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Record Numbers of Prepayment Funeral Plans Sold

Funeral costs increase by 30 per cent since 2010- Funeral Prepayment Plans Provide The Answer

It is no secret that the cost of goods and services throughout the United Kingdom has been on the rise in recent years. Everything from a litre of milk to a loaf of bread seems to be more costly than ever before. Unfortunately, other necessary expenditures such as funeral costs fall into this category as well. According to a recent report by the BBC, these figures are only expected to rise; many MP’s even warning families throughout the country to avoid the so-called “garden burials” that are performed by those who cannot afford a traditional burial. The best (and possibly only) way to mitigate these costs is through the use of a targeted prepayment funeral plan. What makes these schemes so very effective?

One Cost to Fit Your Budget

Everyone lives on their own specific budget and therefore, it is likely that the desires for your funeral will be different than those of your friends and acquaintance. Prepayment funeral plans are quite flexible in this nature. They are specifically designed to suit your own financial needs as well as to accommodate your funeral desires. From a pragmatic point of view, this is an important point to highlight. By comparing different plans, you are able to encounter the price range that suits you and your family the best. Much like any traditional insurance policy, there is never any concept such as “one size fits all”.

Prepayment Funeral Plans Payment Options

Another windfall of prepayment funeral plans is that in general, you can pay for these services in one of two ways. If you have the means to do so, then paying in one single lump sum is the ideal solution, as your plan is fully paid up and ready to activated whenever it is needed, now or in 30 years time. Your other choice is to make monthly payments towards the costs of the funeral plan, locking the price of your funeral at today’s rate, so avoiding the effects of inflation. Either way, your plan will be in place to provide protection for your family from the impacts of having to find the money to pay for your funeral. This is an excellent way to keep your budget balanced and never exceed your financial limits. Suddenly, the spectre of funeral costs does not appear to be as threatening.

Accommodating for the Future

One of the most common questions that consumer have is whether or not rising funeral costs will offset the usefulness of these plans. In other words, what happens if the original plan is not able to cover the price of a funeral in ten years’ time? Your concerns will be allayed to know that these plans have taken such costs into account and the cover is guaranteed to provide sufficient to cover the funeral directors costs, this is achieved by the funds being held in trust, which grows as a rate to always match future increases in prices. So, you will never have to worry about your family being “out in the cold” when you pass away.

Knowing the basics of these plans as well as the best ones to choose is a final area to address. Please take some time to peruse our useful guide as well as to browse through our comparison charts within our website. Regardless of how much funeral costs rise, you will always have the means to financially protect your family when you are no longer around.

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