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Early planning for funeral costs

finance-funeralsIF you’re reading this then chances are you’re one of an increasing number of Britons who are realising just how expensive things can be when it comes to wakes, memorials, flowers, coffins and services. We’re all told to save for a mortgage a pension. But funerals are something many people aren’t forced to consider, often until it’s too late.

This is changing, though.

In the UK alone, Dignity, the oldest Guaranteed Funeral Plan provider, has already helped well over 600,000 people not just to get the best value for money, but also to develop arrangements best suited to them.

With the price of a funeral increasing rapidly in recent years, and set to go up even further in the next half decade (from £3,500 in 2015, to £5,400 in 2021), this is something we should all take very seriously. And the monetary side is only one aspect of what can be saved.

Pre-Paid Funeral Plans allow people the opportunity to fix costs. Simply put down a deposit, and specify the length of time you want to clear the remaining costs, to open yours.

This means that the longer you live after settling up, the better value for money the plan will offer. By ignoring the need to begin putting money aside, you risk placing additional financial burdens onto those you leave behind.

But let’s put the finances aside for a moment. At a time when those left behind are likely to be grief-stricken, and far from feeling themselves, a sudden funeral expense can be trying, and the emotional strain of having to decide on the specifics of a service are often cataclysmic.

Many people opt for “added extras” at a funeral (for example an additional limousine, or second wreath) in a bid to make sure you would be happy when being laid to rest. Many of these can be unnecessary, and they would know this if the person they lost had left behind a detailed outline of exactly how the funeral should be carried out.

Overcompensating as a means to show they care, love and will miss you is a natural response to a devastating situation. But when we’re suffering the pains of loss, such decisions are often rushed and poorly thought through.

The point is that by setting up a plan, not only will you fix the costs, you’ll also save those you cherish additional psychological strain, which is worth much more than anything money can buy when the time comes.
A guaranteed funeral plan is far more than just another pot of cash set aside for the future: it could well be the most meaningful document you ever create, and as such it’s vital to consider the option now, irrespective of your age.

Posted 4:53 PM Thursday March 9, 2017. Filed under Wealth. You can follow any responses to this entry through the RSS 2.0. You can leave a response to this entry. Pinging is currently not allowed.

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