We are all looking for ways on how to maximise the value of our money so that we can enjoy a great sum when we retire. But as the cost of living continues to increase due to economic factors like inflation, it’s getting harder and harder to do so. That is why it is important to look for other investment opportunities that would allow you to grow your money. There are a lot of investment channels you could look into, but all of them have risks you need to consider. But, one kind of investment people fail to appreciate are actually prepaid funeral plans. Not only will you maximise the value of your money, but you would also be able to beat economic factors and relieve your family of the financial burden when you pass away.
Rising Costs
The average annual inflation in the UK is roughly around 2%. Meaning, every year, the cost of living increases by 2% because goods and services get more expensive. If you spend £1,000 on food per year, you should be prepared to pay for £20 more for the same amount the following year. This also trickles down to funeral services. As a matter of fact, funeral costs have been rising dramatically since 2004 up to the present. In 2008, a funeral with a memorial service and a burial
would have cost you about £6,698 according to research done by Sunlife Co. With the same data, the same funeral service to be held this year is already projected to have an average cost of £9,394 – that is close to a 30% increase in just a decade! That is more than a 2% increase in each year for the past 10 years.
Taking Advantage
When you apply for a prepaid funeral plan, you are able to take advantage of the prices today, regardless of how much it would already cost you in the year that you would choose to claim the service already. The great thing about funeral plans is that you would also be able to spread out the sum and make monthly payments for it. Your total payment would not change regardless of how much funeral costs would already be at the time you finish paying it up. According to Sunlife’s research, funeral costs in 2023 would already rise up to £10,441. If you start getting yourself a prepaid funeral plan now, you would be able to get it at a much cheaper value, at a time you are most likely able to afford it, and while still get the funeral that you or your loved one deserves.
Choosing Wisely
At S. Stibbards & Sons, you would be able to choose a prepaid funeral plan that is catered to your budget. The Value Plan will only cost you £2,899. If you want to spend a bit more, you could opt for The Crystal Plan which would cost you an additional £450. A funeral service with a limousine service would cost you £4,144 with The Pearl Plan. But if you want to have a completely bespoke service, you can choose for The Ruby Plan which starts at £4,599 which you can fully customise. Imagine having a £10,441 costing funeral but only having paid for it at £4,599? That is a large saving of £5,842 without even considering inflation and the value of money. The savings would even be greater, especially if you start your plan earlier because you would avail of the service for a long period of time since you bought it.
The great thing about prepaid funeral plans is that they are transferable. So, if you experience an untimely and unexpected death within your family, anyone who has a prepaid funeral plan in place can use it for their loved one’s funeral service. However, the biggest and less understood benefit of a prepaid funeral plan is, undoubtedly the peace of mind it can bring to an individual and their family. Taking one out can be one of the most thoughtful things you will ever do for your family.
