Best way to prepare for MIL funeral expenses?

[GlaikitFizzog]

As morbid as it may sound DH & I need to have some sort of plan for when MIL dies as she has not a bean to her name, lives with SIL who is in all sorts of debt and is burying her head in the sand about them. But that's another thread.

FIL died last year and MIL was able to claim the Berevement grant that covered the majority of the funeral costs DH & I had just about enough to cover the excess, but it was out of our savings we needed to extend my ML. I went back to work earlier than I wanted to.

Anyway, we want to have some sort of policy that we can pay into that will give up a lump sum if/when MIL goes to help us out with funeral costs as it will all fall on us. I am wary of those "Over 50" plans as MIL is only 59, is in ill health, but who knows what age she will get to.

Anyone done anything similar before? Or are we best just having a separate pot and save into every month?

If you're on a low income you could get help, same as you did last time.Information on State help with funeral payments If you don't think you qualify, you'll have to compare funeral plan/insurance policies vs savings accounts. Picking one at random - Legal and General - their plan's cash value is £3145 and premiums are going to vary from policy holder to policy holder. If you wanted to have £3000 in a savings account you'd have to save £50/month in an account paying 3% for five years.

We deifinitely wouldn't qualify for assistance, MIL qualified because she is on some sort of incapacity benefit and FIL received pension credits. Maybe just saving and some sort of personal plan for us and when it matures we put the money away. SIL is suggesting an over 50s for £35 per month but that's a ridiculous amount bearing in mind MIL could have another 20/25 years ahead of her!

If you put £35/month in a savings account paying 3% you'd have £2,300 after 5 years, £4,900 after 10 years and, if she does last for 25 years you'd have £15,500.... plenty for a nice funeral and a few drinks afterwards.

Could you just find a cheaper funeral package? I could have saved mil loads on a funeral. She paid £2300.