Weighing up the pros and cons of prepaid funeral plans is a simple approach to decide if a funeral plan is right for you.
Here are the main prepaid funeral plans pros and cons;
|PROs of prepaid funeral plans||CONs of prepaid funeral plans|
|Avoid rising funeral costs||Ties up funds|
|Plan your funeral in advance||Can only be used to pay for a funeral|
|Discuss end of life wishes||Can't be taken overseas|
|Protect loved ones from financial stress||Burial plot not included (if applicable)|
|Protect life insurance or savings||May not cover third-party costs|
|Guaranteed acceptance for UK residents||Currently not regulated by the FCA|
|Flexible payment options|
|Suit your own budget|
|Approved by the Funeral Planning Authority (FPA)|
Below we go into each of these funeral plans pros and cons in greater detail...