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Prepayment Plans for Funerals: How They Work

Funeral prepayment plans are a popular option for those within the United Kingdom who are concerned about the rising costs associated with a funeral. If this is you and you wish to protect their loved ones from being presented with a financial problem, when it comes to paying for their loved ones funeral and at the same time fix the cost of your funeral at today's price, then read on.

Prices have continued to increase dramatically in recent years, a prepayment funeral plan is an excellent ways to offset such concerns. Like a life insurance policy, there are a few details which need to be understood in order to make the correct choices. It is therefore a good idea to take a look at how these plans function as well as the primary benefits that they can provide.

A Breakdown of Common Prepayment Funeral Plans

We should firstly observe that these protection plans function much in the very similar way as a life insurance policy does, but unlike life insurance, a funeral prepayment plan pays the undertaker directly at the time of need and does not become subject to any legal process like the terms of a Will or Probate. The afore mentioned can lead to significant delays in release of the monies from life insurance companies, leading to the need for the family to raise the money in the meantime, which can put significant financial pressures upon families, as not many people can quickly raise several thousand pounds.

For an agreed monthly premium, or buy fully paying at the outset, the plan will Guarantee to protect families from needing to cover the cost of a funeral. A deposit guarantees that the plan is activated and protects the family, where life insurance guarantees that a certain amount of money will be paid to the beneficiaries upon a persons death, but this can take weeks or even months for payment to be made.

Prepayment Funeral Plan funds can be used for various expenses including (but not limited to):

  • The fees of a funeral director.
  • The rental of a venue for the wake.
  • Transportation costs.
  • Amenities such as flowers, but not currently catering costs.

Of course, the extent of cover will depend upon the specific plan chosen.

The Payment Process

Setting up a funeral prepayment plan is very straightforward. Purchasing via Independent experts is always going to provide comfort that your personal needs are met and market consideration are made without any bias to one plan provider or another. Once the correct plan is identified, you will have the option of paying via a one-off payment or scheduling premiums on a low cost monthly payment basis. Keep in mind that a one-off payment provides peace of mind in knowing that everything is paid up and in place, fully protecting your family. There are also low cost monthly prepayment funeral plan options, with interest free payment options of up to 2 years . According to the latest figures from Which funeral plans, such payments can range between £2,945 pounds to £4,135 pounds. Once again, this will primarily revolve around the levels of coverage that you select. Also, many features can be upgraded or downgraded as you see fit in the future.

Should you opt for a monthly payment plan, most companies provide these in "windows" from 12 months to 240 months (twenty years). With the monthly payment options, the cost of your funeral is fixed as soon as you pay your deposit , so even if you cannot afford to continue to make monthly payments, you will have locked the cost of your funeral in at the price that applies on the day that your plan starts. All monies paid are held securely in Trust and a protected and Guaranteed secure by UK Government Investment Bond Protection.

Here are some of the common questions regarding prepayment funeral plans.

What is Included in funeral prepayment plans?

Basic inclusions in most plans include the funeral director's fees and transportation costs (such as a hearse and a select number of vehicles). While some will cover both burials and cremations, most will give you a choice of either one or the other. Other common issues addressed are:

  • The transportation of the deceased to a funeral directors premises.
  • Care of the deceased prior to the funeral.
  • Guidance on registration and other governmental concerns.
  • The provision of a coffin.
  • Cremation costs (in some cases).

As these may very well represent the bulk of funeral costs, it becomes clear to appreciate the benefits of selecting a funeral prepayment plan.


What is Not Included?

Before deciding upon a specific plan, our experts will assist you in considering exactly what your requirements are, as cover does vary depending upon the plan provider. Third-party services may not always be provided for within a specific package, but are within an alternative plan, some of the areas that we will help you to consider before deciding on a plan include:

  • Consideration To Cover the Cost of a Burial Plot.
  • Additional Medical Procedures or Embalming Services.
  • Additional Requirements In Terms of Religious/Church services.
  • Long Distances (More Than 20 Miles) Travel For Funeral Venue.

Once again, these can all substantially add up for those who find themselves on a limited budget and need early consideration to ensure that the costs are covered.

Beginning the Process

It is quite easy to setup a prepayment funeral plan. An application form will be included with your personalised recommendations, which requires completing and submitting in the Free-post envelope provided. Once these are received, you will be sent a funeral plan certificate which includes confirmation of all of the info that your loved ones will require to activate the plan at the time of need.

It is important to mention here that by using the services of a company like Compare Funeral Plans UK, you can relax rest assured, that our experts will consider ALL UK plans before providing you with details of your best value plan options, removing the need for your to spend hours in time needed to shop around to achieve the same result and we have access to exclusive offers that you will not generally find in the market place.

We compare and consider ALL UK companies and obtain best offer quotes from each. We do this in order that we can can guide you in making an informed decision. Keep in mind that not all providers are considered reputable, so if you intend to compare the UK market for yourself, be very careful of offers that appear to good to be true, as they generally are just that!

How We Can Help

This process may seem a bit complicated and daunting. We completely understand how you feel. Therefore, you can expect to find all of the latest advice and news through our website, read as much or as little as you need to in order that you feel confident. Furthermore, we have put together an funeral plan comparisons table of all of the latest providers. As we have no affiliation with any company in particular, so you can rest assured that our reviews are completely honest and unbiased.

If you have been contemplating a prepaid funeral plan, now is the time to do it, prices continue to rise and the soon your plan starts, the sooner you lock the price and avoid any further price increases and put Guaranteed protection in place to financially protect your loved ones.

 

To find out more and receive your personalised quotes, with a complimentary copy of our UK Later In Life Financial Planning and Protection Guide, simply click on the "More Information " button below and complete your details.

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