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What is a funeral plan?
A pre-paid funeral plan, is choosing and effectively paying for your funeral in advance, providing financially for funeral expenses you have carefully considered and ,arranged in advance. The type and style of funeral you want is set out in a contract and paid for at an agreed price . the cost of the funeral generally is a fixed guaranteed cost that ensure no further rises are required in the future.
What are Funeral bonds?
Funeral bonds are funds invested towards the cost of a funeral, these are generally managed investments that earn interest, usually invested in an independently managed funeral fund. The interest must be added to the capital and the capital and interest is only realised on death when it is paid to the estate or to the funeral director to cover funeral expenses. Funeral bonds are generally best described as a savings plan for funerals held with a third party investment house.
What is funeral insurance?
Funeral insurance is an insurance policy designed to make sure your loved ones have access to funds needed to pay for your funeral in the event of your death.