Finding a funeral plan that suits your budget and end of life wishes can be difficult. Try this list to find a funeral plan that gives good value for money.
Losing a loved one is a difficult experience, but your grief can be compounded if you have the stress of meeting the financial obligations that come with a funeral.
Funeral costs are rising annually – with the cost of a funeral recently estimated at over £4000 – and it’s no wonder more, and more people are purchasing funeral plans to cover the cost of their services.
Funeral plans usually cover basic costs such as transporting the deceased to the funeral home, the coffin, and the funeral director’s fees.
But with such a number of products on the market, it can seem daunting to find a funeral plan to meet both your needs and your budget.
Consider this when searching for an affordable option:
What Should a Cheap Funeral Plan Cover?
Every funeral plan is likely to differ, but they should all cover the basic costs. To make sure you’re getting a good plan, look out for these benefits:
A Guard Against Inflation
Most funeral plans will ask for a fixed, one-off fee and will factor in the possible increase in funeral costs. Speak to your funeral plan provider to ensure that your funeral plan is protected against inflation, to ensure your family is not left with any bills after your death.
The Funeral Planning Authority has been formed to regulate the funeral insurance industry. Ensuring your funeral plan provider is registered with the FPA will give you the peace of mind that they are a credible company that follows a strict code of conduct and specified procedures.
A good funeral plan will provide you with a funeral guarantee, meaning the funeral home will accept payment for the selected services at the time of death. This relieves loved ones of the burden of paying for additional funeral costs.
How To Compare Funeral Plans
There are numerous products on the market2, and you may find it difficult to distinguish between the features of different funeral plans. You’ll also want to keep your funds away from crooked companies that might try to charge you hefty fees.
When comparing funeral plans, ask these 4 questions:
- Are my funds going to a registered and secure company?
- How often will I have to pay installments, and how much will they be?
- What services are offered in my plan, and do they match my end of life wishes?
- What type of funeral do I want, and how does my funeral plan cater for these?
Top Cheap Funeral Plans
The funeral cost will vary depending on what services you chose, but you’re likely to pay between £1,600 and £4,200. These are the best funeral plans that offer good value for money, especially if you’re on a limited budget:
- Golden Leaves: Priced from £1,644 or £20 per month, this provider offers a wide range of plans which are fully guaranteed, and includes the services of a funeral director, advice on funeral registration, collection of the deceased, care of the deceased, as well as a coffin and a hearse.
- Dignity: Offering four funeral cover options priced from £2,795, all of which include funeral director fees, cost of cremation, and the celebrant’s charge.
- Co-operative Funeral Care: This company has more than 1000 funeral homes and offers funeral plans from £2,895, at fixed costs and cover all aspects against rising costs.
- Memoria: Priced from £2,490, the company offers three plans which are all fully guaranteed.
- Age Co: Four different plans are available, starting at £2,770. This company covers basic costs such as transportation of the deceased, care of the deceased, funeral director services, and a hearse.
- Golden Charter: This company offers four plans, with costs starting at £2,895. The funeral director fees are covered in these plans, but other services are provided on an allowance basis.
- Pride Planning: Priced from £2,495, there are four plans available which cover funeral preparation services, a funeral director, and funeral arrangements.
- Open Prepaid Funeral Plans: These plans, which start from £2,995, are tailored to protect the insured, and a funeral director is tasked with delivering funeral services.
- Sunlife: As a specialist in Over 50s plans, this company offers three funeral plans costing from £2,895. The basic plan offers only a direct cremation, without a funeral service.
- Avalalon: This company allows customers to buy the plans directly or through third-party companies and offers three plans. The most affordable of these is a cremation only service, priced at £1,895.
A Few Common Questions
Consider asking your funeral plan about what changes you’ll be allowed to make to your funeral plan later, as well as what cancellation fees are in place. It’s also a good idea to get a break down of what expenses are covered by the funeral plan, and what fees will have to be paid by your family.
Most funeral plan providers will allow you to pay for the plan in a lump sum or through monthly installments. The period over which you pay off the funeral plan will depend on the service provider.
Most funeral plans will specify a list of funeral directors from which you may choose. If you have a specific funeral director you would like to make your arrangements; you may have to consult with your funeral plan provider or upgrade your plan.
The price of your funeral is usually fixed at the rate at the time of your purchase. This means you will be protected from rising funeral costs. However, cheaper funeral plans may not cover third party costs, and these may increase over time.
There are many affordable funeral plans on the market that offer you good value for money and a wide range of services.