A funeral plan is a great way of planning for a foreseeable event of death nowadays. While most people have totally embraced funeral planning, there are those who still have reservations for this practice. Funeral planning is a great way of planning for your own death and alleviating financial and emotional burden off your family.
Why you should make use of funeral planning
Funerals are generally expensive, costing several thousand dollars, and many people are worried that when they die, they will not leave behind a considerable amount of money to take care of their funeral expenses. Thanks to funeral planning at http://www.prepaidfuneralplansuk.co.uk/uk-funeral-plan-comparisons/, you can prepare and pay for your funeral ahead of time.
How does a funeral plan work?
Depending on your financial ability, you pay either a funeral plan total or installments to a funeral director. Thereafter, your income is invested into either a trust account, or as an insurance, which will then be used to fund the expense when you pass on. Whichever method you use, they are both meant to safeguard your cash until it is needed, which is when you die. View http://www.ehow.com/how_4932927_make-prearranged-funeral-plans.html to make prearranged funeral plans.
How are these plans regulated?
Considering that insurance brokers use insurance policy and trust cash methods that are highly trusted, they do not need to be regulated themselves by a financial regulatory body. In this case, the money you save in these funds is protected through compensation plans. However, there are no rules regarding how providers can sell to you. As an alternative, a funeral plan service provider can register using a recognized authority provided it agrees to fulfill its roles.
Important questions to ask a funeral plan service provider
When shopping for a service provider, you need to ask them if they will let you choose your preferred funeral director. Also, you need to ask them if there any cancellation fees. On the same note, ask if there are any hidden charges that will resurface once you pass on. Most importantly, you also need to ask what will happen if your loved one discovers that there are outstanding installments at the time of your death. Visit website of experts in funeral planning here.
What Next?
Once you have a funeral plan, make sure that it is a written record of your arrangement and make sure that it is kept in a safe place. Also, make sure that you are provided with a written confirmation to your plan as well. Above all, make sure that your family is aware that you have taken care of funeral arrangement.