Discussing death and all things associated with it, is something many of us put off doing, or in some people’s cases – avoid completely. But what if you do? Perhaps you have written a will, and planned your funeral to the very last detail. But have you given any thought to who should pay for your funeral?
How much does a funeral cost?
Funeral costs are continually on the rise, with the average basic funeral now costing £4,078 (Sunlife Cost of Dying Report, 2017), compared with £1,920 in 2004. This is a an increase of 112%. The cost of a funeral has risen almost 5% since last year alone. The report also suggests that by 2022 the average funeral will cost £4,944.
How can you pay for your funeral?
- Your funeral expenses can be paid out of your estate – but if this is not left in clear funds, then assets will need to be sold. If the only asset is your house, but your partner and children still live in it, what will they do? If the assets cannot be sold – who will be left to pay?
- With a life insurance policy – but is it enough to cover your funeral, as well as any outstanding mortgage and other debts, and leave your family with enough to cover the costs of day to day living? If it isn’t, who will be paying?
- A separate policy that is to cover your funeral costs – this is usually payable until you die, and your cover amount may not be enough for the entire cost of the funeral – especially as these are continually increasing. You can also pay in much more than it pays out. If the amount does not cover all of the costs – who will be expected to pay the rest?
What happens if there is not enough money to pay for your funeral?
Recent times has shown a significant increase in the amount of families that are having to rely on the good nature of other people and strangers to cover the costs of a funeral for their loved one. Many of which have turned to crowdfunding sites such as JustGiving and GoFundMe in order to raise enough money to cover the costs.
A recent report by JustGiving reveals that there has been a 331% rise in funerals being funded via their site between 2015 and 2016, with over 2,000 funeral services being funded between January and September 2016.
Trying to find ways to cover the cost of your funeral adds to the stress, grief and the amount of pressure your loved ones will face after your death. Especially if they feel that they are unable to give you the “send-off” that you deserve.
Could you pay for your loved ones funeral?
If one of your closest family members passed away, such as one of your parents or your spouse, would you?
- have the funds available to cover the cost of their funeral?
- suffer from stress and worry, trying to figure out how you would manage to pay for it?
- be concerned that you would not be able to carry out all of their wishes or give them the send-off they deserve because you couldn’t afford it?
- want your family to feel like this if it happened to you?
So what can you do about it?
You can purchase a pre-paid funeral plan. There are several options available, starting from a direct cremation without a service, to a plan that includes all the basics plus two limousines and an oak-veneered coffin.
There are also various payment methods available, ranging from a single one-off payment, to having payments spread over 1, 3, 5, or 10 years. This enables you to choose a plan and payment structure to suit your needs and budget. Additionally, a pre-paid funeral plan secures your funeral at today’s prices – no matter when you pass away and with costs continually on the rise, this can mean great savings.
The real benefit of a pre-paid funeral plan, and possibly the most important of all, is the relief that this will provide for your loved ones. You will have chosen the most suitable plan for you, chosen what you would like and made all those difficult decisions that families often argue about.
You will have also relieved the financial burden from them too, so they can focus their time and energy grieving and learning to cope with the loss of someone they love, instead of worrying about if and how they can afford your funeral.
Talk to us today about paying for your funeral, with a pre-paid funeral plan. Simply complete the form below.