Prosperous Life Funeral Plans Reviewed 2022: Important Reading: Good, Bad?

We are NOT Properous Life – we just review their plans.  Their number is 0800 046 5903: we offer FREE independent advice on choosing NEW funeral plans. They are not FPA Registered but have applied for FCA regulation. They are not on our Best Buy List.

Your comments are welcome at the foot. The plans themselves are not competitive with the many of the leading plans: not disastrous, just worse than many, primarily because the allowance for third-party expenses is £200 or more less than better plans – indeed, the better ones mostly offer guarantees rather than just allowances.   That doesn’t mean you should go out and cancel existing plans, that wouldn’t help!  However, the main complaint seems to be taking a deposit (which effectively starts a plan 30 days later) to get a posted brochure and those all-important but often unread Terms and Conditions.  Some may not even realise they have bought a plan until the next payment comes out, by which time you may have passed the free cancellation period.  That’s right, you could buy the plan BEFORE they can even be sent proper details of what you are buying.  BUT:

I am told you can avoid this: just ask for a brochure and terms and conditions by email only, and do NOT part with any payment details at this stage. There is NO NEED to pay any form of deposit UNLESS you are taking out a plan.

Remember, the main market for these plans is older folk some of whom will be vulnerable or lacking in the confidence to insist on reading a PAPER brochure and Terms and Conditions which they can actually read before making a decision.  Prosperous state that ALL clients approach them and can only do so if they are “digitally adept” and will (obviously) have read the Terms and Conditions on Prosperous Lifes website and be fully informed!   Many older people (and indeed, younger ones) are not used to dealing with salespeople and are more easily persuaded into things than they should be considering with care.  These salespeople work for Prosperous Life and are required to use standard scripts, but they strictly follow company policy.

NEVER Part with Card Details to BUY A FUNERAL PLAN WITHOUT READING THE BROCHURE and Terms of Business CAREFULLY.

The majority of the calls we have fielded have been asking for refunds during the cancellation period, and all we can suggest is to write to them Recorded Delivery and make sure you keep a copy of the letter as well as the Post Office Receipt. We understand from calls that refunds take a minimum, of 2 weeks, and there is a substantial penalty if the client does not read the Terms of Business regarding cancellation which is penalty-free with 30 days of their initial payment, their address appears at the foot of this review.  We have never recommended a Prosperous Plan – which is not a criticism, and we’re not suggesting anyone rushes out and cancels one.  They are reasonable, but there are better plans available, and we always try to recommend the best plan for each individual.

Prosperous Life Funeral Plans

Prosperous Life Funeral Plans are another newish player in the funeral plan market. They offer a simple range of three plans. Read our review below. To find out if they would be right for you, call us on CLOSED for free Independent Advice in this complex market.  To be blunt, I see no reason at this point in time to recommend them. Better plans are available at similar cost. Hopefully, they will improve their allowance for third-party costs.

Should you have a complaint about Prosperous Life Funeral Plans, DO NOT CALL US please, their contact details are at the foot of the page. Our main concern is that their staff seem to be selling plans over the phone on the basis that there is a cooling-off period where the client can cancel. Nothing wrong with that, but we think customers should get the chance to read the small print before handing over bank details and cash – and that shouldn’t be done over the phone, or even by email with older clients. Just our view!

You should be aware that the guarantee offered by Prosperous Life covers only the funeral directors own fees, and not third-party costs, except the index-linked amount, which are typically around one-third of the total cost. They do have an allowance of £1,000 available, which is a bit lower than most. It is automatically indexed in line with the Consumer Price Index as are most other plans, but they MAY at their discretion increase it.  Hardly ideal! Almost certainly, your family will need to find a significant top-up at the time. Even in 2021, some crematoria are charging £1,500 – already £500 over the Prosperous Life allowance without taking anything else into account, though in some areas it should cover at least the crematorium fee.

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More concerning is that they will attempt to contact you at age 90, and if they receive no reply within 7 years, they will retain the plan benefits! We were very critical of the Coop doing that at age 110 (they don’t anymore) but at age 97 there will be some people who lose out for sure. If you have one of their plans, be sure to keep them updated with your address (which is a good idea with any plan.)

The Prosperous Funeral Plans range:

1) The Silver Funeral Plan £3,645

is what we would call a standard funeral plan, it covers the funeral directors costs with an indexed allowance of just £1,000 towards third party costs. In all cases, Prosperous Lifes’ cooling-off period during which you can cancel a plan and get your money back within 30 days of purchase (which is when you pay the deposit to get the brochure), so do make sure you read the small print on receipt, as you should with any plan. The amount allowed for third party costs on all of their plans is significantly lower than that offered by any plan we would recommend.

2) The Gold Plan at £3,995

adds a limousine for the family and a listing of floral tributes and an upgraded coffin.

3) The Prosperous Life Platinum is £4,245

upgrades the coffin and adds a second limo for family members.

Is your money secure?

The funds are held in a Trust, independently managed by Embark Actuarial they tell us.  We have no reason to believe that the Trust is in any way insecure, but we have no knowledge of the Trust or its expenses. As the FCA takes over, the irony is that more information will become available to Independent Advisers – but there probably won’t be any left!

What do the Prosperous Life Funeral Plans NOT cover?

  • If you choose burial, the plan does not cover you for the purchase of the burial plot (nor do other plans).
  • The plan does not include the cost of repatriation back to the UK, if you die outside of the UK (nor do other plans).
  • If the allowance for the third-party costs does not fully cover them at the time of need, the balance will need to be covered by your next of kin or representative.
  • Any requests you have made on the personal request form that fall outside the plan ie flowers, memorials that have not been paid for.
  • There may also be further costs if your next of kin or representative chooses a different funeral director than the one stated on the plan certificate.

What is Prosperous Life cancellation policy?

You can cancel your plan at any time. To receive a full refund of any payments made you must cancel the plan within the cooling off period which is 30 days from the date you take out the plan. If you cancel your plan after the cooling off period, and following a receipt of your written instruction, you will be entitled to a refund of any monies paid, minus a cancellation fee of £595. Where you have paid less than £595, no refund is payable.

Prosperous Life Funeral Plans Reviewed.

Their adress is 11 Warren Road, Cheadle SK8 5AA. Their direct number is 0800 046 5903 or 0161 850 7586. Alternatively, email admin@prosperous-life.co.uk  – but we would recommend sending any cancellation in writing, by recorded delivery. Their Companies House Record is here.

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