The unappealing aspect of retiring abroad is the prospect of dying an ocean away from loved ones. This possibility bothers many Britons spending their sunset years in Southeast Asia and other European countries.
Fortunately, there are plenty of options for British expatriates to prepare for the inevitable. If you are one of them, you can seek funeral insurance or expat funeral planning services in Spain, Australia or Thailand. These two products are similar in a sense that they will protect your family from unscheduled expenses upon your death. However, funeral insurance and a pre-paid plan work differently on many levels. In many cases, expats tend to find the latter more practical than the former.
Here are the most significant benefits of having a pre-paid funeral plan:
The number one advantage of a funeral plan over insurance is that it has no age limit. British expats of all ages can get it without necessarily having to pay more. Even if you opt to have insurance instead, you may no longer qualify if you apply too late.
Unlike insurance companies, funeral directors offering pre-paid plans are not out there to make money out of living individuals and discriminate applicants because of age. Funeral planning companies do not take a gamble on older clients that may die too soon. The business of funeral directors do not depend on time, and they only collect payment in advance for the services they will eventually provide.
To be fair, funeral insurance premiums are competitive and reasonable. However, policyholders have to pay for them on a regular basis.
A funeral plan is only a one-time expense. You can pay for it upfront and never worry about a nagging bill afterwards. You can also choose to break the payment down in instalments to make it more manageable.
If you pass before the last instalment is paid, your surviving loved ones will not be forced to take over your bill. Your family will be able to choose whether to shoulder the remainder and use the plan or refund the funds you already paid for a fee.
Funeral plans are immune to inflation. Your plan will cover your funeral costs even if they have risen since the day you paid. No extra fees would be charged to you or surviving loved ones if your funeral plan was not used over a certain period.
In the past, most pre-paid funeral plans only allow burial in the country of death. Now, more and more funeral planning companies offering the option of repatriation. You can plan your own service, from the flowers to the funeral home, no matter where you pass.
Many pre-paid funeral plans offer dual country coverage. This feature means the plan can be used whether you die in the country in which you retire or in the United Kingdom. Dual country coverage provides peace of mind, especially if you love travelling back and forth.
Of course, it would be best if you have both funeral insurance and a pre-paid plan. But if you must choose, you may find more value in the latter.