Is a prepaid funeral a good idea?

Last Updated: 27th March 2022

It is not often on a person’s mind to think about planning their own funeral when they are fit and healthy with a life ahead of them, however, it is worth thinking is a prepaid funeral a good idea.

“There’s plenty of time for that!” can be often heard when a person is asked: “Is a prepaid funeral a good idea?”  However, it is important to be able to understand why someone might choose to have a prepaid funeral in place.

Even though a person is fit and healthy and hopefully has a long life ahead of them, it does not mean they should discount planning ahead so their final arrangements are settled.  If a person is thinking ‘Is a prepaid funeral a good idea?’ there are a number of considerations they may wish to make so they can make an informed decision.

For people that wish to secure their own funeral at today’s prices, they might within the group of people that believe is a prepaid funeral a good idea as a favourable notion.  With an increase in prices of funerals and a higher level of inflation, even the low cost, no frills funerals are rising in cost so it may be that a person wishes to invest in their funeral now so they are secure in knowing the exact cost of their funeral.

The security of a person knowing their final arrangements have been made will allow those people questioning ‘Is a prepaid funeral a good idea?’ to feel comforted knowing they have invested in their funeral arrangements themselves so that when the times comes, their next of kin or family will not have to deal with the necessary arrangements. 

A person who ensures their affairs are in order is carrying out a selfless act and when asking ‘Is a prepaid funeral a good idea?’ although it may feel like an odd thing to do to some people, this act will undoubtedly make their loved ones they leave behind feel grateful for not having to second guess what their final wishes were. 

The fact that this responsibility has been taken away is likely to reduce a deceased person’s loved ones’ stress during a difficult time as well as alleviating any financial burden that loved ones often face when a member of their family passes away in order to pay for their funeral.

Another thought when asking ‘Is a prepaid funeral a good idea?’ might be of the type of people that like everything organised in advance, just the way the like it.  Having a prepaid funeral and fixed funeral costs allows them to have their final wishes exactly how they plan and without any uncertainty.

When the question ‘Is a prepaid funeral a good idea?’ is asked, it is important to value the financial advantages of having a guarantee.  Whilst funeral costs are frozen at today’s prices, savings or inheritance will be less likely required by a deceased person’s loved ones to cover any costs of their funeral unless there are additional costs are incurred.

It is also worth noting that, for tax purposes, a funeral plan is not included in a person’s estate so a prepaid funeral plan will not be liable for inheritance tax, again, saving money for a deceased person’s loved ones.

If a person has a particular preference on any part of their funeral, including which funeral director to use, it is worth considering ‘Is a prepaid funeral a good idea?’ because this will allow them to tailor their wishes exactly the way they plan.  The very idea that the personalisation of a person’s funeral might allow those loved ones left behind feel comfort that it is exactly how their deceased loved one planned it.

For those wondering ‘Is a prepaid funeral a good idea?’ and perhaps believing that a prepaid funeral is an expensive option due to their financial circumstances and budget, it is worth noting that prepaid funerals can be paid in a number of ways.

Whilst a single payment in full can be paid through credit card, debit card, by BACS or cheque as an option, there are funeral plans that allow a person to pay through monthly instalments so that budgeting can be allowed whilst ensuring the chosen funeral plan can be bought.  

When a person requires specialist advice on funeral arrangements and commentary on exactly what will happen at the time of their death, they may question ‘Is a prepaid funeral a good idea?’ and having paid for a guaranteed service, this will allow them to have any questions answered and allay their concerns.

When asking ‘Is a prepaid funeral a good idea?’ there are a few considerations that a person may wish to take before investing in a prepaid funeral.

The first might be that, although funeral prices are continuing to rise, it may be that, if prices of funerals do decrease in time, a person may have paid for fixed funeral costs by way of a prepaid funeral so they will have paid more than they had needed.

It is worth noting that a number of funeral plans limit costs up to a certain amount and so when a person considers ‘is a prepaid funeral a good idea?’ it is important for them to carry out extensive research to ensure that everything they expect to be covered for the prepaid funeral they are investing in is covered.

If a prepaid funeral plan has not been paid for in full before a person dies, it will be up to their family and next of kin to pay the difference.  If a person cannot afford the lump sum to pay for their prepaid funeral in full at the time of taking out the funeral plan, or if the monthly payments are prohibitive to their financial circumstances, it may be that a person’s answer to ‘is a prepaid funeral a good idea?’ may lead them to a  different response.

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