Funeral costs 15 February 2016 at 10:39PM in Over 50s MoneySaving 41 replies 23.1K views

quanto2009

Hi
Realising im not getting any younger what do you guys say is the best way to save for the day we go?
Life insurance to cover cost al leave a little extra?
Pre paid plans?
Savings?

Quanto

Farway

I am in same boat, but sort of erring on pre paid plan, less hassle for kid's to sort out when I go

The problem with insurance, and savings is access by executors, depending where the dosh is, and how much you leave, some may require probate being granted first, which can take time

[Deleted User]

Pre paid plan is the easiest way - and given the increase in funeral costs, tends to represent good value.

It also means the type of service is already decided, saving others from making difficult decisions. People spend much less on their funerals than they do for loved ones, as they tend to be more practical.

mumps

My husband was going to do one those pre paid plans but decided to put the money in premium bonds and hope he is a millionaire before he dies. He hasn't hit the jackpot yet but he is still hoping.

David_Aston

Another vote for prepaid plans. Ours is interest free over three years. If we outlive the plan, our income will get a nice little boost when the plan is paid for. If not, the remaining owed will come from savings, or the Estate, if we both pop our clogs together.

pearl123

I'm not going to waste money on a funeral at all. Straight cremation for my family and myself when the time comes. I don't see why a company should earn more out of my death. I am religious but I still don't think a service is necessary.
A very basic only cremation still costs at the present time around £1000.

pearl123

Of course I understand that social rituals of letting go can be important.

quanto2009

Thanks everyone
I think I will do level term assuarance 20 years and have a savings pot.Looking at getting some quotes now

wymondham

Recycle bin for me!

Tigsteroonie

wymondham wrote: »

Recycle bin for me!

We recently had a new leaflet from our Council regarding what should go into which wheelie bin. I don't remember it saying whether bodies could be disposed of in the green bin or not

Mee

I'm thinking of donating my body to medical science....
No doubt those choosing pre-paid funeral plans will check Which? reviews and This is Money etc.

My father passed away some years ago sans will etc. Fortunately, there was money to pay for his funeral etc.. What I found stressful was dealing with family and cultural expectations regarding funerals, so one advantage of a pre-paid plan I had not considered until now is that a 'pre-paid plan' may help loved ones deal those competing expectations.