I plan to be around as long as possible but I’d like to have a funeral plan in place to ensure there’s enough money for my funeral and that it’s carried out to my wishes.
But looking around and those undertakers that offer plans don’t seem to offer any insurance in the event that they go out of business, they also don’t seem to offer any interest for the money they may have for 35+ years, so if I pay for a funeral at today’s prices and pass away in 15 years the money I’ve paid won’t cover the funeral.
I know I could just take out life insurance with a major company but I’m not sure my next of kin would use any money paid out on my death to carry out a funeral to my wishes.
Have you any suggestions for a simple and secure prepaid funeral plan where my money would be safe and would be used to carry out a funeral to my wishes on my death?
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just be put on a wood raft drenched in oils in the ocean and have someone shoot a flaming arrow into the pyre. a classic viking funeral which is what im gonna have done to me. ill be dead so i don’t care
You could setup a will which will restrict what the money can be spent on. As long as the will is properly executed the payout must be restricted.
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Kasey C, PC guru since Apple II days
Lottery: A tax on people who are bad at math.
There’s a lot of confusion with funeral plans and insurance policies that pay towards funeral costs. The thing with a funeral plan is that although you’re paying up front – and as you say they could have your money for 35 years – you’re paying today’s rate for the funeral items.. so if you did die in 35 years the price of a funeral could well be 5-10 times that which you’ve paid (I’m not an expert so don’t hold me to this!) BUT you don’t pay anything else, as you’ve paid for a plan which will deliver all the items.
To reduce the risk of a business ‘going under’ I guess the best thing is to go with a large, reputable company rather than a local independent – The Co-op is an obvious one, but from a quick scan of the internet there are others.
And then insurance policies are those that pay out a fixed amount, so you keep paying into the policy until you die, and the payout goes towards your funeral costs.. so it may well not cover the costs, but at least it’s a way of making sure you’ve made some provision.
Hope that helps.
In the Uk the second largest Company doing this kind of service is Golden Charter
my son works in their I.T. dept
anyway they make arrangements with a local funeral director of your choice, and you are covered by them should the local company go under – excuse the pun…lol
Have a look at Golden Charter’s website and it will give you lots of info and choices