Young persons Funeral Plan

dunstonh

Pensions can make good funeral plans for 26 year olds.

marathonic

dunstonh wrote: »

Pensions can make good funeral plans for 26 year olds.

Very very good point.

My pension, at the age of 30, would cover my funeral with enough left over to pay off half my mortgage!

OP, have you a pension with your employer?

Fire_Fox

sultryabyss wrote: »

I'm nearly 26, and although some would consider very young, I've been considering funeral plans to cover the cost should anything happen to me. Because I am young and I believe (and hope) I have a lot of life left in me, I think I have the advantage of paying a small amount (say £5) per month over an extended period of time.
I want a tailor made funeral plan, am I best off saving money myself in a bank account or paying a funeral care plan provider?

My worries are that most Funeral Care Plans are over 12-60 months, where as I would rather have mine over around 120 - 150 months. And also I worry that if I have a private savings account that the money won't go to my family should I die and the bank could keep it?

Any advice?

Unless you have a relevant health problem, I don't think some would consider it very young I think MOST would. There is risk averse and being prepared and there is an unusual or unhealthy preoccupation. Adding to that you use the word 'worry' twice, I don't mean to be unkind in any way but honestly you might consider getting some help from your doctor.

Just save up and leave enough to pay for your funeral, the advantage of that is you are prepared for other eventualities like getting ill or injured and not being able to work for a few months. Do you have a personal pension? Some plans pay out money in the event of an early death, so would cover a funeral plus you are starting a pension which is wise at any age.

More than anything else you can do visit a solicitor, prepare a will and join the donors register (if that is your wish) so your family are clear what you would want to happen. This saves bereaved relatives effort and heartache even if you don't have much of anything. Mention your funeral arrangements if you really want, what happens to any pets or personal items. Being intestate is more far work for bereaved relatives, an executor has to be decided upon and ALL possible beneficiaries have to be identified and contacted.

No the bank can't just keep someone's savings, but they can be selective about who they release it to. Executors can find it fairly easy to access money in bank accounts others have to jump through hoops - another reason to write a will!