Monthly Payment Funeral Plans
If you are looking to pre-pay for your funeral but prefer to spread the expense, you’ll be pleased to know that there are a number of options available to you, as many providers now offer a range of pay monthly funeral plans.
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All providers offer instalments but some companies also give you a choice of ‘fixed monthly payments’ too which work in a very different way. We explain how these types of monthly payment options differ:
Pay monthly funeral plans
All plan providers offer monthly payment plans with various instalment options; the majority allowing you to spread your payments over 12 months with no additional fees. The company may or may not require some form of deposit, then divide the remaining balance over 12 months.
If you prefer lower monthly premiums, you can choose instalments over a longer period but this will incur additional fees. Quite simply the longer the term, the more expensive the plan will be. Once you have agreed the monthly fee though the amount is fixed and will never change, i.e. the instalment payments will not go up even if costs continue to rise.
Many providers allow payments over 3, 5 and 10 years with some also offering up to 25 year instalment plans depending on your age. It is important to understand exactly how much the plan will be once all of your instalments have been paid to ensure you are happy with total amount. The additional instalment charges do vary from provider to provider and can work out a lot higher with some however these figures are generally made clear on the documentation before you buy.
Depending on the company, your money will be paid into either an independently managed trust fund or a life insurance plan with funds being made available when the time comes. If you cancel the plan at any time after the free cancellation period which is usually between 14 and 30 days, your money will be refunded minus an administration fee which varies from plan to plan.
You are covered for your funeral services once you have completed all your instalments. If you were to die before the instalments are complete, the money you have paid to that point would be used as part payment for your funeral services and your family will just be asked to make up any shortfall. As pre-agreed, this will be at today’s prices, avoiding any inflation that may have arisen.
How much is a funeral plan per month?
A monthly funeral plan will cost you from £16.80 per month paying over 25 years. Some providers require a deposit too however with the plan we recommend, there is no deposit and some of the most competitive monthly payments, which means you pay back less overall:
Monthly Payment Options
|No of Years
||Total Amount Payable
- once the plan is paid for there is nothing more to pay, no matter when it's needed
- if you die during the payment period, all your payments will go towards your funeral and any shortfall made up by your family, but at today's prices (they will not have to pay for any price rises) potentially saving them £000's.
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