saving for funeral

mikeywales_2

I want to start putting some money away every month to go towards paying for my funeral but I am very confused with what's on offer and which way to go. I am a 53 year old, non smoking male that has various medical issues, should I consider an over 50s life insurance or funeral plan or should I just put the money into a savings account - any advice is much appreciated

bigadaj

mikeywales wrote: »

I want to start putting some money away every month to go towards paying for my funeral but I am very confused with what's on offer and which way to go. I am a 53 year old, non smoking male that has various medical issues, should I consider an over 50s life insurance or funeral plan or should I just put the money into a savings account - any advice is much appreciated

My thoughts would be a regular saver account, which can pay 5-6%, And/ or life insurance dependent on the premiums.

Dird

Funerals are such a con. I'd just tell my kids to start a bonfire & chuck me on but pretty sure it's illegal?
Local place seems to be £650 but includes some basic service so hopefully just the cremation would be £300 or so

Malthusian

Dird wrote: »

I'd just tell my kids to start a bonfire & chuck me on but pretty sure it's illegal?

It would also accomplish little other than a nasty smell and a blackened, more-horrific-looking corpse. Wikipedia suggests you need 500-600kg of wood for a traditional Hindu-style funeral pyre. It is, however, apparently legal if you do it in the right way. I doubt it is cheap though so not very relevant to the OP.

Over 50s plans are usually a rip-off that frequently pay out less than is put into them. The OP says he has "some health issues" but that could mean anything. If he's terminally ill my understanding is that over 50s plans usually do not pay out on death within a year (unless accidental) so it could well be a waste of money.

Does the OP have any savings at the moment? Most people should have at least six months' income in cash to provide against unexpected expenditure, unemployment etc. And this would usually be enough to cover a funeral as well.

Zola.

Jesus what a depressing thread!

Let the ones who are alive take care of it haha

greenglide

Remember that the money in bank accounts etc can be used by the executor of the estate to pay funeral costs.

If the OP has any savings anywhere that would cover the reasonable funeral costs or owns a house etc then this will cover the funeral costs so there is not need for the "funeral plans" so much loved by insurance agents of the past.

bigadaj

Malthusian wrote: »

It would also accomplish little other than a nasty smell and a blackened, more-horrific-looking corpse. Wikipedia suggests you need 500-600kg of wood for a traditional Hindu-style funeral pyre. It is, however, apparently legal if you do it in the right way. I doubt it is cheap though so not very relevant to the OP.

Over 50s plans are usually a rip-off that frequently pay out less than is put into them. The OP says he has "some health issues" but that could mean anything. If he's terminally ill my understanding is that over 50s plans usually do not pay out on death within a year (unless accidental) so it could well be a waste of money.

Does the OP have any savings at the moment? Most people should have at least six months' income in cash to provide against unexpected expenditure, unemployment etc. And this would usually be enough to cover a funeral as well.

There was a horizon programme on a few years ago that looked into the cases of so called human combustion.

One example was someone who burnt out completely while seated in their armchair. Test with a pigs carcass and a low flame showed that the body acted as a wick, so smouldered away over many hours and even days, everything pretty much was consumed apart from a few bones (the majority burnt) and some teeth and any metallic bits, fillings, pins

pelirocco

Zola. wrote: »

Jesus what a depressing thread!

Let the ones who are alive take care of it haha

Its not depressing its practical , after all we are all going to die, and leaving it to others is extremly unfair.
Also to the poster who said hes told his children to throw him on a bonfire , I know it was posted in jest , but funerals are for the living and we have to take that into account

Keep_pedalling

Zola. wrote: »

Jesus what a depressing thread!

Let the ones who are alive take care of it haha

I hope you are not one of the many who view your own mortality as depressing, so pretend it will never happen and so fail to make a will, and / or fail to insure your family are financially OK should you die unexpectedly.

brianh

Short of having a crystal ball, my preference would be for a savings plan in which you and subsequently your family would have control of and can make the appropriate choices.

mum2one

I lost my dad in May, our bill is £3200.

We dodnt have expensive items just the basic coffin, service at the crematorium.

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