How Pre Paid Funeral Plans Make Old Age More Enjoyable

In the last few years, prepaid funeral plans have become extremely popular in the UK, USA and western europe for a number of reasons. They are especially attractive to a range of buyers across all sectors of society thanks to the economic climate, which at the time of writing, favours spenders instead of savers, because of low interest rates. Coupled with increasing costs, which grow ever larger over time, there has been a better opportunity to spend money!

With this in mind, it seems silly to save funds for little return, especially when prices are always increasing. Funerals are no exception, and pre paid funeral plans have seen a dramatic increase in popularity as a result. However there is also a psychological reason why such products are increasing in popularity across the western world.

To discover the reasons behind this, lets consider the psychological effect of paying in advance for a pre paid funeral plan. When would you buy one? Traditionally, they are bought by elderly people. So what makes them buy a funeral plan? One thing that cant be ignored is that in old age, people tend to realise that they don’t have long left. However, many old people do not really want to think about this, since death is still something that is not really talked about.

As people get older they are less and less able to do things that they find enjoyable, so need to find things to occupy themselves with. Considering a funeral can be a hard thing to stomach because buying one and paying for it in one lump sum can make the purchaser feel as if they have nothing left to do with their life, especially if they are constantly finding it harder to do the other things they enjoy such as meeting friends or going on holiday. As mental health is so important to physical health and longevity, paying a funeral director upfront can be a huge mental issue.

Enter the prepaid funeral plan. Many of these allow the customer to pay in instalments which are then held by a trust. This means that the elderly person can set a time for how long they want to pay for, for example a monthly plan for a ten year period. Setting this kind of time limit has a major mental benefit. By taking out such a plan in old age, it is a mental switch that makes the purchaser vow to live long enough to pay the plan.

Therefore, the pre paid funeral plan that is paid in instalments can actually provide some major benefits. Importantly, the purchaser feels empowered to live their life more fully, as they have not effectively given up on life by paying for their funeral in advance in one lump sum. Additionally, paying in instalments with a pre paid funeral plan means the person can feel at ease as they will have not left any burden for their children. This makes them determined to live long enough to see out the funeral agreement.