Pay monthly funeral plans
If you prefer to pay for your funeral plan over a longer period, then instalment options are available. You will incur additional fees for spreading your payments but as this initial cost is based on today’s prices, even with the additional payment it could save your family a substantial amount of money.
The additional price you pay for your instalments depends on the company you choose, so it is worth shopping around. In addition some providers also charge a deposit which can be quite high so it is important to understand how much (if anything) you need to pay up front and the total cost of your plan once payments are complete.
Many providers offer instalments up to 10 years however there are now some companies that have options up to 25 years. Often you will find that plans have a stipulation that all monthly payments must be completed by a certain age – usually 80 or 85, so this may limit the options available to you.
You are covered for your services once you have completed all of the payments. If anything were to happen to you before your payments are complete, typically the money you have paid into the plan will go towards your funeral costs and the family will be asked just to pay the balance, based on the original price you agreed.