It would not be considered abnormal to push funeral thoughts aside; especially before we’re ready to class ourselves as ‘elderly’. Unfortunately, it isn’t something that can be ignored forever, and with ever-rising funeral costs, this is a matter better to be dealt with sooner rather than later.
Funeral costs are increasing at an average rate of 7% per year, and consequently, the number of people struggling to afford funeral costs is accelerating. As unpleasant and heart-breaking as this is, it is inevitable for everybody that these costs are faced at some point, but the financial burden of your loved ones is able to be significantly reduced with the support of pre-paid funeral plans.
Today, your prices can be fixed, allowing you to have the confidence that you will not be affected by the future inflation rates. There is also the flexibility to pay in instalments, with terms ranging between 1 to 5 years, so that paying today will not be detrimental to your family’s financial situation in the future. A death in any family causes a great deal of sadness and distress, and members of your family need time to grieve, without the additional stress of raising funeral funds quickly, and sometimes suddenly, whilst waiting for money to be released through probate. For you, it will be comforting to know that after setting up a plan, your loved ones will not have to take on this extra burden.
Furthermore, from a financial perspective more than personal, pre-paid plans can assist with inheritance tax planning, as prior to your death your money has already been invested. Again, this can help to reduce your family’s financial stresses.
As with any service, there are questions as to whether the benefits will outweigh the costs, and whether it is worth every penny you invest. Agency fees are often unavoidable, but it is reassuring to know that setting up a pre-paid plan will still be considerably cheaper than the pay-out that your family would be forced to make, and agency fees are incorporated into the plan fees- you do not pay the advisor for their services- the funeral provider takes on these costs. Additionally, you will receive a professional and personalised service, providing you with the ability to negotiate the exact funeral arrangements that you desire.
We understand that reassurance is required for your money to be protected in making funeral plan investments. The Funeral Planning Authority (FPA) provides ensure their members comply with a strict code of conduct so that your investment is safe and secure. We only offer advice and plans that are FPA registered and provide our clients with peace of mind that their investment is fully protected.
Pre-paid funeral plans allow plenty of flexibility to ensure that your loved ones do not suffer the burden of your funeral costs, but neither will you. You can be confident that the price you’re seeing today will remain that way – relieving a lot of unnecessary pressure – for the arrangements that you have chosen.
For a free, personally tailored consultation regarding funeral planning, please contact Hexagon Life Planning Services on 0800 610 1131.