More and more people are choosing to pay for their funeral in advance these days. This is sometimes because when they put together a prepaid funeral plan for their funeral, they will be able to specify the sort of service they would like in the process. In turn, this gives many people peace of mind because all of their final wishes will be written into the plan. If you want a horse-drawn carriage and traditional undertaker attire, for example, then you’d be able to organise it with many types of prepayment plans available these days. The same goes if you want a coffin in your favourite football team’s colours, a burial at sea or even an eco-funeral.
However, another big part of why people choose prepaid funerals nowadays is because it means they won’t have to pay for it with credit, otherwise known as a financed funeral. What makes prepaid arrangements so much more preferable compared to most financing options? Read on to discover more.
- Take the Cost On Yourself
When you have a prepayment plan in place, you pay for the funeral, not those who will survive you. When a loan is taken out to pay for a funeral, it is a financial undertaking of those you will leave behind. Therefore, many people consider it to be an act of kindness to take charge of their own funeral costs. Remember that you can split the payments up into handy instalments with a prepaid funeral plan so the overall cost can be broken up into affordable amounts.
- Don’t Place Others Under Financial Strain
As mentioned, financed funerals need to be arranged by the living. This means that people who have poor credit histories or who do not have great money skills may get into difficulties paying the funeral loan off. Even if this seems like a good option at the time, financial circumstances can change. Why leave it to chance when paying into a prepayment scheme means the whole business of your funeral can be taken care of?
- Feel Free to Choose Your Style of Funeral
If your loved ones take out financing to pay for your funeral, then they may decide to trim it down in terms of scope. This might be understandable even if they’re due to inherit from the estate you leave behind but it needn’t be this way. By paying in advance, you can arrange your funeral your way with the service you would truly like.
- Cover Funeral Costs as They Are Now, Not in the Future
It is important to note that the average cost of a UK funeral is well over £4,000 these days. What’s more, this figure is going up. Therefore, paying for your funeral at today’s figures makes financial sense. Of course, the cost of British funerals could go down but few people would bet on them doing anything other than continuing to rise. To ensure you have an inflation-beating arrangement in place, make sure the plan you take out covers most, if not all, the funeral costs involved for the agreed sum you’ll pay into the scheme.