Why plan for your own funeral?
Take the burden off your family and friends financially and emotionally. Make it your Party!
Although it may seem a little morbid and self-indulging, some see it as their final statement or a final farewell, couple with the knowledge their funeral plans will help the people closest to them deal with the grief.
It can give people the opportunity to mastermind their perfect final farewell. It could be a completely jolly affair, a celebration of achievements a religious ceremony or you may choose to mix it up, the point is the choice is yours and you can create something special for everyone to remember you.
Lots of people also choose to prepare financially for their final farewell. A great way to take the burden away from the people that matter to you.
This can be done in many different ways.
There are lots of insurance policies, including life insurance, that can be taken out to cover the cost of the funeral arrangements, Burial or Cremation.
Many Life Insurance policies can help cover not only funerals but mortgages, credit cards, essential childcare and much more…
Many companies offering funeral services also offer prepaid funeral packages, commonly known as funeral plans.
Is my money safe?
Although the Financial Conduct Authority (FCA) does not regulate funeral plans covered by insurance or trust arrangements, it has stipulated rules for each method of investment, allowing
sums paid by the customer to be safeguarded and available to pay for the funeral when needed.
You could consider paying part of an upfront funeral payment using your credit card.
This method of payment will allow you to benefit from section 75 of the consumer credit act.
This can give you extra protection if things go wrong with the funeral director.
You can also simply put the money you wish to be spent on your special day in a bank account. Regular payments are a great idea allowing the fund to grow on a weekly, monthly or yearly basis.
To ensure the right people know about this fund are where it is kept, include it in your Life in Cache plan and share it with your chosen Trustee.
Every effort has been made to ensure this article’s accuracy, please be aware no articles on the Life in Cache website constitute legal advice tailored to your individual circumstances. If you are in doubt or you act on the content within any of our articles you acknowledge you do so at your own risk. We can not be held responsible and do not accept liability for any damage or loss which may arise as a result of you relying on the information contained within.
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