Can You Pay for a Funeral in Instalments?
In Ireland, many people would like to make financial provision for their funeral but don't necessarily have the money available to pay for everything at once.
The good news is that you don't have to pay for your funeral in one lump sum. Funeral pre-planning can allow you to put money aside gradually, at a pace that suits your circumstances.
But not all funeral payment arrangements work in the same way. Before committing to anything, it's important to understand how flexible your payments will be, where your money is held and what happens if your circumstances change.
Can You Pay for Your Own Funeral in Instalments?
Yes. With My Farewell Wishes, you can make payments towards your future funeral costs without having to pay the full amount upfront.
You choose how much you want to put aside, based on what you can comfortably afford.
You might prefer to make a small regular payment, contribute a larger amount occasionally, or combine both approaches.
There's no requirement to follow a rigid payment schedule, which means you can plan ahead without putting unnecessary pressure on your household budget.
If you're unfamiliar with funeral pre-planning, our guide to how prepaid funeral plans work explains the process in more detail.
Can I Increase, Reduce or Pause My Payments with My Farewell Wishes?
Yes. One of the biggest advantages of My Farewell Wishes is the flexibility it gives you.
You decide how much to pay and when to pay it.
If your financial circumstances improve, you can increase your regular payments. If money becomes tighter, you can reduce them or pause payments altogether.
And if you prefer to save money yourself, you can make occasional lump sum payments whenever you've built up an amount you're comfortable contributing.
You can also make lump sum payments alongside your regular instalments.
Most importantly, if you pause or stop making payments, you don't lose the money you've already paid.
Your previous payments remain safely held in trust towards your future funeral costs.
This is an important difference between My Farewell Wishes and funeral insurance.
With funeral insurance, stopping your premium payments can mean losing your cover and the premiums you've already paid.
With My Farewell Wishes, you can increase, decrease or pause your payments whenever you wish, knowing that the money you've already put aside remains there towards your funeral.
Where Is My Money Held, and Is It Safe?
This is one of the most important questions to ask before paying towards your funeral.
With My Farewell Wishes, customers' prepayments are held in the My Farewell Wishes Trust, an independent trust managed by Independent Trustee Limited.
Your money is held in trust towards your future funeral arrangements.
Your chosen funeral director guarantees that the amount you have paid in deposits will be offset against your funeral costs when the time comes.
It's important to understand that this is not a guarantee of the final funeral price. Funeral costs may change over time, and there may be a balance to pay.
Before entering into any prepaid funeral arrangement, you should always ask where your money will be held, who manages it and how your payments will be used when your funeral arrangements are needed.
What Happens If I Die Before I've Finished Paying?
This is another question people understandably ask when considering paying towards their funeral over time.
Nobody knows how long they have, and you may wonder what happens if you die after making only some of your planned payments.
With My Farewell Wishes, the money you've already paid will be offset against the cost of your funeral arrangements.
If your payments haven't covered the full cost of the funeral, there may be a remaining balance to pay.
You don't have to complete all your intended payments for the money you've already put aside to count towards your funeral.
Even if you die earlier than expected, the payments you've made can still help towards the cost of your funeral.
Is Paying Towards a Funeral the Same as Funeral Insurance?
No. Although both can help people prepare financially for their funeral, they work differently.
Funeral insurance involves paying premiums for a policy that provides a specified benefit, subject to its terms and conditions.
Depending on the policy, stopping your premiums may mean your cover ends and you lose the money you've already paid.
My Farewell Wishes is different.
Rather than paying insurance premiums, you're putting money aside towards your own funeral arrangements through your chosen funeral director.
Your payments are flexible, and the money you've already contributed remains held in trust even if you stop making further payments.
There is another important distinction.
Funeral insurance provides a benefit according to the terms of the policy. With My Farewell Wishes, your payments are contributions towards your future funeral costs, rather than a promise that a particular funeral will be fully paid for regardless of its eventual cost.
Understanding these differences can help you decide which approach suits you.
How Much Should I Put Aside for My Funeral?
There is no single amount that will suit everyone.
Funeral costs in Ireland vary depending on the arrangements you choose, the funeral director providing the services and whether you prefer burial or cremation.
A traditional funeral involving a wake, religious service and burial may have different costs from a smaller or simpler arrangement.
The best starting point is to think about the type of funeral you would like and speak to a funeral director about the likely costs.
With My Farewell Wishes, you can nominate a participating funeral director and discuss your wishes before deciding how much you would like to put aside.
If you're still exploring your options, you might also find our article on paying for your funeral in advance helpful.
You don't have to make every decision immediately, and you can review your wishes as your circumstances change.
What Should I Ask Before Paying Towards My Funeral?
Before entering into any funeral pre-planning arrangement, it's worth asking a few straightforward questions:
- Where will my money be held?
- Who is responsible for managing it?
- Can I choose how much I pay?
- Can I increase, reduce or pause my payments?
- Can I make additional lump sum payments?
- What happens if I die before completing my payments?
- Will the money I've paid be offset against my funeral costs?
- Are the funeral costs guaranteed, or could there be a balance to pay?
You should feel comfortable asking these questions and receiving clear answers before making any commitment.
Planning Ahead with My Farewell Wishes
Planning your funeral in advance doesn't have to mean finding a large sum of money or committing to payments you may struggle to maintain.
With My Farewell Wishes, you can choose a funeral director, record your funeral wishes and begin putting money aside towards your arrangements.
If you haven't yet considered what you would like, our guide to recording your funeral wishes is a useful place to start.
You decide how much to contribute, whether through regular instalments, occasional lump sums or a combination of both.
If your circumstances change, your payments can change too. And whatever you've already contributed remains safely held in trust towards your funeral costs.
If you'd like to understand how funeral pre-planning works or discuss the options available to you, we're happy to help.
Call My Farewell Wishes on 042 6039990.
You don't need to have everything worked out before getting in touch. We're here to answer your questions and help you explore your options.
