Best Alternatives to funeral plans
We have seen that prepaid funeral plans can be one of the best and trusted investment plan for future. At the time when death is near, you would definitely not want to take out any money from your savings account to fulfill funeral costs. This discussion is a never ending topic, however today we are going to list out some of the best alternatives to funeral plans, in case people want to choose other investment plan as compared to funeral plans.
Life insurance policies
Life Insurance, as we all know is a safe and secure place to invest for our life on a regular lump sum basis. But how would life insurance be considered as good investment alternative as against funeral plans? Find out below
Unlike the Pre-paid funeral plans which is an investment for the future, Life insurance is generally meant to be lump sum plan where you save an extra every year for your future. However, the monthly/yearly payment which you pay is generally more than what you receive at the end of your payouts.
Usually, Life Insurance would mean that you take out a policy. If you die within two years, policies don’t tend to pay the full amount.
Savings account might prove to be a good investment as of today, but may not cover up the interest rate at which the funeral expense are rising up. Therefore a joint account for the entire family would prove to be a beneficial investment for the future. As we all know savings account doesn’t give up good rate of interest so there is very less changes that these interest would serve your funeral costs.
- Top 20 Funeral plans to compare. Take a look at our prepaid funeral plans comparison.
- Read our guide on factors to consider before taking funeral plan.
- For a solution tailored to your needs, contact our experts on the Which?