There are so many expenses each person goes through in the span of his whole life. More often than not, these expenses do not only include your personal expenses, but of course for those people who opt to have their own money or be the bread winners for their family, these expenses extend to so much more. With the rising of the different kinds of expenses you are faced with as you grow up, it is also inevitable for the cost of living rise with it as well because of economic difficulties and well basically, inflation of money. Working so hard and getting a great career or profession will only get you so far financially. Even if you earn so much annually, you still have to be smart with dealing with your financials so that you would not face difficulties in the future. One of the ways you could actually do this is by getting prepaid funeral plans not only for you, but as well as for the other members of your family. It may sound a bit grim, but is after all, a reality of life that each person goes through. There is nothing wrong about being prepared about it, right?
Prepaid Funeral Plans for All
You may think that having such a commitment of paying a funeral plan for monthly is unnecessary, but it could actually save you a lot of money in the long run. The beauty in prepaid funeral plans is that there are different kinds of packages and values offered so that you could actually get something that you would be able to afford and at the same time, can customize to your liking and preferences should you or any of your loved one pass away. You are free to pick the kind of services and assistance you would want to get from your funeral home and they could also come up with a package that would be beneficial to you in terms of your current financial situation. Anyone can avail of this because it could easily be tailored to how much an individual, a group, or a family earns and can pay for the plans.
Smart Financial Move
When you get a prepaid funeral plan for yourself or any of your loved ones at this time, what you will pay for are the funeral costs in the present. It does not matter if the prepaid funeral plan holder will pass away five, ten, thirty, fifty or even eighty years from when the plan was gotten. The value you would have to pay for would remain the same even as the funeral costs are continuously rising. Meaning to say, if you opt to get a prepaid plan costing to £3,897, which is around the average cost of funerals now, you have the option to either A) pay for it upfront and the funeral of the plan holder would already be set when the day comes or B) pay for it in monthly instalments which would not increase in value until it is fully paid off. Not only will you be prepared for the future, but you would also be able to beat inflation while you are at it.
Setting Aside for the Future
Some of you may think that it is something that you do not prepare for. Sad to say that funeral costs are increasing per year and it is not something that most people could easily afford most especially for unexpected deaths. In a way, it is a better alternative to putting up a savings account with the bank because of how much you would be able to save in terms of the value of your money. If you set aside around £150 of your monthly income and put it in a savings account, you would have £1,800 by the end of the year and a very minimal interest earning. But if for example, you opt to put that same value of £1,800 in a prepaid funeral plan in the same year, you would be able to save a higher percentage because you would be able to beat the inflation rate from the previous year should you use up the funeral plan the following year.
Worry Free Funerals
People who will get left behind of the prepaid funeral holder will have a significantly easier time in terms of planning the funeral. This would give family members and loved ones adequate time to grieve in their own ways and not be bothered by multiple decisions and expenses. A great advantage to prepaid funerals is that it is actually transferrable. Should an unexpected death occur within your family and you do not have the money to plan out a funeral when it happens, you could use your very own funeral plan during that time. You could then just apply for another one of your own so that you would be able to save up and prepare your family in the future.
Updated: July 15, 2019