What are Funeral Plans, and how could you benefit from one?

If you’ve watched television, listened to the radio or read a newspaper recently, it’s highly likely that you’ve seen or heard funeral plans being advertised by a variety of companies. Even though such adverts are frequently included on main stream media networks, a surprising number of people do not know what they include, and do not realise how they can benefit from them. This blog will give an easy to understand explanation of how they work and discuss who they will be suitable for.

What are they?

They are payment plans that are designed to eliminate the problem of expensive lump costs that are usually incurred when a loved one passes away and a funeral is required. Funeral plans help this by allowing the individual to stagger smaller payments over a long period of time, so it becomes far more affordable and easy to manage. Once the plan is complete and the funeral is required, the provider then pays out to cover the associated costs and, depending on the company you choose, helps provide services and organise some of the event.

Who are they suitable for?

Traditionally, such services are mainly considered to be for older people and particularly those that have just entered retirement. However, there are many benefits to slightly younger clients who are thinking ahead and do not want to be burdened with higher payments as they get older. Entering into funeral plans at a younger age can allow customers to pay smaller payments for a longer period of time, and therefor make the process even more affordable. This will also mean that they will not have to think about it at all as they approach their golden years and can afford to relax and enjoy themselves more.

Are there any more benefits?

As mentioned previously, the main benefits are the simplicity of staged payments and the affordability of the process, however there are a couple more reasons that funeral plans could improve an ageing individual’s life. One key reason is that it gives the plan holder a peace of mind, as it ensures their loved ones will not be laboured with expensive funeral fees. This lack of worry will mean their retirement is not impeded by such stresses and they can be free to enjoy their lives in peace. The additional financial freedom that a plan can offer will also mean that the holder is likely to feel less guilty about spending their retirement money on things they enjoy, rather than attempting to stash it all away in fear of their relatives being left out of pocket.