The Cost of Dying
Unfortunately death is inevitable and one of the occurrences in life that at some point we will all have to face. Arguably the most difficult things to deal with during death are the intense emotions of grief and loss, facing an uncertain future without one of our loved ones.
When death occurs one of the last things people want to consider would be finances and costs associated with death, in particular the funeral costs. Although it may not be an initial priority we all need to be realistic. It is useful to have an awareness of the costs involved and be in a state of readiness for what will ultimately become the inevitable. Financial implications associated with death are not just to do with the monetary value but also the associated burden to those who may hold the responsibility for the administration of the funeral and the estate.
Costs associated with death have risen and continue to do so. Funeral costs vary and can range from an average of around £4000 rising up to around £8000 within the next 20 years. Costs which are heavily dictated by the individual requirements.
In brief, the basic costs of a funeral are made up of the costs of the funeral director, fees for a religious or secular service, legal fees, medical or doctor’s fees and burial or cremation fees. In addition to the basic costs there are also additional optional extras which could include flowers, transport, orders of service, venue hire for the wake and catering costs. The requirements for each funeral depend heavily on how you want to remember your loved ones, what you organise and what is affordable financially.
In order to finance a funeral Individuals have been known to utilise savings or investments, use credit cards or be left in a position where there is no other option but to be borrow money from friends. Many individuals express their funeral wishes in their wills and this can also influence the costs if these wishes are honoured. Although it is important to take the wishes of the deceased into account it is important to ensure the requirements are affordable. There may, for example be a situation where there are other immediate expenses that have to be considered. All of this gives more reason to have a realistic awareness of the costs associated with death and an idea of the options available that can assist with planning for and covering funeral costs.
There are numerous options available to cover the costs of a funeral including pre payed funeral plans or life insurance plans that can help protect your family, save money and ease the burden of additional worries. The types of plan available vary in nature and can be fixed term or flexible to suit your every need. The options include paying for the plan as a lump sum or in monthly instalments.
Pre Paying for a funeral is a simple yet effective way of planning for a funeral and putting your affairs into order. Planning adequately can help relieve the financial burden on those left behind.
The different plans we offer allow us to cater for individual circumstances and tailor a package to suit your needs. Although the plans are different in terms of the payment options and the conditions, each one covers the funeral services as outlined in the plan or a contribution towards burial or other third party costs.
Choosing the plan that suits you can be done in just a few easy steps:
- You choose a plan that suits YOUR individual needs and circumstances
- Costs are fixed at today’s prices
- You need to have an awareness of the payment terms of the plan and how much it will cost you
- You advise of your personal wishes and requirements
- Your plan is confirmed
- Your family will get the support they need
Dependent on the plan you choose funds are either automatically transferred to a funeral director whom would take care of the arrangements or in the case of Over 50’s funeral life insurance, a cash lump sum or monthly instalments can be paid to your loved ones. It is important to note that the Life insurance option is a lump sum cash payment and is not always guaranteed to cover funeral costs. Regardless, it may still provide your loved ones with some excess and reassurance that some, if not all of the costs are covered.
The important thing with any plan is to ensure they are tailor made to allow you to personalise every aspect of the day in a manner that suits your individual circumstances. Doing so gives you the ability to create a funeral that’s just how you want it to be.