Market Society

If you intend to pre-plan your funeral, do know that you aren’t alone. Given below are a few areas you may be concerned about.

1. What happens in case the funeral plan provider goes out-of-business?
Whilst this is considered unlikely, monies paid by you for your funeral services will be received in accordance with the code-of-conduct of Britain’s’ ‘National Association of Pre-paid Funeral Plans’ (NAPFP) and would be quite safe. The monies for your funeral are kept in a consortium - a separate legal body - that is regularly reviewed by independent accountants and actuaries. Hence your funeral will still be carried out in accordance to your assured funeral proposal and the funeral chief would be paid through the trust-account.

2. What if I shift?
Your agreement is just transferred to another funeral option suitable to the new location. If you decide to relocate abroad, you could apply for a reimbursement. In case you move home, please inform your funeral service giver promptly, and then they could make sure all accounts are updated.

3. Are there any plus points of planning for my funeral at this moment? Should I not put the funds in a savings account?
After you shell out for a pre-remunerated funeral option, you will never have to pay any added money for the funeral director’s expenditure no matter how high these expenses might go up in the future. No bank can provide such a guarantee. In the recent past funeral costs have increased in excess of inflation. Hence, why not guarantee your funeral needs at today’s price, and then make use of the remains of your savings just how you wish!

4. What about coverage based funeral services?
These have some hindrances. Principally, they do not assure to cover funeral expenditure, or allow you to specify the procedure. Even in case you’re in sound physical condition, you may well end up paying noticeably extra in monthly payments than the indemnity business will ever pay out; moreover the funeral will need to be accounted for, usually well sooner than the insurance is disbursed.

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