Death and Taxes. Covering the Cost of Dying.
As Benjamin Franklin said,’ the only certainties in life are death and taxes’ so why do we not discuss death more often in the UK and why do many people fail to plan for it thus making things easier (and cheaper) for those left behind?
Many of us never consider our own or anybody else’s death, never mind wondering how much it will cost our family to bury us. When the worst happens and somebody we love passes away we are often highly distressed, unprepared and therefore badly placed to make the key decisions.
Here at The Will Associates, we are often the first people to instigate a conversation between family members about what will happen when one of them passes away. We talk about ‘when’ this will happen rather than ‘if’ because death is a certainty. Do relatives know what each other would want? Have they communicated this clearly? What if other family members disagree and how will the funeral be paid for?
Royal London, Life and Pensions Group, reported in October 2015 that the average cost of a funeral had risen 4% over the previous 12 months to £3700. That is a lot of money for an average family to find. Baroness Sally Greengross of the International Longevity Centre reminded us in 2015 that more than half of UK households had less than £3000 in savings and would struggle to cover funeral costs. The Daily Mirror in their article, ‘Soaring Costs Load Debt onto Grieving Families’ identified the levels of debt experienced by families as a direct result of having to pay for a loved one’s funeral.
How Do I Ensure My Family Won’t Have to Get Into Debt to Pay for My Funeral? Debt to Pay for My Funeral?
As funeral inflation is far outstripping the rate of savings growth in any bank, the best way of paying for your funeral is through a Funeral Plan from our preferred provider. This way your family will not be asked for a penny more for any of the guaranteed services in your Funeral Plan.
How Does a Funeral Plan Beat Funeral Inflation?
At The Will Associates, a funeral plan from our preferred provider ensures that you pay for your funeral director’s services at today’s prices even if you don’t need the funeral for many years to come.
How Will a Funeral Plan Ease the Emotional Burden for My Family?
Nobody wants to pick a coffin for loved ones. Many family members feel unable to have the discussions necessary with funeral directors when someone close to them dies, preferring to leave this to others. Important decisions have to be made in a timely fashion when individuals may still be reeling from shock or deeply upset. A funeral plan allows you to identify clearly your preferences in advance. You can specify the funeral director you would like to use, the type of service you wish to have, whether you want a burial or a cremation. It allows you to be as detailed as you wish and ultimately ensures that the important decisions have already been taken care of so the burden of responsibility is removed from those you love.
How Safe is My Money?
We offer a number of payment options and your money is either held in an independent trust or the premiums are invested in an insurance fund which guarantees the level of payout at the time of death. Money is refundable if you change your mind and have paid in full or with 12 monthly payments.
Why Should I Take Out a Funeral Plan Now?
Funeral Plan costs increase every year. The most recent price increase was in April 2016 with plans increasing by up to £301 each. Beat the yearly increases by speaking to one of our consultants in the Bristol area. They will visit you in the comfort and privacy of your own home to discuss your unique circumstances. Call us today to put your mind at rest on 0800 847 7050.