As independent advisers on funeral plans, we see the market becoming much more complicated. Fine if you understand it all, but not so good if you don’t. That is why you need to speak to us!
Your Funeral Planning Options:
1) Keep cash in the bank to pay for the funeral.
Over the last 5 years your original £2000 might have grown to £2,308.59 if it is still there. There are other issues too
2) Take out a typical over 50s life insurance.
Your £2000 plan taken out 5 years ago would still pay out £2000, or nothing at all if you miss a couple of payments. No profit whole of life is the technical name, and it is usually only the insurance company that makes the profit.
3) A funeral costing £2000 then would already cost £2,730.59.
According to Sun Life, costs have risen by 36.53% in just 5 years – and it gets worse. They have risen from £1,230 in 1997 to £4000 today (early 2017). Conservative estimates suggest that by 2024 a funeral will cost, on average, between £7,000 and £8000.
4) Take out a Prepaid Funeral Plan.
At least that way the major burden of costs will be taken care of.
So what to do next…
It makes sense to minimise the financial and emotional strain on those left behind. The majority of prepaid funeral plans are paid for in one go, but monthly instalment terms are available too, so most people can afford one.
Just give us a call on 0800 0588 240, or use the enquiry form if it is out of office hours (we have lives!), and we will be pleased to discuss the issues with you, give you any advice and guidance we can, and send you written recommendations (if you wish.)
Here are some more details about types of prepaid funeral plans we review:
The market has become a lot more complicated with companies introducing new plans which include less and less just to keep the cost down. Make sure you REALLY understand what you are buying. Best way is to call us! What follows is a very basic description of the types of plan available.
- Over 50s Life Insurance: these dominate the market and are usually quite unsuitable. Typically, there is no inflation proofing, unless you keep taking out extra policies. Worse, if you miss a couple of payments – you lose every penny. Some of them very graciously say that they won’t take more money from you than they pay out. So you can be making an interest free loan to the insurance company for 30+ years. BUT there are a couple which do actually pay for the funeral and do cover increasing costs. But they still suffer from the problems of losing the lot if you miss a couple of payments, which is far from ideal.
- Direct Cremation Prepaid Funeral Plans are another area where those that invest without understanding can be laying the seeds of upset for those left behind. They are cheap, but not only you but your friends and families need to fully understand them.
- Funeral Directors Fee Plans (item 2). At the moment the typical cost of a funeral is around 60% the funeral directors fees, and perhaps 40% for third party costs. These are mainly crematorium fees, doctors and minister/ celebrant to run the service. With burials, the cost of the plot may be an additional cost of some size. Church fees and the extra undertakers staff time are more too. Those extra costs will have to be found before the funeral can take place. So, once again, you need to be sure exactly what you are buying or those left behind may be shocked when they discover just how much is left to pay.
- Cut Down Cut price funeral plans are a mis-selling scandal waiting to happen with folk buying “cheap” plans without a full understanding of why they are cheap. Read the article. They are typically a few hundred pounds cheaper than a standard plan. We do not like them at all. Why? Because they are cremation only (which is fine) but they use cheap time at a crematorium which could be (often) up to 50 miles as the crow flies from home. Worse, the service will typically start no later than 9.30 am on a Monday to Friday to suit the undertaker. So it just could be impossible for family and friends to attend, especially if they need to use public transport. Of course, for some people with a cheap crematorium (not owned by Dignity is a good start) round the corner, they will work out fine. But we recommend not taking the risk, and we can sort out an affordable alternative.
- Standard Funeral Plans. These typically guarantee the funeral directors fees (maybe 60% of the cost). However, they don’t normally guarantee the third party costs will be paid in full. Most make an allowance towards that cost in the range of £840 to £1,200. Some will index that contribution in line with CPI or RPI, and one just invests the money and you get whatever return it makes, good or bad. Costs intended to be covered are typically crematorium fees (or the cost of digging and refilling a grave you already own), doctors fees (where payable) and a fee for a professional leading the service. Typically flowers, printing or advertising are not covered, nor is the cost of buying a grave for burial (in any plan we know of).
- Standard Plus Plans. These usually add a limousine to the standard one, sometimes a bit of extra gloss on the coffin.
- Deluxe Plans typically provide two limousines, a posher coffin and maybe a spray of flowers. Sometimes they will add other bits and pieces of modest value, but these vary too widely to generalise.
So why not take advantage of our expertise on prepaid funeral plan reviews and give us a call? Even the call is free!
We are not tied to any providers (unlike most). We won’t hassle you or pass your details to third parties. We can almost certainly save you money, perhaps a lot. And you might find our Bonus Vouchers really relevant!
Why not call us on 0800 0588 240?
5 minutes could really make a difference.
Fast Approaching – the Prepaid Funeral Plans Price Rise Season.
Price rises can easily be avoided by acting now, rather than delaying. Even if that means paying over time (up to 10 years – you can always pay them of early). We really can’t see prices going down. That said, one of the big mistakes people make is to be rushed into buying just because of a price rise! Being pushed into buying an already expensive plan which may be far from the best is not sensible. So call us first, for genuinely independent advice. It is a free 5 minute chat, without obligation. At worst, it will help you decide what you are looking for in a funeral plan. Please leave a message even when the office is closed: we will get back to you. The 5 minutes talking to us could save a great deal of time, money and grief for those left behind. And we read the small print for you!
Alternatively, download our brief booklet and enquiry form and send it back to us when you are ready. Or there is a more detailed online form at the foot of this page.
There has never been a better time to invest in the security and comfort of a prepaid funeral plan before prices go up further – but our independent advice is more important than ever.
Why not contact us today? Or ask for our brief Guide.
Ask for details of our Best Price Guarantee and (up to) £595 bonus package which is available as a free extra with many plans (but not all).
Why the Prepaid Funeral Review?
There are lots of varying features on which to choose prepaid funeral plans. Some plans have a tremendous sales pitch and massive disadvantages, others have modest which can make all the difference in your precise circumstances – but be pointless to another person. It is about in-depth knowledge and finding out what you need. The Prepaid Funeral Review team will help you decide which of these issues matter most to you so that you can make an informed choice and make the right choice of plan for your unique circumstances. Too many people buy from the first leaflet they come across, or send off for lots of brochures (and then get totally confused!) The Prepaid Funeral Review even offers a personal advice service if you don’t have the time and expertise to study each plan in detail.
Rather than the first funeral plan you come across, which may not be the most right one for YOU, why not let us guide you through the maze of funeral plans?
Prepaid Funeral Plans Reviewed. Funeral Plan Reviews.