Funeral plan or insurance?

A more serious post from me - I'm not being morbid - more so practical than anything else.

I have been looking recently at funeral insurance or funeral plans for when I am called up stairs.

After a fair bit of head scratching, I've plumped for over 50's life insurance - I know that the amount payable is fixed and that costs are going up - but I think that insurance is the way to go.

I've no idea how to identify a suitable policy - has anyone on here set up a policy - and why did you decide on your particular policy?

At the moment, I'm leaning towards the Post Office policy - because I know that they will always be around.

 

I have not worried about the financial side of my exit.

I've already told my sons what I want and where my burial real estate (plot) is located. And there should be enough funds in the bank to cover any expenses.

 

I agree and plan to be cremated which is quite cheap here. I have no family, as such, in this country other than T;other Half and he wouldn't go to a cemetary. He doesn't give me flowers in life so forget about death!

 

I have a gift certificate for a free cremation. So that expense is already taken care. No the certificate is not from people who want me to use it immediately and it has no expiration date...

I had accidently paid for a cremation twice and therefore they "owe me one"

 

It's not that our assets won't cover any expenses. I don't want the bungalow to be sold to pay for funeral expenses. With the way property prices are increasing it's going to be very difficult to get onto the housing ladder in the future - I want the bungalow to be passed on to family.

The intention has always been that that we will spend and enjoy our pension - no saving - unless it is to purchase something in the near future that we can enjoy now. If all goes to plan - we will have spent the lot - just leaving the bungalow. I do need something (life insurance) to cover the funeral costs as the bank accounts will be empty.

Legal and General are now coming out at the top of the pile.

 

I love that. We will keep ashes in an Urn so we can talk/moan to each other.

 

I might try the co op.
Do they still give stamps?

 

Seriously thinking of paying up front for one of those no fuss ones.
But not gone into it to find out how it works.

 

Hi @clanless ,

First would suggest you have a look around this site and its forum for some informed opinions, its the same guy who does the TV money programs on ITV
Prepaid funeral plans

From what we have read about the Funeral Plans Martin suggests they can be a rip off as some might only pay out for the most basic of things, far short of a decent package.

Taking out an insurance policy, nah, think you under estimate your beneficaries/executors, am sure they will be able to get together a few thousand to take care of everything after all you are leaving to them !

Assume you have drawn up mirror wills for you and your wife and that you have looked into the price of your property/estate so they do not fall foul of the Inheritance tax, though a good solicitor should help there. ( info to keep to yourself , not the forum)

Your solicitor may also suggest Power of Attorney but that will depend of how close your family is and what you consider is needed.

We can understand you concern but think as long as your Will is in order and your Excuctor/s know where the key information is then all should be fine, just sit back and enjoy yourselves !

 

My mum paid into the Sun Life over 50's policy.
When she died, they paid out the full amount to the dot and without any hassle whatsoever (albeit some years ago)
I'd guess other 'over 50's' plans are reliable too, because the company's wouldn't risk a bad reputation.

 

From experience of 20 years in the nursing home business the families would do an irrevocable burial reserve for a given cultural amount, usually with the funeral home choice.