Most providers give the same money back guarantee within 30 days of purchase. Thereafter, each provider is slightly different but we will explain the terms of whichever plan we recommend to you.
Apart from the very basic cremation only packages currently available, all other plans will ensure a local Funeral Director.
Yes. The assets and liabilities of the trust must, at least once every 3 years, be determined, calculated, and verified by an actuary who is a Fellow of the Institute of Actuaries or the Faculty of Actuaries.
As long as you remain in the UK your plan will not be affected.
No, unlike many insurance products there are no medical tests to pass.
Many Funeral Plan providers will allow this and it is something we always ask before making a recommendation.
Disbursements (otherwise known as 3rd party charges) are cost elements of a funeral that are outside of the funeral plan provider’s/Funeral Director’s control. These include:
1. Cremation fee (or interment* fee, if burial)
2. Doctor’s fee
3. Minister’s/Celebrant’s fee for committal service at crematorium (or graveside, if burial)
*Interment means digging or opening of a grave
Currently, the national average for the above 3 disbursement is around £1000, so Providers offering a higher level than this with an uplift in line with inflation should ensure all costs are met.
Because the Trust Fund is entirely independent of the Company, in the highly unlikely event that a Provider should go into liquidation or cease trading for any reason, your investments would remain secure and ring-fenced specifically for the purpose of providing the funeral they have bought and paid for. This is because the trust fund is not an asset of the company and because you are the primary beneficiary of the Trust Fund.
With most funeral plan providers, the money a customer pays for their plan is invested in a ring-fenced trust fund that is run independently and has no links to the Directors of the company.
Through the investment of the trust fund, the monies grow in value over the course of the plan-holder’s lifetime. Then, when the Planholder passes away, monies (+uplift as applicable) are released from the trust fund and paid to a local, reputable Funeral Director who then carries out the funeral in accordance with the instructions contained in the plan.
The different funeral plans on the market offer different levels of guarantee. All funeral plans guarantee the Funeral Director’s costs and most give a hefty cost to towards third party costs known as disbursements. Some will, for a small fee, guarantee 100% of all costs excluding the wake, flowers and special requests.
A funeral plan is a means by which people can protect their loved ones against rising funeral costs. They also help to eliminate any uncertainty or indecision regarding what a person’s preferred arrangements should include, giving total peace of mind.
The latest figures for 2018 have shown that the average cost of a funeral is now £4,271 although it can be much more than this depending on the options chosen.