We regularly speak to people who are concerned about how they or their family are going to afford to pay the necessary funeral costs when the eventual time comes. The cost of a funeral has rocketed in the past few years and many clients who may have earmarked money in a building society or bank account for this eventuality are finding it is woefully inadequate.
With the average Building Society currently paying in the region of 1.5% per annum our savings are not growing anywhere near the level we need to keep pace with the rise in Funeral costs.
If you plan to live over 15 years or more your family will end up paying well over £10,000 when the time comes*. With even further increases as the years go by. For many this rate is simply unmanageable; to fight against the rise, many people are choosing a funeral plan, an ideal and cost-effective alternative to pay for your funeral at today’s prices.
A funeral plan is a means by which to protect your family against rising funeral costs, and to eliminate any uncertainty or indecision regarding what your preferred funeral arrangements should include.
The passing of a loved-one is obviously a very daunting and emotional time for family and friends. For those responsible for arranging and paying for the funeral, discovering their loved-one had the foresight to take out a funeral plan goes an enormous way towards alleviating their sense of pain and distress as well as cost.
Money paid into your funeral plan is invested securely in a ring-fenced trust fund, and is overseen and managed by an independent panel of qualified Trustees.
Payment of these plans can be spread over a period of time that suits you with 0% interest free options up to 24 months. You can also decide on the amount of deposit you want to put down and tailor it to fit your budget.
If you would like further information on Funeral Plans or any other Estate Planning please feel free to contact us for free, independent advice. Here at Farsight Wills we have access to a range of providers enabling us to give you an informed choice.
A fully funded plan with a local independent Funeral Director is available at £2’945
* According to the Sun Life Cost of Dying Report 2013, average funeral costs have risen from £1,230 in 1997 to £4000 today – an increase of over 225%. Conservative estimates suggest that by 2024 a funeral will cost, on average, between £7,000 and £8000.