Funeral insurance?
Discussion
A very sobering topic but one I am looking at right now. Just turned 33 and have 3 young kids and a wife. Looking at funeral insurance for when the finale arrives. Shocking the sheer prices they charge for funerals. Obviously I don't want to put them into financial trouble.
Do you have insurance for this? Is there any advice you would give?
Do you have insurance for this? Is there any advice you would give?
Not made wills yet.
I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
burritoNinja said:
Not made wills yet.
I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
Three kids and wife, I'd guess a mortgage? I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
Anyone with dependents, I'd consider a life policy if for nothing else to ensure they get the house if the worst happens before worrying about funeral.
My mum gave me a few grand one day 'to pay for her funeral'
It wasn't necessary. She was going to
Leave me cash enough Tom over it, plus I could have paid anyway.
A month later I turned up at her house in a brand new red MX-5.
She asked me if the cash shed given me had gone into the car. I told her it had.
Her reply:
'Good. I was hoping you would do something silly with it.' She then told me how my Dad would have approved and then insisted on a roof down blast up the coast in it.
I paid for her funeral a few months later.
I'd just put a few quid away if it worries you. Your life insurance should more than cover any expenses and if you live to a ripe old age the chances are your kids who
Will be in their 40s or 50s will most likely be able to cover it.
It wasn't necessary. She was going to
Leave me cash enough Tom over it, plus I could have paid anyway.
A month later I turned up at her house in a brand new red MX-5.
She asked me if the cash shed given me had gone into the car. I told her it had.
Her reply:
'Good. I was hoping you would do something silly with it.' She then told me how my Dad would have approved and then insisted on a roof down blast up the coast in it.
I paid for her funeral a few months later.
I'd just put a few quid away if it worries you. Your life insurance should more than cover any expenses and if you live to a ripe old age the chances are your kids who
Will be in their 40s or 50s will most likely be able to cover it.
burritoNinja said:
Not made wills yet.
I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
IMO, you appear to have your priorities wrong if you have a wife and kids but no life insurance, no will, and are worrying about funeral plans!I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
As far as funeral plans are concerned, you need to understand the difference between:
- An arrangement made directly with a funeral provider, which clearly a) limits you to using their services in the event of your death and b) gives you exposure to their ongoing solvency - if the business goes tits up, so does your funeral plan!
- A financial services policy which provides a lump sum on your death, which could be used to fund a funeral (or left to your dependants) provided by a regulated institution and which, in the remote situation of bankruptcy, is protected by the Financial Services Compensation Scheme.
burritoNinja said:
Not made wills yet.
I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
Not a financial expert, but the last thing you should be looking at is funeral "insurance" if you don't have any life insurance.I have the money sitting in savings anyway but I did see a few funeral places offering a pay now type plan. I don't even have life insurance as it seems there is a huge debate on whether or not it is even worth it. MoneySavingExpert site has a good few articles on it which has left me undecided.
I've probably answered my own question by stating we have the cash available. Though I did want to read others opinions and your approach.
Always led to believe and followed the need for life insurance if there are any dependants (unless money is no option)
Don't think there is any debate, granted most don't see a pay but that is good news. If something terrible was to happen the first thing I would want is for dependants to be comfortable.
Worth looking at existing policy's, pensions, work to see if you maybe have life insurance included in some of these.
Just spoke with someone last week who was sold life insurance with their mortgage and were unaware they have a very good life insurance policy in place through their employment.
TwigtheWonderkid said:
Troubleatmill said:
You can have a funeral for less than £1000.
You don't need a funeral at all. Donate body to medical science, hospital do it.Unless you have a memorial service of course, then there's a few quid needed for that....
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