Funeral plans - are they worth it?

[mckenzie]

My mum is looking at taking out a Funeral Plan with the Co-op. She decides now what level of funeral she wants and pays in monthly or annually to cover a certain sum and then when she does die, it's all paid for (or most of it). I asked her to hold off for a few days and to let me try and check out whether it was a sound idea or not but my usual first port of call, Money Saving Expert, does not cover this at all (or at least I can't find anything).

Does anyone know? She will leave enough money in her will to cover it anyway (unless she's been secretly spending and hiding all her purchases!!) and even if there was no money, my sisters and I would cover it, no problem.

Is it worth her doing do you think or will she just be giving the Co-op interest on her money instead of earning it herself.

I'm not sure how much the co-ops interest charge is over the period. I didnt think they did if its paid for before hand but did if its paid in installments after the funeral. If she does this then whatever she pays for her funeral will be the price it is. As they hold the price and your mum will choose what she wants. It also means that no one will be worrying about getting the deposit together in a short space of time or have to make decisions on what your mum would want.

Both of my parents are going to do this and i have told them i want to know what they want, picture on the coffin etc and where the paper work is so i know they are getting what they said they wanted. My parents are doing it so my db and i dont need to make these sorts of decisions. I think its as In their opinion we have had/helped to make too many of them

thanks shelleylou - it's a hard topic to discuss isn't it?

It is but its come into discussion with my family due to the unexpected death of my brother. Im going to sort out my own funeral like this at some point so my ds and dp don't have to try and make decisions in such an awful time

sorry for your loss shelleylou.

thanks

We have just buried my Mum and the funeral cost £3k. It cost £800 to buy a grave and another £800 to open it, that is before you choose a coffin, flowers, newspaper announcement in the obituaries section etc

Because a funeral is arranged so quickly after someone dies there is usually no money from the estate available to pay for it so even if someone had savings you can't use that to pay.

My Mum's death wasn't unexpected as she had terminal cancer and because myself and my sisters were so close to her we knew her wishes.

We are now going to ask my in-laws for their wishes as we are nowhere near as close to them so wouldn't even know where to begin.

I think the scheme may be beneficial although a talk with a more independent funeral director may help.

ment to say db's funeral cost £3682 which was a cremation and service at the crematorium. His coffin was unique and handpainted though

Following the TV prog the other night I wont be going near Co-op funerals with a barge pole!

Bear in mind that she can think through what she wants and document that without signing up for a funeral plan with anyone.

I've just got all the literature on this because I'm thinking of doing one. The main reason being I can choose what I want and takes away the financial burden from my DS. Also it's good because whether you use it in 5 years or 55 years, that is what your funeral will cost ie the price is fixed

I've been looking at a plan that just pays out cash that's been saved (with interest) upon death. It's supposed to cover all the miscellaneous costs that funeral plans don't cover. It looks just like a savings plan - and I'm told (without a hint of irony!) that it's like a health cash plan.

Wouldn't it just make more sense to save up for this or suppose it might be good to have some money stashed - bit like a Christmas club.

Is this a good idea?

I know this is technically a zombie thread but I thought some of the original experiences did not chime with ours. The Co Op were incredibly sensitive (sudden death of DM) and found us a brilliant freelance humanist celebrant. Payment was from DM's estate - perhaps they asked to see a bank statement to confirm funds and then when the bank released them to DF we paid the bill. However, DMIL when DFIL died was too snobby for the Co Op and the independent undertaker was useless and needed chasing and was more expensive... unfortunately she wants EXACTLY the same arrangements for herself (down to hymns) so we'll have to go through the same grim thing again. They did however have the same arrangement with the funds. for anyone going though this.