What is a prepaid funeral plan?

A prepaid funeral plan is a way to plan and pay for your funeral in advance. It allows you to spread the cost of your funeral over time or by paying a lump sum and allows you to outline your funeral or cremation wishes by choosing things such as services you would like to include and any other specific wishes you have.

What is included in a prepaid funeral plan?

The two main things that are covered in a prepaid plan are the cost of the cremation or burial and the funeral director’s fees. However, the majority of prepaid plans also usually cover things such as the transportation and care of the deceased, a hearse and the funeral service. Some plans also provide an allowance towards the third-party costs such as doctor’s certificates and notice of death in newspapers.

Benefits of a prepaid funeral plan:

  • Peace of mind – By having a prepaid plan, it provides you and your family members with peace of mind knowing that all expenses are covered and that any specific wishes you have will be accommodated. This means that when the time comes, your family do not have the worry about having the funds to pay out any funeral expenses that often end up costing thousands of pounds.
  • Honors personal wishes – A prepaid funeral plan allows you to plan exactly how you would like your funeral to be held and the type of service you wish for. Without planning this, it could mean that it is left in the hands of someone who is not aware of any wishes you may have and effectively means that things you may have wanted to be included are missed.
  • Relieves emotional, practical and financial burdens of loved ones – Prepaid plans means that the burden is taken off any family members who may have to plan your funeral for you if you hadn’t done so in advance, which can cause them to worry about whether they are making the correct decisions in accordance with any potential wishes you had. As losing a loved one is already a difficult time, the pressure of planning and paying for a funeral along with grieving can be a lot for a loved one to take on and can put them under unnecessary stress.
  • Financial Protection – A prepaid funeral plan offers a price lock guarantee and protects you against inflation and the rising costs of funerals. This means that it could potentially save you, or your family, a lot of money if you were to plan and pay for your funeral in advance.

Although a prepaid funeral plan can be stored with your Will, it is extremely important and recommended that you speak with your loved ones or close friends to ensure they are aware of your wishes so that when the time comes, they can ensure they are met, and you have the send off you would want.

If you would like to discuss your options further, please get in touch with our experienced Private Client team at Ellisons, who are always happy to help.