Paying for a funeral in instalments: how to do it

Can you pay for a funeral in instalments? Many families are unaware that such an option exists. It is a choice that, in many cases, can help with the financial stress of dealing with a funeral. In this article, Áltima takes a look at the advantages of paying for a funeral in instalments and analyses the different options available.

Advantages of paying for a funeral in instalments

The number of funerals paid for in instalments has increased in recent years because the costs of a funeral are often a significant financial burden for many families. Why is this payment option chosen more and more regularly?

• Paying for a funeral service in instalments helps to alleviate the financial burden on families as it spreads payments out over a period of time.

• It is a more comfortable option rather than facing the difficulty of having to save and keep aside a certain amount of money.

• On a personal level, it is one less thing to have to cope with after the death of a loved one.

Myths and realities about paying for a burial in instalments

Paying for the funeral of a loved one in instalments can be beneficial for families, provided that certain key aspects are taken into account. On the one hand, it is true that it allows them to face this unexpected expense with some breathing space, but in the long run, if the company or the method of financing is not well chosen, it could mean a considerable increase in price.

Generally, we regard paying in instalments as an attractive alternative, but there are companies that add significant costs with this option.

Therefore, planning and choosing the right funeral company is very important in order to ensure that paying for a funeral in instalments is advantageous.

Funeral financing plans, what is there to consider?

There are different financing plans that can be used when paying for a funeral in instalments. Therefore, when making a decision in this regard, you should apply the following advice:
 

• Planning ahead for this expense is essential. Nobody likes to think about this situation, but it never hurts to set up a special fund for this expense or to take out a funeral plan specifically for this purpose. This way, when the time comes, financing the funeral of a loved one will not be such a financial hardship.

• Choose the right funeral company. This is important to ensure a quality funeral service and to be able to meet the costs of a funeral without any financial worries or extra costs.

Can you pay for a funeral in instalments?

You can pay for a funeral in instalments in many ways, as there are different methods available. The most common methods are:
 

• Funeral plans. Some companies offer the option of paying for a funeral service in advance so that family members do not have to deal with this expense in the future. Payment is made in monthly instalments with a set final price. It means that, when the time comes, relatives will be able to entrust the company to take care of everything for them.

• Life insurance. This is one of the most common ways of paying in instalments for a funeral. The deceased person takes out a specific type of cover from an insurance company and pays the corresponding policy in instalments. The payment generally increases as the person gets older. This method covers certain funeral expenses that may otherwise have been limited.

• Financing in instalments. Some families have to take out a bank loan in order to pay for a funeral in instalments. This makes it possible to split the payments to avoid an initial major expense all at once, but in the long run, the price increases considerably due to the corresponding interest payments. In addition, certain expenses related to the arrangements that have to be made when a loved one dies are often not taken into account.

Therefore, it is up to each family to evaluate which is the best option. It is possible to pay for a funeral in instalments, but it is important to compare the conditions of the different options available in order to choose the one that is most beneficial.

Complying with regulations for funeral payment in instalments 

The cost of funeral services after the death of a loved one can be a burden for many families. That is why it is possible to pay for a funeral in instalments in Spain.

As we have seen, there are various ways of paying for a funeral service in instalments and each one has its advantages and disadvantages. Therefore, each family should choose the method that best suits their needs, preferences and budget.

At Áltima you can view all the funeral services we have available and plan the best option for you and your loved ones.

Among the options available, we give families the opportunity to pay for our funeral services in advance or, in the case of financing, by paying in agreed instalments over a period of time.

One of the options we make available to families is to pay in easy instalments by taking out the Mivoluntad service. This allows each person to plan the funeral services for their own funeral, organising all the details in advance so that, when the time comes, we can take care of everything. It also means your family does not have to worry about any expenses.

Every option available at Áltima complies with the regulations for funeral payment in instalments. As an experienced and approved company, we are a trustworthy business offering funeral services that best suit your needs. Get in touch!