Advice about Funeral Plans
Funerals can be expensive and the cost is going up annually By planning for your funeral in advance you paying up front and guarentee the price at todays rates. You wont have to worry about not having enough money when you die. I
The average cost of a funeral has increased by 71% in the last 8 years (Mintel 2012), well above the rate of inflation. With a funeral plan you can protect yourself against rising funeral costs. Funerals have gone up 71% in the last 8 years and are expected to go up from £3284 to £5,642 by 2020.
The principle is simple you pay today at today’s costs and have the funeral in the future.
Arranging your funeral now will ensure you take away the difficult decisions so your family do not have to. You can also make sure the funeral reflects your wishes and even choose your own hymns or readings.
The Governments Money Advice Service recommend you ask your plan provider or your adviser the following questions:
- Does the plan allow you to choose the funeral director?
- What if your chosen director goes out of business?
- What happens if the person the funeral is intended for dies abroad or away from home?
- Can the funeral director arrange a funeral of a different standard from the one you have chosen?
- Could there be any other expenses for the funeral, and what happens if there are?
- Is it possible to cancel the plan if circumstances change, for example if you’ve arranged for your spouse’s funeral but you later separate?
- Are there any cancellation charges?
- What if there are outstanding payments at death?
- If you pay by instalments, how long do you do this for and do you have to pay interest?
- What happens if there are outstanding instalments at death?
- What freedom do you have to change the details of your funeral plan?
Benefits of the WMCA Funeral Plan:
- Family and friends will not have to make difficult decisions and arrangements at an upsetting time.
- There is no bill left for them to pay for the services covered by a Funeral Plan
- No one is excluded from the Funeral Plan – the only requirement is that you are over 50 years of age.
- Funeral costs continue to rise - but a WMCA Funeral Plan is a way to beat inflation.
- If you pay a lump sum, your money is secure because it is invested according to the Funeral Planning Authority guidelines. If you pay in monthly instalments your money will be held in a trust , managed by an independent Board of Trustees.
- If you would like to consider a funeral plan contact the Care Association on 01384 637116 and we can put you in touch with a registered person who will walk you through the process without any pressure. This service is geared to people who are in a Care Home or receiving Care at Home; so the registered person will come out to you.
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