The worrying fact is that 71% of Irish adults were unsure of how their own memorial service would be paid for1. Even when it is known that a death is imminent, funerals finances can be a difficult topic to discuss as it combines both ‘Death’ & ‘Finances’, two topics we prefer to avoid. Yet the best results can be obtained the earlier some simple actions are taken.
Credit Union (CU) products you should consider
To Find your local Credit Union:-
Other Funeral Plans/Products
PENAL Interest RATEs
Key Actions/Questions to consider with these products:
- Is it for a set amount or does it cover the cost of a funeral now or in the future?
- How will 3rd party costs (Disbursements) be paid for. Such as the likes of Grave Purchase, Grave opening & registrations fee’s, Music, Church/ceremony, etc.. These can be considerable/higher than the Funeral Directors fee’s.
- What happens if payments are missed. Do you lose all premium’s already paid
- Is there an exclusion time (minimum # of years paying premiums) before a claim can be made.
- Check the average benefit obtained for the premiums paid.
- Include the details with your will or tell your loved ones/executor of Funeral Plans (Financial) made.