If you were to think about investment possibilities, prepaid funeral plans would probably never enter your head. If you were to consider all the ways you can help your children through life, buying a prepaid funeral plan I am guessing wouldn’t be high on your agenda. If you were wanting to put plans in place that would protect your family, a prepaid funeral plan would quite possibly be the furthest thing from your mind.
So can a Prepaid Funeral Plan really be an investment and how?
A pre-paid funeral Plan lets you plan and pay for your funeral in advance, which can have a fundamental impact on your family and those you care about both emotionally and financially.
Believe it or not in today’s world with our low interest rates on savings accounts and excessive inflation rates on funeral costs, a prepaid funeral plan could be a wise investment. Paying for your funeral in advance means you secure the funeral services at today’s prices avoiding the impact of future inflation. Funeral costs have risen by around 7% for the past 9 years and now average over £3,400. When you take into account additional costs such as flowers, catering costs and memorial stones, that figure increases to well over £5,000.
If prices continue to increase at the same rate (take a look at our funeral calculator to see how costs are expected to rise over the years), a funeral could cost as much as £11,000 by 2030 at which stage paying between £2,900 and £4,000, the price you should expect to pay for a prepaid funeral plan today would seem like a rather smart move.
Help your children
A prepaid funeral plan may not seem like an obvious way of helping your children but it can offer both financial and emotional support at what will undoubtedly be one of the most difficult times of their lives.
Planning a funeral is an upsetting time, made even worse by the prospect of having to find thousands of pounds to pay for funeral costs. Even if you have money put by in savings or in your estate, it doesn’t always transpire that your family will have access to it straight away.
A pre-paid funeral plan will remove all the additional financial worry from your family and knowing you have put your own plans in place; your final wishes, can be a real comfort.
Protect those you care about
I heard someone say something the other day that really struck a chord. They said and I quote ‘a funeral is for the living, not the dead’. Of course there are many religions that would dispel this view but I thought it was quite poignant.
A funeral that is a personal representation of the person who has died is a far more memorable and dare I say pleasurable experience. A real tribute which helps family and friends reflect on good times and a life well lived.
Putting your own plans in place in advance can really help those grieving; your choice of funeral music, a request that everyone wears a certain colour or a favourite reading. Just knowing it was personal to you can make all the difference.
So can a Prepaid Funeral Plan really be an investment? A Prepaid Funeral Plan could be one of the kindest things you do with your money; both an emotional and financial investment.