Funeral plan for 23 year old?

1327xo

I'm 23 years old, and I want to set up some kind of funeral plan to ensure that when the time comes, my family won't have to pay for my funeral. I want it all to be paid for in advance by me, so that I can afford to have it exactly how I want it, without my family having to worry. However, I'm not sure on which kind of plan I need, as it's not something I know much about. Can anyone help or advise me please? :eek:

DUTR

Just get it costed and save your money.

Mojisola

1327xo wrote: »

I'm 23 years old, and I want to set up some kind of funeral plan to ensure that when the time comes, my family won't have to pay for my funeral.

Unless you have some kind of life limiting illness, you're really too young to think about paying for your funeral.

You might not even be in this country in 50+ years time!

Set up a regular savings account and keep that topped up.

Keep_pedalling

If you have not already done so get a will drawn up and outlying you requirements in that. Take out some life insurance to cover yourself for a premature death, which at your age should be cheap.

Robin9

Unfortunately some people do die too young and your planning is to be commended.

You are talking about £5000 in today's money.

A Will should be your first move.

IanManc

1327xo wrote: »

I'm 23 years old, and I want to set up some kind of funeral plan to ensure that when the time comes, my family won't have to pay for my funeral. I want it all to be paid for in advance by me, so that I can afford to have it exactly how I want it, without my family having to worry. However, I'm not sure on which kind of plan I need, as it's not something I know much about. Can anyone help or advise me please? :eek:

Don't.

Your funeral will be paid for out of your estate when you die. You may well live for another 75+ years yet, and you might need the money that you'd be tying up in a funeral plan for something more immediately useful, like a house deposit, a car, or bringing up any kids that you may have. As well as that, any company that you take out a plan with might have gone bust and not exist by the time you die.

Most people don't need funeral plans ....... but you definitely don't.

G_M

Work out what your funeral would cost, the way you want it. Add a sum for inflation (10%?)

Put that amount away in a cash or investment ISA. Write a will and specify your funeral arrangements. The money will be there when needed, and may well have grown to considerably more than is needed.

It will also be a security blanket in case you ever find yourself jobless and living on the streets.....

BobQ

Start saving in a savings account to build up enough to pay and then put it into the best interest you can find. Review the sun every year.

In the short term take out a basic life policy for as long as it takes you to get the savings up to the required amount, then cancel the life policy.

Robin9

Sadly we hear today of the death of a 22 year old cricketer.

solentsusie

The easiest way to immediately provide for funeral costs is to take out a life insurance policy. I have one for £100K I took out at a very tender age at only a few pounds a month as when you are young you are seen as being at a low risk of death and covers me until I am 70.


That way you can look at longer term savings plans and know you have plenty of life cover should something terrible happen in the meantime.


I always thought that I would cancel the policy but at tiny the monthly cost it is still worth having that additional cover in case I die. My kids can have a great party!


Nobody really knows when their time may be up and even basic funerals are not cheap. I think you are being very pragmatic.