Funeral plans.

opal_2

I'm a 46 year old diabetic smoker who has just been refused life insurance.
So I would like to save for my funeral (morbid I know).
I am looking to save £25 a month hopefully for at least 10 years am I better with an Isa or a high interest account that my daughter would just be able to instantly get the money out of when needed.
I have looked at the Funeral plans that the local undertakers have but they want the money paid in 60 months. I can't afford this much each month.

:A

blondie7

Your daughters name would also have to be on the account to get instant access you could always add the name at a later date of course, but im not sure which account would be best depends on a few things really.

lisyloo

An ISA would yield more money if you are a tax payer.
A joint account would give better immediate access.
I'm sure undertakers are used to dealing with the case that people cannot pay the bill until the estate is sorted out.

Do you have any pension funds?
If you do then your beneficiaries may get a lump sum if you die before retirement.

Do you have a will?
Do you have a EPA (enduring power of attorney)?

If not you should do both.
Get an EPA done NOW as it's free before 1st October but £900 after.

I don't want to preach but perhaps you should consider giving up smoking?
If you can't get life assurance that's quite frightened as it measn that statistically you aren't a very good bet.
I appreciate that this is far from easy (as I've been dieting for 18 months) but is it not worth a go?
I know that losing weight is very hard and I suspect that giving up smoking is much harded but there are many benefits to be had.

PBA

Having a joint account is not necessary. The bank should be able to authorise the withdrawal straight away if your executor brings in the funeral invoice.

isofa

Assuming your daughter and you are very close (you'd be surprised how many aren't, or would bicker about money!), they she could just have a good savings account in her name for this purpose, and you could give her a little money, as and when required to get it to a certain balance, whatever you both deem necessary. You can give £3K away each year without any tax implications, and any gifts under £250 are not considered either.

I suspect many people are refused life assurance, there are many other companies, so compare quotes, but don't for one minute think that means you'll are just about to give up the ghost. Insurance companies are out to rob you and make a profit!

In addition, some banks will allow access or closure of accounts on seeing a death certificate, others require an official copy of the probate form.

Make sure you have a will, it makes things a whole lot easier.