Money Week – time to look at pre-paying funerals

Money Week – time to look at pre-paying funerals

13 October 2014

Money Week is a timely reminder that people should have a think about the benefits and peace of mind that come from pre-paying their funerals, says the Funeral Directors Association.

Money Week runs from 13-19 October.

Chief Executive Katrina Shanks says most people don’t plan ahead for their funerals, but all the best advice is that it’s something everyone should consider.

“Kiwis are notoriously bad at planning for their futures, especially with regard to financial planning. And until recently, financial literacy and saving was not a strong part of our culture.

Until KiwiSaver came along most people didn’t think ahead to their retirement.

“Now that has all changed and it’s time for more of us to think a little further out.

“Pre-paying your funeral is just as important as putting something away for your retirement – it’s just that, hopefully, it’s something that won’t be needed till well after that.

“There are huge benefits of pre-paying.

“I know of families who have been surprised to discover their loved one had a pre-paid funeral plan, and of the relief that brought. All of a sudden that was one big aspect of the situation confronting them that they didn’t have to worry about. They could just get on and grieve and give their loved one the best send-off.

“I also know of families who have had to scramble around to find the money because there was no money set aside. Their grieving and planning was interrupted because they were worried about where they would find the money to pay for the coffin, the flowers, the celebrant, the funeral director, and even for the refreshments at the wake.

“You could say that at such times, pre-paying makes life so much easier.

Mrs Shanks says there are two key types of structure to consider for the pre-arrangement and pre-payment of funerals – trusts or insurance – and each will suit different requirements and circumstances.

“The options need to be considered carefully, and the person most able to help you to work through the options is your Funeral Directors Association funeral director.

“They will be able to help you consider all aspects of your pre-arrangement and will talk to you about the choices available.

“There is no time like the present to start the important job of pre-arranging your funeral.”

ends

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