What is a Pre-Paid Funeral?

What is a Pre-Paid Funeral?

Sep 20, 2024

Also called a ‘Fixed Price Funeral’, a ‘Pre-Paid Funeral’ is a funeral purchased in advance. The type and style of funeral the client wants is documented in a written contract and paid for at today’s prices. Subject to any specific terms of a Pre-Paid Funeral contract (e.g. if Government taxes are subsequently imposed or increased), and provided that the original funeral plan is not altered, the client will not have to pay any additional amount for that contracted funeral regardless of when the funeral is required. Payment of a Pre-Paid Funeral with Morleys is invested with an independently managed funeral fund and is only released to the Funeral Director once the contracted funeral service is completed.

What are the Benefits of a Pre-Paid Funeral Plan and who is Eligible to Take One Out?

Anyone can take out a Pre-Paid Funeral Plan regardless of their age or state of health, and in doing so can enjoy the following benefits:

  • you can protect your family from the distress of making difficult decisions at an emotional time your family will be relieved from any financial burden
  • it makes good financial sense – by making all of your choices now, you can fix the price of funeral at today’s costs (subject to any specific terms of the contact)
  • you can ensure that your exact wishes are made known and are carried out. Pre-paying means real peace of mind for you and your family.
  • you may be able to maximise your pension entitlement. Any money paid into the plan is not subject to the income or assets test or deemed earnings rule (according to current legislation)