COMPARE - FUNERAL PLAN PROVIDERS
* Sun Life 2015/6
What is a Prepaid Funeral Plan - Compare Funeral Plan Providers in 2020
A Funeral plan can be paid either in -
- One Lump Sum upfront
- Deposit plus regular instalments for the balance
- Over a set period from 1-10 years
If however you have not paid the balance upon death your family will have to still pay this
Usually the longer the repayment period - the more likely interest charges may then also apply
Although people sometimes focus on the cost aspect, a prepaid funeral plan will also allow you to plan ahead various details of how you ideally would want your funeral to run (whilst alive). This means in reality your family will have one less thing to worry about, as they begin to cope with their loss or rather than perhaps family arguments as to when you may have wanted.
When comparing Funeral Plans - Providers usually offer 4 styles:
- Funeral Directors fees costs paid [ but not 3rd party fees ]
- Funeral Directors fees costs paid plus contribution re 3rd party fees
- Funeral Directors fees costs paid & 3rd party fees, 1 Limousine
- Funeral Directors fees costs paid & 3rd party fees, 2 Limousines
Though this varies between providers and the type of plan you choose, most prepaid funeral plans will address the following arrangements:
Types of Coffin
Transport arrangement distances of deceased person
Viewing of Deceased
Transport arrangements at Funeral - Limousine or own car for mourners
Funeral Director Fees
Cremation or Ministers Fees
Guidance on the registration of the death and collection of all necessary paperwork for the funeral to proceed
Co-ordinating with individuals and organisations, managing logistics as required for the funeral
Any flowers or tributes and managing collection and payments of any charitable donations
Collection and transportation of the deceased to the Funeral Director's premises, at anytime, 24 hours a day ( and within a specific mile radius, excluding ferry or air fares)
Whether you want to be buried [ this is an extra plot cost not included within the plan] or cremated
What you want to actually happen at your funeral
An allowance to 3rd party costs
Usually do not provide costs toward burial plots, headstones or memorials
Some will make a provision for these and other customisations at an extra cost
Cancellation variable charges
Most Providers also allow immediate plans paid after someone has passed away
In conclusion, a Funeral Plan provides peace of mind after you pass away most of the major decisions & costs will have been made.
Key Features and Benefits - Funeral Plan Providers Comparison 2020
The UK Funeral Plan Providers market place is currently split into 3 main sectors - COOP, Dignity & then Independant Providers
Compare Dignity Funeral Plans
- Most Independant Funeral Plan Providers allow you to spread the cost of you funeral plan over 24 months without incurring additional charges for doing so - whereas Dignity will currently only offer this over a 12 month period
- Some Independant Funeral Plan Providers allow you to nominate a Funeral Director from an approved panel & if your preferred option is not currently a member of the panel may endeavour to add them and allocate your funeral to them whereas Dignity will only allow you to use one of a limited number in their network
- Most Independant Funeral Plan Providers can offer pre-paid funeral plans to anyone over the age of 18 whereas Dignity can only offer plans to those over the age of 50
Co Op Funeral Care Plans
- Most Independant Funeral Plan Providers allow you to spread the cost of you funeral plan over 24 months without incurring additional charges for doing so - whereas Coop currently will only offer this over a 12 month period
- Some Independant Funeral Plan Providers allow you to secure your chosen plan now and if in the future you decide that you want to add some additional requirements to you plan you can do so at any time. Co Op on the other hand will only allow additional requirements such as an extra limousine to be added at the time of need once you have already taken out a plan or unless you upgrade to a more expensive option
- Some Independant Funeral Plan Providers give you the option to pay for your funeral plan over a period of up to 10 years which gives the flexibility of affordable payments whilst keeping the total amount payable realistic. The Co-Op will allow you to pay in instalments up to 25 years (depending on age when plan taken out) but that will increase the total amount payable by nearly £2,500 in some cases. There is also the option to pay fixed monthly payments for life or up to 90 years of age which could result in significantly more money being paid in than required to cover the funeral.
- Some Independant Funeral Plan Providers will allow you to select a set plan but if you require some additions that are not included in your chosen plan this can be added during the phone call and charged for once the price is agreed with the funeral director. If you require anything other than the set plan that the Co Op offers then you will need to make an appointment with your local Co Op funeral directors to go in and create a bespoke plan that can be more expensive and time consuming
Safe Hands Funeral Plans
- Safe Hands will currently allocate the Funeral Director at the time of need therefore you cannot be certain that the Funeral Director you nominate will actually be the one to organise the funeral. Other Independant Funeral Plan Providers will allocate a Funeral Director from an approved panel within 28 days of signing up.
Avalon Funeral Plans
- Some Independant Funeral Plan Providers allow you to spread the cost of your funeral plan over 24 months without incurring additional charges for doing so - whereas Avalon will only offer this over a 12 month period
- Some Independant Funeral Plan Providers give you the option to pay for your funeral plan over a period of up to 10 years which for some gives the flexibility of affordable payments. Avalon will also allow you to pay in instalments up to 10 years but there is also the option to pay fixed monthly payments for life or 90 years of age which could result in significantly more money being paid in than required to cover the funeral.
Golden Charter Funeral Plans
- Some Independant Funeral Plan Providers give you the ability to pay for your funeral plan in instalments providing the balance is paid by the time you are 85 or 90, however Golden Charter require you to have paid the balance by the time you are 80
- Some Independant Funeral Plan Providers allow you to spread the cost of you funeral plan over 24 months without incurring additional charges for doing so - whereas Golden Charter will only offer this over a 12 month period
- Some Independant Funeral Plan Providers offer flexible payment options up to a maximum of 10 years, whereas Golden Charter can offer payment terms up to 30 years depending on your age. This does reduce the amount you will pay monthly but means that the total amount payable maybe more than double the original plan cost in some instances. There is also the option to pay fixed monthly payments for life or 90 years of age which could result in significantly more money being paid in than required to cover the funeral.
- Some Independant Funeral Plan Providers allow you to make changes to your plan after you have taken it out. So if you move house and need to change Funeral Director there will be no additional cost to you. This is not necessarily the case with Golden Charter who may require you to make additional payments to the Funeral Director
Golden Leaves Funeral Plans
- Some Independant Funeral Plan Providers give you the ability to pay for your funeral plan in instalments, some providing the balance is paid by the time you are 85 or 90, however Golden Leaves only allow this facility if done before age 75
- Some Independant Funeral Plan Providers allow you to spread the cost of you funeral plan over 24 months without incurring additional charges for doing so - whereas Golden Leaves will only offer this over a 12 month period
Pride Planning Funeral Plans
- Some Independant Funeral Plan Providers give you the ability to pay for your funeral plan in instalments, some providing the balance is paid by the time you are 90 or longer, however Pride Planning only allow this facility if done before age 85
Life Insurance v Funeral Plans
- Life insurance can take at least 30 days to be reviewed and the money released. Most Funeral Plan Providers will supply you with 2 copies of certification for your plan which will include the Funeral Directors details. This means that when the time comes your family will simply need to contact the Funeral Director who will take care of all the other arrangements based on your wishes
- Funeral Plans will usually secure the cost of your funeral at today’s prices, dependant on the plan type but Life Insurance will not fix the price of the funeral; the cost of funerals will continue to rise and the payment made by the policy may not cover the funeral costs at the time.
- Funeral Plans do not require you to complete any medical tests or answer any medical questions meaning that is simple and straight forward for anyone to take out a Pre-Paid funeral plan
- Life Insurance can take longer to underwrite and not everyone will be accepted or may be required to pay considerably more due to health issues
- If you take out a term lifecover, it may end before you pass away meaning your family still have to cover the funeral costs
- Life Insurance is subject to probate & unless in trust, may take a while to release funds to help pay towards funeral costs. Some providers will release funds upto say £10k to help solve this issue.
Over 50’s Plan Life Insurance v Funeral Plans
- Once you have paid for your Funeral Plan and secured your funeral at that cost, you have guaranteed to cover the cost of the funeral. Over 50's Life Insurance usually has a 12-24 month qualifying period meaning that a claim can only be made after payments have been made for this time
- Pre Paid Funeral Plans can secure the cost of the funeral at today’s prices to cover the financial cost of your funeral, whereas with an Over 50‘s Plan the end value is normally minimal due to the low monthly payments. This may not necessarily secure the cost of the funeral meaning that the end value may not be enough to cover the funeral costs
- The policy is paid for life so depending on how long you live, the end value may be less than what was paid into the policy
- Some plans include upto £250 contribution by a Funeral Plan providers & to ensure that upon death the lifecover proceeds are initially paid directly payable to that Provider with the balance then to the family.
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