Unfortunately for loved ones in times of grief and anguish money is the last thing on their minds, however once time has passed and the pounds have been spent it is painfully shunted to the forefront potentially creating friction amongst the family members. The fact remains that funerals can be costly; with a basic burial costing in the region of £1500 and £3000, it is pure fiction to believe that sourcing the savings of your loved one will make funeral costs more affordable.

The reality is such that if the savings have been held in the name of your loved one immediate release of any funds is incredibly doubtful. Once again the loving thing is to prepare for such an eventuality, morbid as it may appear to be, many families have benefited from the foresight of their family members. Taking out ‘term’ life insurance is an option attractive to most as in the event of death it will pay out an immediate cash sum, a benefit not to be frowned upon.

Similarly, ‘whole life insurance will pay out a lump sum in the event of death and has the added benefit of leaving enough funds to cover the costs of a wake and even inheritance tax bills!