Paying for funerals 13 February 2012 at 12:33PM in Over 50s MoneySaving 50 replies 8.9K views

lilykim

I am looking into ways to pay for my funeral. I am 54, don't have any life insurance and have health problems which would result in higher life insurance premuims. Have done some research into over 50's life insurance no medical plans, but am not impressed. My gut feeling is to put money into a cash ISA and save. Although I do have medical issues I don't see me needing a funeral quite just yet! I cant afford a single cash sum to pre pay for a funeral.

I would like to see what people have to say.

PennyForThem_2

if you die and you have money in an account with a bank your executor (have you drawn up a will?????) can present the funeral director's bill as the cost of a funeral comes out of the estate. At present a cremation may cost 3K - threads on this forum suggest it will rise substanitally.

I would say that what your relatives need is a funeral plan - what you want done, what you want sung, music you like, what you want done with your body - cremation, burial.

Do you want your ashes scattered? Where? Do you want to be buried? Where? What do you want on your headstone? Do you want a headstone or a tree?

Just to re-iterate: as long as you have the funds and the invoice is presented to the bank the bank will pay as it is IHT deductable and seen as a cost to the estate.

(no not a solictor - just someone who has had to deal with a death of a spouse)

McKneff

My husband and I dont have life insurance, we have enough in savings to cover at least 2 funerals, kids have the house (fingers crossed)
I wouldnt dream of paying for insurance and line somebody elses pockets, so my advice would be to go the ISA route.

We are 62 and 67 by the way

Ilona

I don't have any savings, no insurance to pay for a funeral, no immediate next of kin. The cost of my funeral will come out of my estate, there should be enough to pay for it. However saying that I hope to live another 40 years, I am 62 now, so God knows what it will cost then. I want the cheapest funeral that you can have, they can transport me in a van, and they can bury me in a cardboard box, and have a pint in the pub. :beer:
Ilona

margaretclare

I think those 'over 50s life insurance no medical plans' - you mean the kind endorsed by some ageing celeb or other? - are something of a con. Read the small print at the bottom of the advert.

Put your money aside into a good savings account and leave it to grow. I agree with PennyForThem.

Old_Git

prepaid funeral plans dont have to be paid in one lump sum .You can pay monthly until you have it paid .
At 54 you may live another 30 years .how much will a funeral cost then ?

zygurat789

Old_Git wrote: »

prepaid funeral plans dont have to be paid in one lump sum .You can pay monthly until you have it paid .
At 54 you may live another 30 years .how much will a funeral cost then ?

A funeral costing £3,000 today would cost, assuming annual inflation of 4% would cost £9,730 in 30 years time

McKneff

Ilona wrote: »

I don't have any savings, no insurance to pay for a funeral, no immediate next of kin. The cost of my funeral will come out of my estate, there should be enough to pay for it. However saying that I hope to live another 40 years, I am 62 now, so God knows what it will cost then. I want the cheapest funeral that you can have, they can transport me in a van, and they can bury me in a cardboard box, and have a pint in the pub. :beer:
Ilona

But if it has to come out of your estate ie your house sale, what about the funeral directors payment if your house doesnt sell for 6 months.

Maybe they will sit you in a corner till someone raises the money:D

scotsbob

McKneff wrote: »

Maybe they will sit you in a corner till someone raises the money

Reminds me of the speaker at Hyde Park Corner many years ago.

He used to pull a "letter" out of his pocket and say "I got this letter from the undertaker yesterday. It says Dear Sir, if you don't pay the final instalment on your mother in law's funeral.........then up she comes!""

whitesatin

We have no funeral insurance and it will just have to come out of our estate when the time comes. As for waiting, that won't be my problem and, let's face it, I have spent a lifetime looking after my grown up kids. Let them put it on their credit cards, they will be quids in, in the end.

Broadwood

You could opt to avoid funeral costs almost entirely by donating your body to science. I saw a TV programme on this subject a few weeks ago. Both my paternal grandparents went down this route. There were no funerals but memorial services were held about six weeks after their deaths.

http://www.funeralinspirations.co.uk/information/Body-Donation.html