Funeral Insurance Costs

[tamaris]

A bit morbid I know, I am in reasonably good health. The solicitor has the power of attorney over my affairs if anything happens to me. I have heard it is cheaper in the long run to take out Funeral Ins as the cost of paying for a funeral is rising by 7% each year. There are so many companies out there, even on line. Can anyone advise me please ?

[dannyk13]

Being cheaper in the long run depends on how long you live after taking out the insurance and the size of the lump sum you will receive.

[woofgang]

Better than funeral insurance IMO is a prepay. You choose what you want and pay for it up front. Regardless of what happens to prices, you get what you paid for. Its a gamble of course, if prices drop you will have overpaid but you have the peace of mind. If you are going to do this though, check what guarantees you get and also I would do it with a big company to protect you from the company going bust.

[ToraToraTora]

don't bother, you'll be brown bread!

[ToraToraTora]

oh and the solicitor will nick most of it in fees anyway if you give them POA.

[tamaris]

I know that Tora but have no relatives around

[mazie]

If I didn't have to think about the family this is what I would do

http://www.kcl.ac.uk/lsm/study/departments/anatomy/lao/donation/index.aspx

My Sister in Law in NYC who is unmarried has already donated

[GlenB]

I think you will find that the power of attorney which has been granted to your solicitor will cease on your death.

[ubasses]

GlenB is correct about the Power of Attorney. If you do not have any family it will depend on the size of your Estate whether it makes sense to prepay/take insurance for your funeral. If you have sufficient assets the funeral can be taken from those. If not and you will not be able to have the funeral you want, then yes look at alternative options.

[RandyMarsh]

Plan my funeral did a good job for my grandfather.