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Prepaid Funeral Plans: Their Advantages to the Family

Read about the benefits of prepaid funeral plans

Prepaid funeral plans have made the news recently, and for good reason. They offer numerous advantages over standard life insurance policies and in turn, the consumer (and the family) can be given a peace of mind in knowing that their future plans alongside their financial welfare is protected. What are some of the primary benefits of these pans and why is now the best time to secure the most appropriate package? Let us take a look at these questions to obtain greater levels of clarity and insight into the process.

Against the Rising Tide of Funeral Costs

It has been shown that the cost of a standard funeral has risen nearly 80 per cent since 2004. Unfortunately, this trend is not expected to slow down any time soon. This is significant for a few reasons. Firstly, these costs may very well not be able to keep up with one’s wages or the retirement package that they are expected to receive. Secondly, those on a fixed income such as pensioners could have even more of a difficult time making ends meet. In the end, the family may have the endure out-of-pocket costs that could prove to be crippling.

The Lump Sum Option

One of he benefits of prepaid funeral plans is that the policyholder can choose to pay off the remainder (or even the entire cost) of the package in one lump sum. Although this is more of a convenient option than anything else, such a strategy is preferable for those who have the money at hand and who may be unsure of the funds available in the future. This is in stark contrast to insurance policies that require monthly premiums as opposed to a one-off sum.

The Needs of the Client

Prepaid funeral plans will take into account a number of unique needs. What is one wishes to be cremated as opposed to a standard burial? Perhaps a specific funeral director needs to be chosen. Even options such as catering and transportation are included in such policies. They are also quite modular in their nature. In other words, different amenities can be included in the future should a family wish to modify the services. So, it is much easier to find a provider that can address the unique and personal needs of any client.

Those who are looking to provide financial security for their family are wise to appreciate the benefits of prepaid funeral plans. As this can be a tricky topic, we have provided a basic overview of these policies alongside some of the major areas that they cover. Funerals should be a celebration of one’s life as opposed to a financial heartache. These plans are able to protect all loved ones against such an unfortunate scenario.

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