Avoiding Rising Funeral Costs

Avoiding Rising Funeral Costs

Since 2018, the inflation rate recorded in the United Kingdom is in the range of 1.8% up to 2.5%. From now until 2024, the projected inflation rate on average is set to 2%. Imagine the value of your money on an average 2% inflation rate yearly. Picture your £100 in 2018, if you can buy a good’s worth of groceries for your daily consumption with that much money, imagine how much the same set of groceries would be worth in the next couple of years. With an annual escalation of 2% inflation rate, in 2019, it would have cost you £2 more, this year, it would be £104.40, and by 2025, you have to pay £15 more than what it would have cost you in 2018. And that is if we have no other economic factors to consider except purely inflation. This is only applied for a little value of £100, imagine how much the inflation rate would affect the value of bigger expenses, say funeral costs? On average, funeral costs were £4,271 for the year 2019. By 2025, that could rise to up to close to £5,000. That is why it is important to be smart with regards to your finances. You could easily take advantage of cheaper funeral costs by opting for a prepaid funeral plan.

Prices of Today

When you opt to get a prepaid funeral plan, you would be able to take advantage of the prices of today, no matter how long ahead in the future you would have to use and claim the actual plan. It does not only give you great peace of mind, but you would also be able to give consideration to your family and loved ones of not having to scramble for money and unknowingly plan for a funeral should you already passed on. Getting a prepaid funeral plan allows you to choose what kind of funeral you would like to have and pay for the services accordingly. All of the preparations, arrangements, and expenses would have already been taken care of so that all of the people involved could grieve without such financial burden. There are no other added fees on top of the value of the chosen plan you would get, and the best thing about it is that the plans are actually transferable to anyone in your family.

  1. Stibbards & Sons’ Prepaid Funeral Plans

At S. Stibbards & Sons, you get the best value for your money with the different kinds of funeral plans they offer. With their extensive range of services, there is a prepaid funeral plan perfect for anyone with a budget. The average cost of funerals these days are in the £4,000 to £5,000 range, but with S.Stibbards & Sons, you could have a funeral planned out for much less than that. You can avail of their plans depending on your needs and preferences with the Value Plan being the most affordable of them all, costing only at £2,899, which is the most basic of them all. If you want something more upscale but still keep it simple, you can opt for the higher-priced Crystal Plan which costs £3,349. If you can add £795 more, you could have grand funeral service arrangements, even including the use of 1 limousine through the Pearl Plan. If an additional limousine is in your wish list, then you could consider getting the top tier Ruby Plan for £4,599 so you could also have an elegant Oak Veneer Coffin.

Convenience Right at Your Fingertips

Getting a prepaid funeral plan is convenient in a lot of ways. The first and most important reason is, of course, having the protection against the continuous funeral costs in the country. Once your plan is completely paid for, you don’t need to pay for anything else. The second convenience it brings is that you would be able to transfer it to other family members. If for example, an untimely death occurs within the family, and you find yourself in a financially sticky situation wherein you would not be able to afford for a funeral service, you could pass the benefits of your prepaid funeral plan to your loved one. Lastly, it is an excellent alternative to saving because of how much value you would be getting in savings once the time comes that you would already need to use it. Imagine getting a prepaid funeral now at only £2,899 and having to use it in 10 or 20 years down the road where the average cost of funerals would most likely be up to £6,500 or almost triple of the amount you initially paid for. When you compute the value in savings of a prepaid funeral plan financial decision, it is hugely beneficial to you and your family.