Putting money aside to go towards the cost of your funeral in a credit union or other savings account might be more suitable for you than making an ongoing commitment such as insurance
premium or funeral plan installment. For example, if you don't have steady income or work in a temporary job.
Most credit unions offer ‘insured savings' accounts to their members. ‘Insured savings' accounts can pay out up to twice their savings value on the member's death.
Ask your local credit union for advice on what they can offer and how you can start saving with them.
Top tips for funeral saving
When saving for your funeral:
- read the terms and conditions before signing up to any savings accounts, insurance policies or funeral plans
- don't rush to buy policies or plan
- make sure you understand how much any ongoing payments will cost, how long you'll have to make payments for and if these could rise in future
- consider different options and shop around to make sure you get the best deal for your money
- sure pre-paid funeral plans cover all the elements you would like to be included and know what else will have to be paid for at the time of the funeral
- check if any insurance premiums could rise in the future and think about how you'll pay for any rises
- be aware that you could pay more into an over 50s plan than your family receive out
- shop around for the best rates on savings accounts
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