Baby Boomer Population Needs to Purchase Prepaid Funeral Plans More than Ever

Posted on: July, 24, 2015
Categories: Later Life Planning,

According to recent statistics, the proportion of citizens 65 years of age or older within the United Kingdom stands at no less than 23 per cent of the entire population. Although this demographic undoubtedly contributes much to society, the fact of the matter is that personal expenses are rising. This is further enhanced when we observe that the majority of households are living on fixed income. One area of concern revolves around the mounting cost of funerals. So, many are now taking the prudent step to purchase an effective prepaid funeral plans insurance policy. Let us take a look at how these policies can help the family in times of need.

Predictable Income

With the cost of even an average funeral having risen to between three and four thousand pounds, prepaid funeral insurance plans are able to take the “bite” out of these inevitable expenses. This is very important, for many families would otherwise find that they are struggling to meet such obligations. Some could even be forced to take out a short-term loan. Prepaid funeral plans help to mitigate these effects while still being able to provide a flexibility to choose the type of funeral that is desired.

Prepaid Funeral Plans – Low Monthly Premium Options

Prepaid funeral insurance is much like any other type of policy in that monthly premiums will be paid into a fund. Upon one’s death, these funds are released to the beneficiaries. While the mechanics are easy to understand, we should point out that the rates will never rise while even the interest attached is normally set at a fixed rate. In other words, families will know exactly how much they are required to pay. This is great when trying to fit such packages into an existing budget.

Perhaps the only downside to such plans is the fact that they can vary widely. It can be tough to know which provider is offering the best services. Compare Funeral Plans UK has addressed this by providing a one stop shop to review best prepaid funeral plans, including the best price offers that are available from all of the top funeral plans providers. So, it can be much easier to decide which company suits your needs the best.

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