Life Insurance versus Advanced Funeral planning

faolteam

Have Life insurance but was thinking of dropping it and doing the Advanced funeral planning keeps prices at todays prices

any ideas or recommendations ???

have serious cover too but want to keep that going

coylemj

Does 'Advance Funeral Planning' involve you handing your money over to a company to fix the price of your funeral?

If so, what happens if the company goes bust?

If I was you I'd open an account in the local credit union and then you can make a nomination for someone to receive an amount of money (up to Eur 13,000) when you die, the individual so nominated only has to show up with a copy of the death cert. and the credit union will hand over the cash. It is not necessary to wait for probate to be completed in order for the money to be released as nothing in your will can vary or revoke the nomination.

The Credit Union Act 1997 (S.21) says the amount can be up to £10,000...

http://www.irishstatutebook.ie/1997/en/act/pub/0015/sec0021.html#sec21

and the legislation adopting the Euro as our currency changed this amount to Eur 13,000...

http://www.irishstatutebook.ie/2001/en/act/pub/0016/sec0006.html#sec6

faolteam

basically they will fix it at todays prices and i think you can put so much in a week or a month etc

but you are right what happens i they go bust but to be honest the price they are charging these days makes me think that this may be a long way off and its like food we all have to eat, we all have to die.

faolteam

u say that the person can be nominated to collect the money on the evidence of a death cert only problem there is autopsys can take up to 12 weeks before they decide if they will issue a death cert, will funerald directors wait that long ???

maringo

You can get a death cert even though the inquest hasn't been held as far as I know

Kennie1

You can provide an "interm death cert" which is usually provided within two weeks of death.

faolteam

an interim death cert state what the person died off

coylemj

faolteam wrote: »

an interim death cert state what the person died off

I don't think that's really relevant, once someone can prove to the manager of the credit union that the individual is dead, they will release the money in the nomination. The cause of death isn't something they're concerned with.

faolteam

so