10, 20 or 40 years time - and by then, funeral prices will have risen drastically.

In short, the sooner you opt for a prepaid funeral plan, the more money you’ll save in the long run.

Flexible funeral wishes

With many prepaid funeral plans, you can detail your wishes for the service itself. Perhaps you’d like a special reading, particular music, or flowers. Either way, this type of service gives you great control over your funeral and the type of event you’d like held.

Peace of mind for your family

For grieving loved ones, organising a funeral can be an emotional turmoil. Having to put themselves in the deceased shoes, make decisions, and think about what their relatives would have wanted is extremely challenging.

Fortunately, a prepaid funeral plan can avoid these situations during a difficult time.

Are prepaid funeral plans the same as an over 50’s plan?

When looking at life insurance policies which provide a cash amount on death, they are sometimes referred to as funeral plans. However, this is simply not the case.

Firstly, the money paid out on death can be spent by the beneficiary on whatever they wish, and it may not be enough to cover a funeral. Also, with no contractual agreement with a funeral provider, your loved ones would still need to make the necessary choices and arrangements with a funeral director.

So, to put things straight, prepaid funeral plans aren’t the same as over 50’s life insurance.

What happens with your funeral plan once you die?

It’s a good idea to tell your loved ones about the funeral plan you’ve purchased, where you’ve purchased it from, and if possible, let them know where the paperwork/information is stored. This makes it much easier for relatives to contact the provider of your choice and start arranging the funeral.

Once contact has been made, the process should be relatively straight forward. The agreements have already been made upon the purchase, so it’s just a matter of arranging a date that suits.

Looking to purchase a prepaid funeral plan?

At Celebration of Life, we provide a simple, fully inclusive prepaid funeral plan at the cost of just £1,450. It includes 24/7 help and guidance, collection from anywhere in Great Britain, an unattended cremation at our trusted partner crematorium, all disbursements including doctors’ fees, as well as your ashes returned to a loved one. We offer a 60-day full money back guarantee and flexible payment terms with a 10-year instalment option.

If you’d like to join the growing number of people choosing prepaid funeral plans, contact our friendly team today, or learn more about our prepaid funeral plan offering here.