Prepaid Funeral Plans Explained (1)

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Prepaid Funeral Plans Explained

• Speaking to a lot of people about prepaid funeral
  plans every day give us an insight on the most
  common questions people ask about the topic. 
  Heres our way of breaking down prepaid funeral
  plans for everyone whilst answering the 5 Ws and
  H of questions.

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WHAT ARE PREPAID FUNERAL PLANS?

• A prepaid funeral plan is a way for people to pay
  for funeral costs in advance so their families
  dont have to pay for the costs themselves.  A
  prepaid funeral plan can either be paid for in
  full or by affordable monthly installments over a
  period of time.
• It will be good to know, when you look into
  prepaid funeral plans and covers, that plans may
  not always cover all the costs that comes with
  funerals.   So always make sure to check the
  level of cover of prepaid funeral plans you are
  comparing

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WHY DO PEOPLE WANT PREPAID FUNERAL PLANS?

• There are a lot of reasons why people take
  prepaid funeral plans out.  The top 3 reasons, if
  we base it on the calls we take and home visit
  appointments we attend, are as follows
•  LOOKING OUT FOR THEIR FAMILY Its not a
  surprise that people look into prepaid funeral
  plans with their families in mind.  The top
  reason people take plans out is to have the peace
  of mind that their loved ones will not have to
  deal with additional stress of thinking about
  what they would have wanted for their funeral,
  how they would have wanted their life to be
  celebrated, and where to get the extra money to
  pay for funeral costs.  Many people also want to
  avoid arguments within the family of who is right
  as to what the deceased may have wanted for their
  funeral.
• RECENT FINANCIAL STRUGGLE BECAUSE OF A DEATH IN
  THE FAMILY It is never a good experience to
  have a loved one die and also carry a feeling of
  despair as you deal with the additional financial
  stress of paying for a funeral.  More than 50 of
  the people we talk to on a monthly basis are
  looking to get prepaid funeral plans in place
  because they are put in a bad financial situation
  by an unexpected death in the family.  Most
  people feel horrible for feeling stressed out by
  someones passing and thinking of the costs
  rather than good memories.
• RISING COSTS OF FUNERALS Every year the costs
  of funerals rise.  Theres an annual publication
  by Sun Life which explains the costs of funerals
  and the projection of how much it is to go up by
  until a certain year.  Based on 2017 Cost of
  Dying Report by Sunlife the costs of funerals
  have risen by 50 in 10 years time, with a 1.2
  increase from 2016.  The projections for funeral
  costs have not slowed down but is expected to
  rise along with inflation and government budgets
  every year

4
WHO CAN TAKE OUT PREPAID FUNERAL PLANS?

• There is no specific profile of a person who can
  take a prepaid plan out or who you can take one
  out for.  We have spoken to families who are
  thinking of setting up plans for parents, older
  family members, or their whole family including
  their children.
• If a person is interested in providing a resource
  for their family for the funeral costs later on,
  or want to make the payments for affordable, or
  want to decide how they want their life to
  celebrated after death then a prepaid funeral
  plan may work for them.
• You could have a lot of savings or no savings,
  over 50, over 80, under 50s, or in your 20s, you
  could want a cremation or a burial, married,
  unmarried, widowed.  You could have a whole list
  of ideas for your funeral or you could just want
  something simple.
• In summary, Prepaid Funeral Plans are for everyone

5
WHEN CAN I START LOOKING INTO PREPAID FUNERAL
PLANS?

• There is a common misconception that only the
  elderly can take prepaid funeral plans out.  The
  youngest person we have helped with advice and
  set up a plan for was 21 years old.
• We have also helped families take funeral plans
  our for other family members who are children at
  the time they decide to start a prepaid funeral
  plan out.
• Some people start looking into Prepaid Funeral
  Plans after experiencing some financial
  difficulties after a death and some start
  planning after realizing the benefits of having a
  plan in place.