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How Funeral Plans Work
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Funeral plans are available from a number of different providers. Plus, each of these providers usually offer different kinds of plans, so there are many funeral plans to choose from. They are not standardized and it’s important to carefully review the specifics of a plan before you buy one. Most funeral, plans, when fully paid for, provide a fixed level of service – meaning the price is locked in against inflation, which is a major advantage of getting such a plan.
Funeral plans are available from a number of different providers. Plus, each of these providers usually offer different kinds of plans, so there are many funeral plans to choose from. They are not standardized and it’s important to carefully review the specifics of a plan before you buy one. Most funeral, plans, when fully paid for, provide a fixed level of service – meaning the price is locked in against inflation, which is a major advantage of getting such a plan.
Funeral Plan Cost
Depending on the particular plan, costs can range between 3-5,000 pounds. Often there is a way to pay in monthly payments, over one to ten years – but this will increase your total plan cost. Also be aware that if you die before the plan is fully paid for, your family will have to pay off the remaining balance before any services are provided. There are some plans that offer “insurance” to pay off such a balance.
There are three levels of plans available, as listed below.
Basic Plan (Least expensive)
Being the least expensive, it provides the least level and types of funeral services. Typically these plans don’t cover the full cost of the actual burial; restrict the date and time of day for the funeral service; limit the availability for viewing the deceased; only provide a simple casket, and don’t provide for any limousines.
Standard Plan (Mid price level)
This plan provides more services and more flexibility, such as: a greater choice of caskets, less restrictions on viewing time and date and time of the funeral service, higher monetary allowance for the actual burial and provides one limousine for the funeral procession.
Comprehensive Plan (Most expensive)
The highest price plans provide overall for a much broader and nicer level of funeral services, typically including: two limos for the procession, a higher quality type of casket, a very high or total allowance of the burial costs, very flexible on dates and times of the viewing and the service, and usually some extras like flowers and thank you cards.
Alternatives To Funeral Plans
Instead of paying for a funeral plan, there several other ways you can plan and provide for your funeral expenses in advance and reduce the burden on your family:
* Save money in a special savings account.
* Use of your estate to pay (available immediately after your death and not subject to tax).
* Sign up for a life insurance policy (including special “Over 50” policies).
