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Home » Later Life Financial Planning » Greece and Prepaid Funeral Insurance: Is There a Connection?

Greece and Prepaid Funeral Insurance: Is There a Connection?

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We have all heard of the recent problems in Greece and even the possibility of an exit from the Eurozone. Many in the United Kingdom feel that this situation would matter little, for they are not part of the fiscal European Union. However, think again. The truth of the matter is that the exposure of many banks in the United Kingdom to Greek debt places them at great risk should Greece leave the euro. Why should you care and more importantly, how can this affect the costs of a funeral in the future?

Blood from a Stone?

The major issue is that should UK banks come under pressure from the problems in Greece, their lost funds will have to be recuperated from somewhere. There are two ways that this could be accomplished. The government may print more money (devaluing the pound) or taxes could be raised. In either scenario, the bottom line is that you will be paying more for your expenses. The same holds true in terms of funeral costs. When we consider that these prices have risen dramatically in the last few years, the outlook indeed begins to look rather troubling.

Offsetting Your Risks

One of the best ways to account for this possibility (as well as for the normal cost of living increases), is to offset funeral costs with a prepaid plan. Like many other insurance policies, you and your loved ones will be protected in the event of your untimely death. They are provided with the financial liquidity to pay expenses such as a funeral director, catering, administrative paperwork and even special services such as cremations. As many now predict that funeral costs will climb to well over 10,000 pounds within the next five years, such a safeguard is a powerful tool.

Thanks to your ability to compare best uk funeral plans, making the wisest choice is now very simple. Whether Greece eventually abandons the euro or not, the truth of the matter is that being prepared for the future is the best way to provide financial security against rising funeral costs.

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