What is the best Funeral Plan?

Oct 14, 2013
What is the best Funeral Plan?

Best Funeral Plans

 Funeral Plans give you the opportunity to arrange and pay for your funeral at  today’s prices, helping save  money by avoiding funeral inflation and most  importantly removing the painful decision making from your  family when the  time comes. They are therefore an important part of your personal and financial  plans so  you want to be sure you make the right choice when it comes to  buying one. 

Thinking about our demise for want of a better expression is not an easy thing to do, so it is little wonder that many of us avoid the topic of conversation for as long as possible. Given that dying is one of life’s few certainties and will inevitably have a huge impact on those we leave behind, taking time to think about what will happen and putting plans in place is a kind and dare I say sensible thing to do.
But where do you start? How do you know what are the best funeral Plans for you?  

Shop around for Funeral Plans

The key to choosing the best funeral plan both in terms of service and value is as always to shop around. A benefit of advance planning is that you are more likely to do this and to be clear minded about what you want and how much you are prepared to pay. Families in general don’t usually query or compare prices ‘at need’ as it is too upsetting or perhaps some might feel, disrespectful. Let’s face it, it’s not really a time you want to start haggling over prices is it? 

Funeral Plan Prices
Cost is usually one of the main considerations when choosing a funeral plan although these days there are a number of ways you can pay which can help with budgeting. Typically you can choose between 3 types of funeral plan; standard, mid-range and superior, costing between £2,900 and £3,700. 

Many Funeral Plan Providers give you the option to pay in full, by monthly instalments (anything over 12 months usually incurs additional admin charges) or with fixed monthly premiums. With the fixed monthly payment option, your money is invested into a guaranteed life insurance policy so you pay the premium either until you die or your 90th birthday however your funeral services will be provided after an initial period of between 6 months to 2 years.

What is included in a Funeral Plan
Funeral Plans do vary so it is worthwhile comparing what services are included to ensure your needs are fully covered. Many plans cover the costs of the funeral director’s fees which includes the coffin, a hearse and depending on the level of cover 1 or more limousines, transportation and care of the deceased, administration work, use of a chapel of rest for family viewing and staff for the funeral service itself. 

Some funeral plans may also include either an allowance or full payment of third party costs, also known as disbursements. These include cremation or burial costs as well as doctor’s and minister’s fees. The allowance will vary but is usually in the region of £1000. 

With third party costs for cremations currently averaging around £825, this could be sufficient to fully cover these charges however it does depend on where you live and what happens with funeral inflation in the future.
If you want to be certain to fully cover these costs, plans are available that guarantee payment but they may be more expensive so you will need to take that into consideration.

To help you compare some of the leading funeral plan providers and get a feel for what is on offer; why not take a look at our funeral plan comparison page. You can compare funeral plans with 3 of the market leaders, see at a glance what each has to offer and choose the best funeral plan for you.

Oh and once you have chosen your funeral plan, just let your family know what you have done or make sure the plan details are somewhere they will be found when the time comes.  They will thank you for it one day, you can be sure of that.

By Ashley Shepherd

Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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