Death is an inevitable fact of life that every person must accept. It is just a matter of when and how, and so many people prepare themselves for the inevitable in many different ways. But some of these methods can waste money and time. You need to know the right plan that could help you and your family save money but give you the memorial you deserve.
Death is costly for grieving family members. Aside from the medical and hospital expenses, they also have to worry about the cost of the memorial services. In the United Kingdom, many people are now applying for funeral plans and packages. Here are some of the questions most family members ask.
How does it work?
A plan can help pay for the upfront cost of a funeral so that the relatives will not have to shoulder it. Make sure that your estate could pay for the funeral costs. Many people do not consider the things their funeral plan will cover, so it’s best to ask the provider what they offer. However, you need to remember the coverage of your funeral plans.
Depending on your provider, they could offer to cover the memorial services, the wake, and the church service. Most plans do not pay for the burial plot. Others might cover cremation or even a green funeral. It would be best to check the details of the plan to make sure that you are buying what you want.
How much is the total cost?
A funeral plan’s costs could vary, especially if you’re buying from a funeral plan or funeral service provider. Payment options can either be a lump sum or monthly instalments that could be paid for ten years. Consider your budget and what suits your beliefs and needs.
Can you trust how your money will be used?
For safety reasons, most providers will either place the plan in a trust fund or invest it in an insurance policy that pays out during your death. While the plan is not directly regulated, the Financial Conduct Authority has devised ways to safeguard your money. Every provider is supervised by a professional body called the Funeral Planning Authority (FPA). The FPA has its code of conduct that every provider should follow.
Part of the code of conduct requires members and the body itself to cover funeral plans in case a provider goes bust. In addition, Section 75 of the Consumer Credit Act of 1974 protects purchases of more than £100 if there are issues with paid goods and services if the company where you bought the funeral plan closes down.
It also provides that if you are paying for the total upfront cost, you can gain benefits by putting part of the bill on your credit card. You can also be protected when you use a credit card to pay for the monthly payments. You can also pay part of your bill with a credit card.
Though dying can be a sad time for any family, it can also be an opportunity to celebrate a life well-lived. Death need not be a sad memory for the ones you will leave behind. Prepare for it by buying the right funeral plan. Make this difficult time easier for those left behind. Buy a plan that will make an ending a celebration.
