You can find out how much your funeral could cost using this calculator.
With these increasing costs, variation in funeral options will continue to increase and become ever more complex. Choosing the correct life cover or funeral plan from these is a crucial decision for most people, as it has to affordable as well as appropriate. For the majority of people, leaving family members with the cost and responsibility of organising a funeral is not an option. There are two main options for those looking for funeral cover, each with their own affordable and practical benefits.
Firstly, a funeral plan can be a wise investment, and with monthly payment options they are often affordable. The Funeral Experts have plans starting from just £21.29 per month which will give you basic coverage. There are further options available, and also options to pay with a one off payment, which seems to be the most cost effective option if you can afford it. The difference between plans seems to involve the quality of the coffin, and whether additional third party costs such as flowers are covered. It is also important to understand the terms of the funeral plan, as some require you to pay until a certain age where others have a fixed term of payment.
Another prominent option to cover your funeral costs is ‘Over 50’s’ life cover, which requires no medical check-up and has the benefit of guaranteeing acceptance, all costing on average between £10 and £50 per month. It is a good plan to find out how much you expect your funeral to cost and compare it to the pay-out you will receive from the life insurance that you choose.
It may also be a good idea to compare the premium in which your funeral will be covered with the premium of a funeral plan. If you can’t afford a premium which 100% covers your funeral costs, you may wish to take an affordable premium which will help out your loved ones with the price of your funeral. These will give you a partial pay out for a lower price than full life cover, and are ideal for those who have a lower budget but still need funeral arrangement assistance.
There is a risk of financial insecurity if suitable funeral cover isn’t in place, as many families are unable to afford to cover the costs of a funeral if they are not arranged in advance. Today’s plans are becoming much simpler and affordable for wider numbers of people, and comparing different plans to find the right one is easier than it has ever been.
The range of options available today can help you make arrangements whatever your budget and preference. Selecting the correct kind of cover for you early can provide you with both comfort and financial peace of mind that will benefit you and your family.