Prosperous Life Funeral Plans Reviewed 2021: Important Reading: Good, Bad?

We are NOT Prosperous Life – we merely review their plans.  Their number is 0800 046 5903: we just offer independent advice on choosing NEW funeral plans. They are not FPA Registered.

Despite a good rating on Trust Pilot, which does not seem to reflect what we hear from the public, we get more complaints about Prosperous Life Funeral Plans than the whole of the rest of the market put together.  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 competitive 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! The big issue with the plans themselves is that the allowance for third-party costs is significantly lower than better plans. However, the main complaint seems to be high-pressure sales techniques and keeping selling until people pay a deposit (perhaps to get rid of the salesperson!) BEFORE they can even be sent proper details of what they are buying. “If you pay the deposit now, we’ll hold the price” is the sort of thing the salesperson says, we are regularly told, after the salesperson gets authority from his/ her manager. Prosperous Life denies making cold calls – if you get one from them, please let us know. They also state that it is expensive to send out brochures which is why they insist on a deposit before sending one out.  This is not normal industry practice and, bearing in mind the market they operate in, is wrong: IN OUR OPINION.

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 Life 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!  Not an excuse in my opinion for refusing to send written pre-sale information INCLUDING Terms of Business – what are they afraid of? 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.  It may be that these salespeople do work for Prosperous Life and are required to use standard scripts, but they apparently strictly follow company policy.  See the Daily Mail article from 2019.  If they are so desperate for sales that using a deposit to “hold prices” to trick people into committing themselves is just plain wrong.  Yes, you can get your money back, but you will lose it (or a proportion of it if you paid a large deposit) if you don’t ask soon enough, and it takes over a month we are told to get a refund. They deny this, and claim 2 weeks is normal, but we have been told by their staff in the past that it takes 5 weeks as the money has to be refunded via their Trust Fund rather than direct from Prosperous Life.

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 5 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 (we have asked of what), their address appears at the foot of this review.  UPDATE Prosperous Life claims that it only takes around 2 weeks to get a refund, so it looks like things have improved. 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 0800 0588 240 for free Independent Advice in this complex market. Prosperous Life does seem to be making some waves in the market, some of them not positive. (We are now told that they employ all sales staff, so are totally responsible for their conduct). Other companies have had similar issues in the past and sorted them out. To be blunt, I see no reason at this point in time to use Prosperous Life. 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. Just our view! The Daily Mail is not keen on Prosperous Life either!

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 – £500 over the Late Life Planning allowance.

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Be aware that, despite information to the contrary on other sites, they are NOT currently regulated by the Funeral Planning Authority. It is not something that Prosperous Life claim themselves, just an error on another site. There is also a claim that they offer no refunds, retaining funds until death. This is also incorrect, as money paid in can be refunded on request less a cancellation fee which is currently £595.

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 Life Funeral Plans range:

1) The Prosperous Life Silver Funeral Plan £3,595

is what we would call a standard funeral plan, it covers the funeral directors costs with an indexed allowance of £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 is a little short at 14 days, so do make sure you read the small print before you buy, as you should with any plan. The amount allowed for third party costs on all of their plans is a little lower than average.

2) The Prosperous Life 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 £4,195

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

Is your money secure?

The funds are held in the same Trust as those of Pride Planning the Great British Funeral 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.

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.
  • The plan does not include the cost of repatriation back to the UK, if you die outside of the UK.
  • 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.

Prosperous Life Funeral Plans Reviewed.

Prosperous Life Ltd of  Sinclair House, 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.

Companies House Record of Late Life Planning Ltd

Companies House Record of Prosperous Life.

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