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The Lowdown On Prepaid Funeral Plans

Have you got a prepaid funeral plan in place? If not, you are far from alone. Only 16% of Britons aged 45 or over have a funeral plan in place.

With so few people having a funeral plan in place, you might think a funeral plan isn’t something you need to think about, but you’d be wrong.

The average cost of a cremation is £3,124 and the average cost of a burial is £4,136. And bear in mind that these are just the basic costs – they do not include flowers or the cost of catering at any funeral wake or funeral tea.

If these are figures you or your relatives couldn’t afford to pay when the time comes, a prepaid funeral plan provides the answer.

What is a prepaid funeral plan?

A prepaid funeral plan is exactly what it sounds like.

You pay for your funeral now so you don’t have to pay for it when the time comes. Even better, you are paying for your funeral at today’s prices and that represents a big saving. Funeral costs are estimated to rise at anything between 3% and 6% per year (to help you understand how rapid these rises are, average inflation has been around 1% in recent years).

You also plan your funeral now. Not only will this mean you have a say in how your funeral will be conducted, you will also be saving your relatives from needing to make sensitive decisions about the funeral you would have wanted at a very difficult time. All they need to do is make one phone call and the rest is taken care of. You family will have the support of your funeral director who will keep them involved in the arrangements. It all means they have time to grieve without having to organise a multitude of different things.

Are prepaid funeral plans safe?

A funeral plan is likely to be a significant investment, so you will want to make sure it is safe.

Your funeral plan provider should be a member of the Funeral Planning Authority (FPA). This means your money should be invested in a trust fund that is independently managed and audited. This means it is a safe option for you and your loved ones because trust funds are regulated by the Financial Conduct Authority.

You should also check the small print of any plan you take out to make sure you’re getting the cover you want. For example, does your plan freeze the costs for the funeral director, the burial or cremation and the minister? Or is it just the funeral director’s costs?

How do you pay for a prepaid funeral plan?

You can pay for a funeral plan in two ways. The first is as a lump sum. The other way is to split it into manageable monthly instalments. The way that is right for you will depend on factors such as your age and your financial circumstances.

How do I choose the best funeral plan?

We recommend using our funeral plan comparison tool because it allows you to look at the options quickly and easily.

The first step is to choose the type of funeral you would like to have.

Bronze is the most affordable level. The Bronze plan offers all the necessities of a traditional funeral within your means.

Silver is the most popular level. It offers everything covered in our Bronze plan but with the benefit of third party costs.

Gold is the perfect level for those who require all the essentials but wish to include a limousine for family members.

Platinum is the superior level. It provides all the essentials of our other plans but with two limousines and superior coffin.

The next step is to complete your details and then we will give you a list of the funeral plan providers who can meet your needs. From there it is simply a matter of choosing the provider that is right for you.

Alternatively, you can give call us on 01242 32 31 31 to talk through your options.