The importance of a ‘value for money’ funeral plan
18th November 2011
Dealing with grief and the daunting prospect of funding a funeral can be both difficult and stressful. You will always wish to give your loved one the send off they deserve without cutting corners.
However, a recent investigation by The Times highlighted the fact that many funeral plans were not offering ‘value for money’. The money that has been saved for a funeral is often linked to expensive funeral directors and homes.
This makes the process more expensive than necessary and family members are not given any money that has been saved once the relative passes away.
It is vital to ensure that the elderly are not swindled out of their savings in a bid to pay for their final farewell. There is a wide range of funeral services that you may want to consider before purchasing a plan.
Can relatives receive your cash?
Whilst you may have been putting money away for several years, you may have, in actual fact, put more aside than needed for your funeral. Instead of the additional funds being sent to overpriced funeral directors and homes, your relatives could receive a cash lump sum. Asda offers a possible extra 10% with the Funeral Benefit option with Dignity. This option also allows you to choose the funeral director you want from a choice of 567 funeral directors across the country.
Affordability
The cost of dying is increasing and research from insurers AXA found that that the average funeral cost is over £7,000. The research found that death-related costs including funerals, probate, headstones and flowers amount to £7,248, representing a 20% increase since 2007.
This figure has increased by £400 in the last year alone. With this in mind, it is vital that you ensure you are getting the best quality and value for your money.
Funeral director
Many funeral plans have been criticised for choosing expensive funeral directors. One way you can ensure value for money is by investigating the funeral director of choice on the funeral plan.
Flexible planning
The flexibility of the Funeral Benefit option means that if your initial cash lump sum is greater than the cost of the funeral then the difference will be paid into your estate. This means that you will never pay in more than you get out.
Take your time and choose the option which you think is right for you. This way you can make sure your loved one gets the send off they deserve.
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