Not sure what to do regards a funeral plan

oliveoil99

I already have a Sun Life plan for 4 and a half grand at death. I realise if I live much longer it will not be enough to cover a funeral. I retire this week and will only have my state pension and a small private pension to live on so will not have much spare cash to put aside but feel I need to add to the funeral pot as I don't want the family to have to put to. What do I do add to my Sun Life or do something else really not sure, I could possibly manage another 20pound a month but that would be all.

pjb2u

Ah! Having looked more into that website, the best they can do is £34.36 over ten years but at a total payable £4,123, I will do some more searching for you though.

Mojisola

Doesn't your Sun Life plan guarantee to pay whatever the funeral costs when you die?

My parents bought AgeUk funeral plans and it wouldn't have mattered how much their funeral eventually cost, the plan covered it all.

pjb2u

I think a life plan and funeral plan are altogether different, if I am not mistaken the life plan is just a lump sum to cover any unpaid debts and to leave your family a nice sum behind and not sure if it is invested, whereas I know from research that funeral plans are invested in government backed bonds/shares to match the RPI increase.

oliveoil99

Mojisola wrote: »

Doesn't your Sun Life plan guarantee to pay whatever the funeral costs when you die?

My parents bought AgeUk funeral plans and it wouldn't have mattered how much their funeral eventually cost, the plan covered it all.

No it's just the set amount, think I made a mistake taking it out 10yrs ago but no going back now.

g6jns_2

oliveoil99 wrote: »

I already have a Sun Life plan for 4 and a half grand at death. I realise if I live much longer it will not be enough to cover a funeral. I retire this week and will only have my state pension and a small private pension to live on so will not have much spare cash to put aside but feel I need to add to the funeral pot as I don't want the family to have to put to. What do I do add to my Sun Life or do something else really not sure, I could possibly manage another 20pound a month but that would be all.

To be candid it depends on how elaborate a funeral you want. £4,500 is ample to pay for simple funeral.

oliveoil99

g6jns wrote: »

To be candid it depends on how elaborate a funeral you want. £4,500 is ample to pay for simple funeral.

Yes at to-days prices but not in 10 or 20yrs if I live that long, I am 62yrs and don't have any health problems but we all know that can change in the blink of an eye.

Mojisola

If you live another 20 years, how much will you have paid into the Sun Life plan?

oliveoil99

Mojisola wrote: »

If you live another 20 years, how much will you have paid into the Sun Life plan?

4 and a half grand in another 20yrs, I pay 14pound a month.

Shelldean

I hate those sunlife plans, My nan took one out thinking she was sorting everything out for us. But she paid in more than twice what she got back She'd have been better just putting the amount each month in a saving account, even w/o interest she'd have been better off.


Sorry Oliveoil99 for ranting but sunlife is my pet hate these days.


My OH nan recently died and she had prepaid her funeral, but we still had to add to it as she'd only allowed £600 for disbursements. This was ample at the time of taking out the plan, but nowhere near enough by the time she died, esp as it cost almost £200 to move her from the care home to the funeral parlour
Lukcly OH nan had enough money in the bank to cover these extra costs. But was galling to think she thought she'd paid for it all only to find out it didn't actually cover everything.


My m-I-l has also prepaid funeral plan she paid for over several months.
Maybe this would be an option for you, as along side the Sunlife even if the cost of disbursements rises as it did for OH Nan, the sunlife amount should cover it?

TomEdpost

I don't want to be intrusive into your personal affairs but do you own a house or any other valuables which could be sold at your death and used to top up the funeral costs? It is admirable that you want to protect your children but from what you have said about your age and income, I think you will want/need that £20 a month for yourself as a pensioner ..remember your living costs are going to go on rising as well. You say you are 62 with no health problems ..so living another 20-30 years is well within reach. I know many retired people are fiercely independent and always put their children first, but I think I would prefer to have bit more spare cash in my retirement than worry about my funeral costs too much. After all, if it is a lump sum and not a pre paid funeral, your inheritors can spend it how they like and not necessarily on a "good send off" for you! Enjoy your life today ...