Pre paid funerals

borders_dude

What happens if the company goes bust?

dzug1

borders_dude wrote: »

What happens if the company goes bust?

They are usually insurance policies - so if the particular funeral director goes bust the insurance company will still pay out.

eslick

have a look at the co-op, 2500 is a good price, when our dad died last year the figure was around 2300 and when our gran died this year it was nearer 3000. we bought one for our mother this year and the co-op was the cheapest.

oap

Thank you, well at the time of writing like for like Age Concern is cheaper than the Co-op, but as said before, we are choosing Age Concern because you have whoever dies first as we are only buying one, cannot afford two, hopefully property will pay for the second one.

Age Concern is shortly going up by £175.

There is an absolute guarantee that the monies will be paid, it is all in a Trust Fund with Age Concern.

Thanks you for input. oap

finallydebtfree!!

My boyfriend had to arrange his fathers funeral earlier this year and Im sure it was around £3500, that was with flowers and a hymn at the crematorium though, not sure what it would have been without it.

Hawkeye4aneye

borders_dude wrote: »

What happens if the company goes bust?

As oap mentioned and I did in a previous post the monies are held in Trust so even if the Company you do it through or the Funeral Directors you have chosen goes bust, or no longer exists in 10-15 years say, the funds are still available to pay for your funeral.

firesidemaid

this is a subject i have been considering recently re. my parents.

they are keen to get a policy each, but this would take approx. 1/3rd of their remaining savings. i would rather they just spend the money on themselves whilst they are still younger as i will always pay the bill at time it is required.

something else i have learnt from this site is that even these plans may be seen as 'savings' by DWP, again making my parents worse off.

i have also had a look at the DWP funeral grant entitlement and i think they would probably be entitled to this in the first instance.

does anybody have any thoughts, comments, pros or cons about any of this?

oap

I am surprised that they consider this savings, no on grants yet, but maybe in the future. We have just the one in hand at moment, house will pay for the second.
It will be a struggle to pay for it, paying it monthly and drawing out some of our small savings. oap

firesidemaid

thanks for that. my parents don't own their own home, and i know what savings they have won't last for too long. buying the plan/s would take a large proportion of what they have.

i even worked out that if the DWP do decide to count it as savings/depriving themselves of assets then in just one year they will lose in benefits what one plan would cost!

laurel7172

Does anyone know if these plans are available for under 50's?

I have a chronic medical condition-it's not terminal as such, but if it gets worse it might be... Or I might live a completely normal life. I don't know, and nor do the doctors. But, in the crisis that led to its diagnosis, I did almost die, and it's made me realise that, should something happen to me, I'd like to have taken some of the strain off my parents by having something like this in place. It's hard enough for a parent to bury a child.

So, does anyone know if you can do this when you're under 50, please?