Funeral pre payment plans.

[Toddlerteaplease]

My parents, 74 and 72 are considering this. Is it a good idea or are they better off just ring fencing some money?

I’m a similar age to your parents and have set by a ‘funeral fund’ which my DC will be able to access. I’m wary of prepaid funeral plans in case the company goes bust or the payout isn’t as expected.

My Nan paid her funeral 'off' about 20 years ago. She passed in December and all we had to arrange payment for was the printing for the Order of Service.

If you do consider it, worth making sure the T&Cs are ok - Nan was lucky, her funeral plan stayed the same price regardless, but they said about a year after she took hers out, they changed the T&Cs to note that increases in costs beyond 20% would have to be paid for.

It was a big weight off our shoulders when arranging it all, but I could also see pitfalls with modern schemes.

It can be a good idea depending on the scheme- as PP says some have been sneaky and say increases above a certain % not covered, I’d also make sure to choose one of the big ones rather than a smaller local option that could disappear.

My parents had pre-paid funeral plans. When my father died I went with my mother to arrange his funeral. It was very easy as he had chosen the type of coffin, the number of cars and all the other details.