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Funeral Plans

Funeral Planning Made Easy

Planning Ahead

Although not for everyone, there are many pros to getting a prepaid funeral plan:

Buying in advance can help stop your family from being taken advantage of when in distress. Buying a plan in advance of need, when the purchase can be made in what’s presumably a calmer, more rational state of mind will take the pressure off your family financially and emotionally when the time comes to arrange your funeral.

Prepaying avoids cash flow problems at a time of need. If you can afford the premiums now, funeral plans can help cash flow problems for your family in bereavement. Even if you’ve set aside funeral money, your family may not be able to access it in time to pay the bills if they have to wait for it due to legal process.

Prepaid plans are exempt from inheritance tax and may not count in care home assessments. Money towards a funeral plan is exempt from inheritance tax, which is helpful if your estate is liable. Another bonus of buying a plan rather than putting the money aside in a savings account is your council might not count it if you’re assessed for help towards care costs. However, if you’re making this move to bring your money down below a trigger threshold, it’s really important to check what savings limits your council sets.

A prepaid funeral plan could be good if you’re in or moving to an expensive area. Some large funeral plan providers have priced their packages, particularly for cremations, to work across big swathes of the UK. So if you’re in a location where funerals are pricey, you could make a saving buying a plan from a big national company. If moving elsewhere is a real possibility, you should check any plan before you buy to see if you’ll be a winner or a loser. Check to see if it will still apply and what charge, if any, will be incurred if you do end up wanting the funeral in a different place.

Some plans may pay out even if not all premiums are paid. Some providers will carry out a funeral even if the plan purchaser only paid the premiums for a year before they died and there were still up to 24 years of payments to go. This is providing the plan would have been paid off before the holder had turned 80. 

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Beat the rising cost of funeral plans

These figures represent a 67.5% increase over the last decade, a rate that could see the cost of funerals rising to more than £7700 by 2030.

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Get in touch for your free quote today from 2 of the largest funeral plan companies