Burial Plans

The two most common types of funerals across the globe are – cremation and burial. The reason why people choose one over the other largely depends upon their religious beliefs, family traditions or their personal preference. However the one thing which people consider quite a lot these days (due to the rising cost of funerals) is the cost difference between the two.

A burial plan would always usually cost you more than a cremation owing to the fact that you’re going to have an added cost of a burial plot which could range from anywhere between £300 to £6000, depending upon where in the country you choose to be buried. This cost is beyond our control as it is set by the council.
The plans that we offer would guarantee to cover the entire funeral cost i.e. the funeral director’s fee, the hearse or limousine/s, coffin, bearers, etc. and as far as the burial is concerned, we pay a generous sum of £1200 to take care of the disbursement fees, for e.g. interment fee, doctor’s fee or any other extra fee. We however can’t guarantee that this amount would definitely cover the entire 3rd party cost at the time of need, so any difference would need to be paid for by the family at the time of the funeral.

Why Should I Go for Pre-paid Burial Plan?

It is advisable to set up a funeral plan sooner rather than later is simply because the funeral costs are not likely to come down in the near future. Back in the year 2004, an average funeral used to cost around £1900. Last year that cost went up to £4100 & in 10 years from now it’s going to be approximately £8650. So is it really worth waiting, thinking the cost might come down in future? Going by the statistics, that’s a big financial risk you’re leaving yourself exposed to. Besides, the cost of setting up a prepaid funeral plan has also constantly gone up over the last few years and there’s no reason to suggest why the trend should change. So the bottom line is, if you have the money to pay for it, do it now instead of waiting for the costs to come down.

Is Insurance Better Than a Funeral Plan?

It depends on various factors with your age & health being right there at the top. So usually, an insurance policy that’s taken out to cover your funeral expenses is also promoted aggressively in the market as an over 50s plan. It is a guaranteed acceptance plan that guarantees to pay out a set fee to your loved ones when you pass away. You should consider the following before you decide which of the two would be a better choice for you:

1. With an over 50s plan, you need to pay a monthly fee until the end of your life or to your 90^th birthday (whichever comes first) whereas with the most popular funeral plans available in the market, you only have to pay it for a maximum of 10 years unless you wanted to pre-pay it sooner.
2. Surprisingly, you sometimes end up paying more in to the insurance policy than the amount you’re covered for but with regards to a funeral plan, you can never pay them more than what they’d give to you in return.
3. There’s no guarantee that your life insurance policy will pay off the entire funeral expenses when you die but a funeral plan guarantees to cover the entire funeral costs, regardless of what they are at the time when it’s needed.

Can I Save Enough To Pay for My Funerals?

Of course you can. But the question is, if you were going to pass away 20 years from now & the cost of funerals at the time was £20000, you could either have a shortfall in your savings or you could potentially lose all or most of your savings. That money can easily go to your loved ones if only you pay a little towards a funeral plan now which would eventually only cost you between £2700 and £4500 that too spread over a period of 10 years. So the question here is why would you want to pay any more than what you should pay, let alone thousands of pounds more?

Which Plan Should I Choose?

At Assured life, we offer a range of products and options to suit each individual’s personal circumstances & requirements. The best part is we offer an unbiased advice to help you choose the most suitable plan for your needs.

For more information on the plans currently available, please contact us on 02036673339 or simply submit your information using the form on this page & one of our consultants will get in touch with you to walk you through the options available with us.