Prepaid funeral services have become quite famous across the UK and rightly so. It makes the lives of your loved ones easier when you are no more there to take care of them. However, there are still many myths associated with prepaid funerals and that is restraining many people from investing in the services. In this article, we have listed down some of the myths related to prepaid funerals and the facts about them.
Myth- Keeping Your Money In The Bank Is Better
It’s a popular but mistaken belief that people should keep the money that needs to be used in funerals in banks rather than giving them to the funeral homes directly. We understand that keeping money in the bank would yield some interest but the general inflation rate is much higher than that. If you invest your money directly in prepaid funeral plans, you would not have to worry about inflation and your funeral would be completed at the price that has already been paid.
Myth- If the funeral home goes out of business, you will lose your investment
Just like any other business, funeral homes can fold too. But when you are investing in a reputable and trusted funeral home, you would not be much affected. The investments are secured according to the law, by a trust or an insurance provider. So, even if your funeral home goes out of business, your investment would be transferred to another provider
Myth- If you shift to another location, your family would have to return to the place where your prepaid funeral service was purchased
If you have shifted to another location before your death and purchased funeral services, then it is popularly believed that your family would have to go back to the location from where you purchased the prepaid funeral plans to conduct the ceremony. But this is not at all true. Reputable funeral homes allow the transfer of the funeral funds to another provider once you relocate. But make sure to talk to the funeral home when you purchase the plan.
Myth- If you pass away before paying all the instalments of your prepaid funeral cost, the investment would be gone
If you have a current account then most funeral homes guarantee to cover all the pre-arranged services. This means once you make the first instalment payment for your funeral, your arrangements would get covered (even if you have made only one payment). This might not always be true, hence it is essential to talk to your funeral planner.
If you have any doubt about any of the prepaid funeral services, then the best thing to do is talk to your planner. Do not believe in myths; rather talk to professionals and get accurate answers to all your queries.
