Question 1

What is the average cost of a funeral in Ireland?

Accepted Answer

According to An Post, the average cost of a funeral ceremony in Ireland is €4062* (excluding the cost of your burial plot)If you live in Wexford, you’re “in luck” as it has the lowest average price of €3,408.So what does this €4,000 cover?removal and care of the deceased,embalming,removal to church/cemetery,hearse,funeral director’s feecoffin.What else adds to the average cost of a funeral in Ireland?a church offering fee,money for the priest,music at the service,the obituary notice in the paperor the cost of your plot.The cost of a plot in Ireland varies wildly depending on where you live.Take Dublin for example, if you live in Deansgrange in Dublin, you better start saving:The cost quoted for a double plot in a graveyard in Deansgrange was €32,000!While the same sized plot in Shanganagh, Dublin was quoted at €5,600 – showing there’s a massive difference in price depending on where you want to be laid to rest.

Question 2

How do you prepay for funeral costs in Ireland?

Accepted Answer

Some funeral homes offer a pre-payment option so you can plan in advance.Otherwise, you can use life insurance to pay for your funeral costs.

Question 3

How to use life insurance to pay for your funeral costs?

Accepted Answer

Using life insurance to pay for your funeral costs is simple.1) You calculate how much it will cost to give you a proper send offLet’s say €15,000. This will be enough to pay for all the associated costs and to allow for future inflation of funeral costs.You’re not planning on dying anytime soon, are you?2) Buy a whole of life policy for €15,000Whole of life insurance policies differs from normal life insurance policies because there is no expiry date.Your €15,000 policy will eventually payout €15,000 at some stage in the future, guaranteed.You can outlive a term policy.Nobody has yet to outlive a whole life plan so best of luck with that.3) Put your policy in trustTo make sure your life insurance is used to pay for the cost of your funeral, you should put it in trust.Don’t worry, this isn’t a complicated process and we can arrange it for you.If you don’t put your policy in trust, it will form part of your estate.So your loved ones will have to wait for a grant of probate (which can take ages) before they will get the payout.This will cause financial stress at a difficult time.4) Relax, knowing you’re not going to be a financial burden when your time comes.

Question 4

Which insurer is best for funeral insurance?

Accepted Answer

This depends on a number of factors:The cost of your funeralType of cover you needAnd most importantly your healthI say your health is most important because this is what can cause a significant increase in your premium if you apply to the wrong insurer.But don&#8217;t worry, I will have spoken to all of the Irish insurance providers on your behalf before we choose which one to apply to.This guarantees you will get the best deal with the least amount of hassle.

Question 5

Can I add my partner to my funeral insurance policy?

Accepted Answer

Yes, no problem at all, you just buy a dual life policy.On the first death, €15,000 (or whatever amount you chooses) will pay out, on the second death another €15,000 will pay out.

Question 6

Can I pay for my parents funeral life insurance policy?

Accepted Answer

This depends on the life insurance company.You see, there has to be an “insurable interest” between the person paying for the policy and the person whose life is insured.In plain English, this means the person paying for the policy has to suffer a financial loss on the death of the insured person.Normally an adult won’t suffer a financial loss on the death of a parent so there is no insurable interest.But some insurers will allow you to pay for your parent’s policy if you intend to use the proceeds to pay for a funeral.Otherwise, the premium has to come from your parent’s bank account.If you want to pay for the policy, you could transfer up to €3k tax-free to your parent’s bank account using the Small Gift Exemption.

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