A funeral plan is a preventative measure that is best explained as a plan to help meet the cost of your funeral. Some are pre-paid and planned many years to even six decades in advance, that’s if you start early and get close to hitting the big 80. Others are instant and are taken out either if someone is really ill or very elderly and don’t have funeral cover.
While getting funeral cover is important, it can often seem overwhelming and like something you don’t particularly need. This is especially true if you’re in your 20’s and 30’s and your responsibilities or the mere idea that you might pass tomorrow, is completely irrelevant to you. One of the biggest reasons people also take out a funeral plan is because they're bothered with the fact that, should something happen to them, their family will be left to deal with the funeral and its expenses. How does a funeral plan work? A funeral plan is a method of insurance that allows you to make payments upfront for your funeral in order to lessen the burden of that of your family. Although the funeral cover is necessary for each and every individual, it does not cover all expenses of the funeral. Depending on your insurance provider, what you get will vary from one to another. It is important to thus weigh in your options before settling with the first pick. It is also important to rely on recommendations, from for instance family members, when it comes to making a final decision. A regular funeral plan usually covers the viewing of the deceased, a church service, a limousine procession and a burial plot if you’re being either buried in a plot, or your ash gets buried somewhere else. Things you have to consider, that might be excluded with most funeral insurers, are the cost of flowers, the coffin or urn, as well as the food that needs to be bought if there is a ceremony afterwards. How much does a funeral plan cost? One can buy funeral cover from either a funeral director or a funeral-plan provider. These plans usually have different payment methods that vary from either a lump sum or monthly payment, just like you would pay instalments. This can be paid for one to ten years. If you pay once off, payments are between $4,000 and $7,000. The safety of your money Now, you’re probably thinking, paying that much money could easily go South. Let's face it since you're not going to be alive to vouch for yourself, what is the possibilities of your money getting stolen? Well, no fret. There is a list of rules and regulations that prevent anything such as fraud from taking place. The institution that created it is referred to ‘The Financial Conduct Authority’, as well as the ‘Funeral Planning Authority’. These two ensure your funds are kept safe for you.
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AuthorRoss Keen is a professional writer and a keen sports enthusiast. Ross is blessed with 3 beautiful kids! Say hi to Ross at [email protected] ArchivesCategories |