FUNERAL INSURANCE

Preplanning and prepaying for your funeral

Funeral insurance gives you a chance to plan and pay for your funeral before you pass on. Unlike normal insurance, funeral insurance is something that will eventually be definitely used.

While most people do not like to think about death let alone plan for it, putting in the preparation and planning your funeral will pay off in the long run. Having this insurance will lift the burden from your family and alleviate the need to find the money to pay for the funeral, as the average cost of a funeral as at July 2004 was £3250 ($6500 - not including expense of the burial).

According to the National Funeral Directors Association (USA), the popularity of funeral insurance and funeral pre-planning is due to the aging baby boomer generation who “are known for their desire to control all aspects of their life and for developing their own ideas”.

By outlining your wishes, you can specify all the details of your funeral as to exactly how you want it. A good policy will cover everything from the casket through to flowers and other important features of a funeral.

Every person’s needs will be different, so the types of policies available on the market vary greatly. You can go for a policy that just provides the pre paid basics such as a casket and burial costs, or alternatively you opt for a policy that includes all the extras such as flowers and funeral vehicles – the choices are endless.

When choosing a policy, make sure that you read the fine print on the contract and know exactly what you are getting. Check out things such as if you move, will the policy be transferable? ; Will the money be kept in a secure trust until it is needed? ; What happens if you cancel your policy – do you get a refund? Research each company their policy thoroughly so there are no nasty surprises later on for your family to deal with.

In the United Kingdom, the Funeral Planning Authority provides a list of registered funeral planning providers on its website funeralplanningauthority.com throughout the country to help you choose a reputable provider.

In the United States, pre-planning insurance differs from state to state, so it is usually best to start with your local funeral home for advice and go from there

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