pay funeral completely

GKOOGK

Hi
My wife and myself are 60ish and were thinking of paying 6k-8k each to fully pay for both of us to be cremated...my question is if in 10-20 years time the cost would of doubled or trebled by then..would my children be liable for extra payments or would the original price stand ?

born_again

GKOOGK said:

Hi
My wife and myself are 60ish and were thinking of paying 6k-8k each to fully pay for both of us to be cremated...my question is if in 10-20 years time the cost would of doubled or trebled by then..would my children be liable for extra payments or would the original price stand ?

Depends on the T/C of the policy you take out.
If it direct with a local company, make sure that it is insurance backed in case they close down.

Beeblebr0x

This is what we did:

https://www.coop.co.uk/funeralcare/funeral-plans

You can compare the different funeral plans. Once you've chosen a plan, you can arrange an appointment with an advisor who will set up the plans for you. What we liked is that the advisor is not allowed to influence your decision.

If you're not already a member, you can join the Coop online for £1 per person to get the discounted price before you attend the appointment.

HumberFlyer

Beeblebr0x said:

This is what we did:

https://www.coop.co.uk/funeralcare/funeral-plans

You can compare the different funeral plans. Once you've chosen a plan, you can arrange an appointment with an advisor who will set up the plans for you. What we liked is that the advisor is not allowed to influence your decision.

If you're not already a member, you can join the Coop online for £1 per person to get the discounted price before you attend the appointment.

Just looked at my plan with coop I paid for in full 10.5 years ago (Bronze Plan).... I paid more then than what the bronze plan is priced at now..... I went by the adverts saying how much funerals where going up massively year on year.. 

Emmia

It's perhaps better to have a savings account into which you pay money that will pay for your funeral(s). You can check the cost of the type of funeral you want periodically and top up the account as needed.

Savvy_Sue

Also note that the plan will cover what it says it will cover: no more. Things like flowers, refreshments at any wake, orders of service, musicians etc may not be covered, especially if they are outwith the control of the plan provider. 

Beeblebr0x

Emmia said:

It's perhaps better to have a savings account into which you pay money that will pay for your funeral(s). You can check the cost of the type of funeral you want periodically and top up the account as needed.

Not if the funeral costs outpace inflation.

Emmia

Beeblebr0x said:

Emmia said:

It's perhaps better to have a savings account into which you pay money that will pay for your funeral(s). You can check the cost of the type of funeral you want periodically and top up the account as needed.

Not if the funeral costs outpace inflation.

That's why you top it up as needed.

Beeblebr0x

Emmia said:

Beeblebr0x said:

Emmia said:

It's perhaps better to have a savings account into which you pay money that will pay for your funeral(s). You can check the cost of the type of funeral you want periodically and top up the account as needed.

Not if the funeral costs outpace inflation.

That's why you top it up as needed.

I'd rather fix the cost now and be done with it. 

SteveRowland

Most funeral directors will have a fixed plan that makes the cost cheaper now than at the time, but check the terms and conditions of any plan you take out. 

thegreenone

Even if my children happen to remember that I have a funeral plan, and if they can find the original paperwork (doubtful on both scores).

But that's up to you to do now. 

We have a file that contains our Wills, Birth and Marriage Certs, Solicitor contacts, banks/accounts, utility providers, council tax, pension providers, insurances, receipts for work on the house, even down to Nectar and Tesco club card accounts.  I update it each year if we change insurance companies or bank accounts and a copy goes into Dropbox.  It's not yet in a fireproof box - job to do. 

You would include an FP in that file.