Just like buying a home, a car, or taking the trip of a lifetime, a funeral plan is one of life’s expensive but useful products. However, you should take your time in choosing the right product, and provider for you.
Plans vary widely in terms of what is included and the cost and payment duration available, so it’s important you conduct plenty of research to find the best funeral plan for you before committing.
I’ve taken a look at some of the factors you should consider during your search.
First and most important – Is the provider registered with the Funeral Planning Authority (FPA)?
The Funeral Planning Authority (FPA) is an organisation set up by the funeral industry to regulate providers operating in the UK pre-paid funeral industry. Any provider registered with the FPA has demonstrated they can work to the high standards set out in the strict code of practice and have submitted their finances and company procedures for review.
When searching for the best funeral plan, I recommend looking for a funeral plan provider registered with the FPA. Not only will you receive extra protection, purchasing a plan through a registered provider will allow you access to an independent dispute resolution process should you have any problems with your provider.
A registered provider with the Funeral Planning Authority will help protect customers and give them the extra reassurance they will receive the funeral they have paid for.
2. PROTECTION AGAINST INFLATION AND ADDITIONAL COSTS
Funeral plans versus guaranteed over 50’s policies.
Many people have savings set aside to cover their funeral costs. But with very low interest rates, and the rising costs of funerals, there is no guarantee the money you have saved will cover your funeral costs in years to come.
Others often look to guaranteed over 50s insurance policies, however, the majority of these policies only offer a lump sum payment at the time of your death. These insurance policies do not cover your funeral director’s costs which in turn, could leave your family with additional costs to cover at an already difficult time.
3. YOUR BUDGET AND PAYMENT FREQUENCY
How much can you afford to pay and how often?
I understand not everyone can pay for their funeral plan in full. That’s why with a pre-paid funeral plan you can choose a payment option to best suit your budget.
From low cost monthly instalments and fixed monthly payments to 12 month terms and paying in full, there are payment types to suit you.
4. INCLUSIONS AND EXCLUSIONS
Compare what is included in each plan.
Although funeral plans tend to guarantee the funeral director’s services included in the plan, your choice of plan should be based on what is included in the plan.
For example, a basic plan may only include a simple coffin and a hearse, whilst another may include a high quality or superior coffin alongside limousines for your family members or mourners. When choosing your funeral plan, I recommend evaluating which plan best suits your requirements.
5. YOUR FUNERAL REQUIREMENTS
Consider the type of funeral you want.
Above all, before selecting a funeral plan provider, you should consider the type of funeral you want. Whether you would prefer a burial or cremation or have a preference over flowers, hymns, readings or music you would like to have at the service, many funeral plans allow your wishes to be documented.
In doing so, this provides you with the peace of mind that you have shared your final wishes and can be a comfort to your loved ones that they have given you the send-off you wanted.
6. THE NEXT STEP
Okay, so I said there were five things to consider when actually there’s a sixth and final step.
Now you know all of this what are you going to do about it? Luckily for you, as a Financial Planning Expert, I’ve been searching the U.K. for the best Funeral Plan providers. I’ve considered all of the above points I’ve made and with that in mind I recommend completing our 30 second Funeral Plan calculator here.
Here’s how it works:
Step 2: The most competitive plan provider for your area will give you a call using the number you provided.
Step 3: Answer the call, speak to their friendly Adviser and lock in today’s prices.
I’ve helped thousands of U.K. Seniors protect their loved ones from the greedy funeral industry.