In this opening article, we take a look at some of the benefits prepaid funeral plans can offer you. With funeral costs rising exponentially and uncertain times ahead, at Empathy UK we are here to support you.
Over-50s Insurance and Savings vs. Prepaid Funeral Plans
Alongside prepaid funeral plans, there are various other options available to ensure your bereaved are supported through what will be a difficult time. These options include Over-50s insurance plans and savings. However, both options come with their respective pitfalls. When subscribing to an Over-50s insurance plan, you will be required to make regular instalments for the rest of your life. Upon your death, you will receive an amount which will be set when you take out the plan. But, the problem here is that the amount will not be change or be adjusted for inflation. And, this could leave your bereaved considerably worse off. The other option is saving for your funeral. However, with rock-bottom interest rates and an uncertain economic future ahead, you will see minimal returns on those savings. Also, with funeral costs risings, you will have to keep adding to your savings in order to keep up with these rising costs. Prepaid funeral plans are the best way for you to protect yourself against these pitfalls.
Prepaid Funeral Plans
Paying for funeral plans in advance will stand your family in good stead to face the difficulty of your loss. From both financial and emotional perspectives, your help in arranging for your funeral in this way will offer them great comfort. Furthermore, even if you bequeath your savings for this purpose, due to legal processes, the money may not be immediately available to your family. Thus, they may not be able to source the funds to pay for your funeral. Finally, prepaid funeral plans allow you to make big savings on funeral costs. The fixed-price funeral plans will protect you against rising funeral costs and ensure your funeral rites are conducted in a seamless manner.