Burial costs: Contribution increases with RPI Funeral procession: Yes - from Funeral Director's to crematorium or burial site Viewing the body: Weekdays, during business hours by agreed appointment.
Costs may apply if out-of-hours viewing is required. Viewing the body: During business hours by agreed appointment Funeral procession: Yes - from Funeral Director's to crematorium or burial site. Funeral procession: Yes - from Funeral Director's to crematorium or burial site. Cremation only plan Doctors Fees included for cremation Funeral procession: Yes - from the Funeral Home direct to the crematorium Viewing the body : Permitted during office hours. Doctors Fees included for cremation Funeral procession: Yes - route agreed with family.
Cremation costs: Contribution increases annually in line with increases in CPI Burial costs: Contribution increases annually in line with increases in CPI Funeral procession: Yes - from the Funeral Home or residential address direct to the cemetery Viewing the body: Permitted at any time, subject to appointment.
A restricted choice of date and time for the funeral will be available Burial costs: Does not include the purchase of a grave Viewing the body: During business hours Funeral procession: Yes - Directly to crematorium or place of burial from funeral home only. Standard funeral plans will generally provide a limousine for the funeral procession or a higher contribution to the cost of the burial and cremation costs, along with the cover provided by a basic plan.
Burial costs: Contribution increases with RPI Viewing the body: Weekdays, any times by agreed appointment Funeral procession: Yes - To a service location, then onto the crematorium or burial site. Costs may apply if out-of-hours viewing is required Funeral procession: Yes - from Funeral Director's to crematorium or burial site. Funeral procession: Yes - route agreed with family from a local address, travelling to the funeral service and returning afterwards.
Cremation costs: Contribution increases annually in line with increases in CPI Burial costs : Contribution increases annually in line with increases in CPI Funeral procession: Yes - from the Funeral Home or residential address direct to the cemetery Viewing the body: Permitted at any time, subject to appointment. The high-end funeral plans will offer two limousines and more flexibility in when you can arrange a viewing of your loved one.
They also offer the ability to make additional contributions towards special requests during the lifetime of the plan, and complimentary thank you cards at the service. Cremation costs : Contribution increases annually in line with increases in CPI Burial costs: Contribution increases annually in line with increases in CPI Funeral procession : Yes - from the Funeral Home or residential address direct to the cemetery Viewing the body: Permitted at any time, subject to appointment.
In addition, some costs may not be met fully, and your family may have to pay the rest. For example, many providers only contribute towards the cost of cremation or burial. Age Concern and Dignity guarantee the price of cremation, but only pay a contribution towards burial costs. Golden Leaves, on the other hand, has a set contribution to burial or cremation costs.
The Co-operative guarantee to cover all costs for a burial or a cremation in their Silver and Gold plans. However, the cost of a burial plot is not included. In the event that this happens, your family will need to make up the shortfall. To safeguard your plan, your provider will either place it in a trust fund or invest it in an insurance policy that pays out when you die.
You may also be protected under Section 75 of the Consumer Credit Act If you are paying for your funeral plan in total upfront, you can benefit from Section 75 protection by putting part of the bill on your credit card. If you want to pay by monthly instalments you can also gain protection by using the a credit card to pay any deposits or asking your provider to pay part of the bill upfront using the card.
Until then, providers aren't regulated. You also can't escalate a complaint about a funeral plan provider to the Financial Ombudsman Service. However, there is a professional body for providers called the Funeral Planning Authority FPA , which has a code of conduct that all of its members must comply with. We would recommend, if you do decide to buy a funeral plan, that you always go with an FPA-registered provider.
But what are the alternatives? An overs insurance plan pays out a fixed lump sum to your family when you die, but these plans do have some drawbacks. The payout does not increase with inflation, meaning that you could end up paying more in premiums than you can claim.
A savings account has the advantage of growing your money with interest. However, the rising cost of funerals would mean that you may not earn enough interest to keep up with the surge. According to Sunlife, the average funeral costs increased by 1. To make sure that relatives can access the savings after your death, set the account up in a joint name with a trusted family member.
Funeral costs can also be paid from your estate after you die. If funeral plans are for you, following our tips will help you make sure you get the right one to suit your needs. If your estate could cover the cost of a funeral, even with the likely increases, or your family has the money, a basic plan — or even no plan at all — might be the best option. A comparison site is a good way of taking the legwork out of finding a number of suitable plans.
Over 50s Choices and FuneralPlanMarket. Remember, however, that funeral plans can be complex so you should examine the policy carefully and phone the provider if you are unsure about any of the details. Many websites out there operate as 'lead generators', which means they pass on your details to intermediaries who then deliver a hard-sell.
Always read the website's terms and conditions before using one, and refrain from giving you out your email or phone number in order to get a quote. If you do want to input your details, consider setting up an alternate email address so you don't get spammed. Like many other financial products, such as car and home insurance, funeral plan providers give you the option of paying either in instalments or in a lump sum.
However, there are key differences between the two. Before deciding on one or the other, here are the basics of how each one works. Burial insurance is a type of funeral expense life insurance policy designed to cover the cost of your funeral or cremation expenses when you die. Because many people don't realize that funerals can cost upwards of several thousand dollars, they don't often think about planning ahead.
This type of situation can sometimes lead to a financial hardship on families or loved ones who must cover the costs. After you die, burial life insurance pays the death benefit of your policy directly to your beneficiary who can use the money in any manner.
Burial insurance policies can vary between life insurance companies, so you may find it offered in the form of a term policy or whole life policy. Your specific premium will vary depending on gender, health and age. Burial insurance offers some flexibility and can help relieve the financial burden of paying for your funeral at a difficult time. Because the death benefit is paid to the beneficiary you specify, that person has the ability to use the money in any way they see fit.
Ultimately, this leaves your loved ones with the task of making funeral decisions at the time of your death. Burial insurance may be a way to provide your loved ones with financial support to cover other unexpected expenses that you may have incurred at the end of life such as medical bills, legal costs or hospice care. Not unlike burial insurance, preneed funeral insurance is designed to set aside funds for your funeral, before the need arises. It is another type of insurance policy that aims to protect your loved ones from shouldering the financial burden after you die.
It covers the costs of predetermined expenses such as standard funeral home services, funeral merchandise, church and burial services. In some instances, this type of policy can protect against inflation and the rising cost of funeral expenses by locking into today's prices for services and merchandise. Savings account: You can use a regular savings account to pay for a funeral, but the money could be tied up in probate unlike a POD account. Federal government assistance: If you cannot afford a funeral or burial, you may be able to get assistance from a federal program such as:.
Funerals can be expensive, but you can shop around. Costs can vary for the same type of service in the same town. A investigation by NPR found a funeral home that charged more than twice the amount of another funeral home for a cremation, even though both funeral homes used the same off-site facility. Because these burial insurance policies require little health information because they are simplified issue or guaranteed issue life insurance , they tend to be the most expensive policies you can buy.
The target market for burial insurance is typically folks over age 50 who are often in poor health, on tight budgets, and do not have savings or other life insurance to pay for funeral expenses. Of course, you could end up outliving your term policy, which would leave you with no money for funeral expenses.
Burial insurance is purchased through an insurance company. The major difference is the burial insurance payout goes to your selected beneficiary like your spouse or child , whereas the pre-need insurance payout goes directly to a funeral home. This loss of flexibility can be a deal breaker. Some people would prefer their beneficiary have the flexibility to spend the life insurance payout as they see fit, not have it go to the funeral home.
Jason Metz is a writer who has worked in the insurance industry since He has a B. Select Region. United States. United Kingdom. Jason Metz. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Get A Quote. Source: National Funeral Directors Association, median costs. Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article.
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