Funeral Plans – Pros and Cons
Funeral Plans Pros (Advantages)
- Save your family money
In the event of someones death, the cost of arranging and conducting a funeral is passed on to their family. The cost of funerals are rising every year dramatically, so it would make sense to fix the price of your funeral by paying for the plan upfront – at today’s prices.
- Peace of mind
When you lose someone, the last thing you want to think about is arranging a funeral and paying for it in full with little to no notice. By arranging a prepaid funeral plan upfront, you take the worry away. You will give yourself complete peace of mind that your family will not have the worry of organising or paying for an expensive funeral in the future.
- Plan your funeral in advance
If you want to be remembered in a certain way, a funeral plan may be the right choice for you. You can personalise your funeral in advance. This means that you can pick the music, flowers, invitations, hymns or any other customisation you can think of!
- Reduce inheritance tax
If you prepay for your funeral, the money you use towards the plan will be free of inheritance tax.
- Split your payments over affordable monthly payments
Rather than your family given very short notice to pay for a funeral, you can spread these payments over affordable simple monthly payments based on your budget.
Funeral Plans Cons (Disadvantages)
- If you plan to move country
If you plan to retire in a different country, in most circumstances your funeral plan will not cover you to have a funeral in that country. Funeral plans are usually for UK funerals only.
- Tying up money
By using your money towards a funeral plan, you will not be able to use this money elsewhere as it is non-refundable. So only commit to a funeral plan if you can