Many funeral insurance policies state they come with a guarantee, but the reality may be slightly different.
When you take out funeral insurance, the main benefit is to protect yourself against rising costs. Being able to pay today’s prices for all the different elements that make up a funeral makes sense given the fact that costs have almost doubled in the last 10 years.
What to look for in the small print
While many funeral insurance plans will say they’re guaranteed, they may not be fully guaranteed.
Here are some things you should look out for in the small print.
* Exclusions
Before signing on the dotted line for any funeral insurance plan, you should read through all the small print carefully to check for exclusions.
When you’re paying up front and expecting all your funeral costs to be covered by your plan, you don’t want your family getting any nasty financial shocks when they come to make the arrangements.
A good pre paid funeral plan really shouldn’t have any exclusions, and a guarantee should mean that all costs will be met when you pass away.
* Part contributions
Another things to look out for in the terms and conditions of a funeral insurance policy is part contributions.
You may think you’re paying towards the full cost of everything to do with your funeral, but in reality, some things such as fees for the minister or other person conducting the funeral, may actually only be partially covered.
This will mean that whoever is arranging your funeral will have to find the extra themselves, when they had thought absolutely everything was guaranteed to be covered in full.
The benefits of a full funeral insurance guarantee
It’s definitely worthwhile researching funeral insurance plans before committing yourself. There are prepaid funeral plans out there that promise and deliver a full guarantee.
Below are just two of the main benefits;
* Complete peace of mind
Knowing that all your funeral plans are in place and the costs taken care of, can provide people with peace of mind. You’ll want to leave your family members safe in the knowledge that everything is taken care of when you pass away, rather than them having to use their own money to pay for some of your funeral at an already difficult time.
* Real protection against inflation
There’s little point in just protecting some funeral costs against inflation, when you could be fully covered.
The way funeral costs have risen in the last ten years and look set to carry on increasing, it’s best to make sure your funeral insurance gives you full cover.
The Co-operative Funeralcare is a leading provider of funeral insurance in the UK. All their pre paid funeral plans are fully guaranteed for your peace of mind.
