Why should I buy a prepaid funeral plan?
The cost of funerals has risen 112% since 2004. If the market price continues to rise at the same rate, the average cost of a funeral will be £9,109 by 2030. We know 2030 sounds futuristic, but is only 13 years away.
A Pre Paid funeral plan enables you to plan each detail for your funeral for today’s costs. Planning ahead makes financial sense because you pay for today’s prices.
The following 3 tips will help you to avoid regrets from buying the wrong prepaid funeral plan:
1. Understand the breakdown costs
Funeral insurance differ within providers, what is included by one policy won’t be covered by another one. Make sure you understand the breakdown of costs of the policy to avoid deception.
2. Read the policy documents
Surprisingly, most people fail to read important documents, such as a prepaid funeral plan policy, as they put it off until they forget about it. Read carefully the policy documents to make sure you’ve understood what’s included in your funeral plan.
3. Make sure you keep up with the policy’s payments
As any other financial product, you will no longer be covered if you fail to keep up with your payments. To ensure your payments are up to date, set up a standing order and check regularly your balance to ensure you have enough money to cover your payments. Make sure you contact your provider if you’re struggling to keep up with the plan as they might be able to change the terms.