A funeral plan gives you the opportunity to pay and plan for your funeral the way you want it and at today’s prices. By taking one out you will also relieve your loved ones of the worries and uncertainties at what is always a difficult enough time. You will have made the arrangements in advance, selected the funeral director and also taken care of the costs.

Cost is an important factor in why more than one million people have chosen to take out funeral plans. Back in 2004, an average funeral cost around £1920 (according to research body Mintel) whilst now the average cost is £3609 – an increase of 88 per cent in 10 years, which is well above the average rate of inflation over the same period. If this trend were to continue, it would mean that the average cost in 2024 could be £6801.

With building societies and banks currently offering very low interest rates, I believe a funeral plan offers a more cost-effective way of saving for your big send-off. If you had put that £1920 (average cost of funeral) away into a building society in 2004, according to average savings rates over that period, you would have seen it grow to only £2168.91 (figures from Building Societies Association). This would have left a shortfall of £1440.09 against the average cost today.

With most funeral plans, your money is protected within a trust or with an insurance company (the choice is yours). Your money grows and when it becomes time, the funeral director is handed your fund to pay for your agreed services within your plan. Your family won’t have to pay a penny more, except for any additional arrangements they wish to put in place.

However, plans do not cover the cost of a grave. Should you choose a burial instead of a cremation, the plan does involve an allowance towards the opening of a new or existing grave. Each plan does cover an allowance for someone to officiate the service though.

So apart from the potential savings, the main thing that these types of plans provide is peace of mind and control over how your wishes, whether it be the songs you want played, specific hymns or readings. This does mean a lot to family members as they can be sure you are getting the service you wanted.

Deciding if you want one of these plans is a big decision and there is a lot to go over with the cost being just one consideration.

If you would like to find out more please just get in touch by phone or e-mail and I’ll be happy to run over things with you.

You can get in touch with Billy by calling his freephone number: 0800 321 3508. Or you can reach him via the website, www.williamgeorge.info, where there is a contact page, or email him directly: w.george@ifswm.com.