What’s the Point?
There are a variety of reasons you might want to at least think about having a funeral discussion. In the past, it has been a taboo subject but thankfully this is changing. Having a discussion when you have time, rather than when you are caught up in the whirlwird of having to arrange a funeral, helps to relieve the pressure on your family. If you tell them you want to be cremated with your ashes interred at a specific cemetery, they are not left guessing as to what you might have wanted. It can also relieve any friction amongst family members who might have different thoughts on what they think you would have wanted.
A pre-arranged funeral can be discussed between yourself and one of our team. They may be quite simple, detailing the major things like whether you wish to be buried or cremated. Or they may be very detailed right down to who you would like your Pallbearers to be and what music is to be played. Whatever your wishes, they are agreed to and noted. It is not legally binding but it does at least provide your family with some direction during what is normally a fairly challenging time.
A prepaid funeral takes the pre-arranged funeral one step further. Not only have you specified the details of your funeral arrangements but you also have prepaid the costs. The big advantage of this is that you are paying for the funeral at today’s prices. You can either pay this in one lump sum if you are able, or you can pay an initial instalment and pay the rest off over two years. Your entitlement to either pensions or allowances may also be improved by taking out a prepaid funeral plan.
You select your preferred Funeral Director and the details of the service are formalised in a contract. By paying for the funeral plan in advance, you know exactly what the financial commitment is and you are protected from future rising funeral costs. All funds are secure as your investment is held independently of the Funeral Director and invested in a capital guaranteed investment.
A Funeral Bond is similar to a prepaid funeral plan in that you put money away for the specific purpose of meeting your future funeral expenses. This can link very well to a prearranged funeral where you would like to open the account with a small amount and make regular contributions.
However, it is not linked to a specific contract or an agreement for services at an agreed price.
Many Funeral Directors will often suggest Funeral Bonds to cover Cemetery Fees when a person wishes to take out a prepaid funeral. The reason for this is that Funeral Directors accept prepaid contracts and agree to undertake the work at an agreed price. However, the costs charged by cemeteries are outside of their control and if they increase significantly, the Funeral Director may not be able to cover costs. So whilst they will enter into a prepaid contract for all other costs, you may be asked to split the cemetery costs into a Funeral Bond.
Occasionally people who are very ill decide they wish to stay at home until they pass away. Planning ahead is very important and providing you have the support of your local health care professionals, we too will do everything we can to assist.
It is best to contact us at the time the palliative care staff are engaged in order that we are ready to help when needed. There are some legal requirements we will discuss with you as part of the preparation.
Is My Money Secure?
All funds for prepaid funeral plans and funeral bonds are managed by Lifeplan Funds Management. Lifeplan has a long tradition and specialist expertise in the management of fixed interest and money market securities.
Balances are capital guaranteed by Lifeplan which means that Lifeplan guarantees to pay the balance in the FuneralPlan prepaid at the time a benefit is due. Lifeplan’s capital guarantee is supported by separate reserves that it is required to maintain in accordance with legislation.
How Does it Work?
You may never have even thought about what your funeral might be like but the fact that you are reading this, means you are considering having the discussion. It starts with a phone call to us, followed by a conversation about your beliefs and wishes. Why not pick up the phone today?