Your Guide to Choosing the Best Funeral Plan
With so many products on the market, how do you make sure you’re getting the best deal on a funeral plan?
Choosing a funeral plan can be overwhelming. There are so many products and options to choose from, all at different price points. How can you make sure you’re selecting the best plan?
Follow this guide to find the best plan for you:
What Should I Look for in a Funeral Plan?
Your best funeral plan will depend on the type of funeral you want to have, and how much you can afford.
Ideally, it would help if you chose a funeral plan offered by a service provider affiliated with the Funeral Planning Authority (FPA)1. These are regulated and offer you the option of independent dispute resolution.
You should also consider the items your funeral plan will cover, such as essential funeral services and third-party fees.
On the whole, the best funeral plans have:
- The essential funeral services covered
- Third-party fee payment guaranteed
- A freeze on rising funeral costs
- The option to move if you change your address
- Flexible payment options
- FPA affiliation
Plans That Cover Third Party Fees
Third-party fees are additional costs outside of what the funeral director charges. These can include the fees associated with the doctor, minister, or cremation.
Some funeral plans will only cover the funeral director’s cost, leaving your loved ones to chip in for third party payments, while others make only a fixed contribution towards them.
A good funeral plan will cover all the funeral expenses, including any third-party fees.
The FPA regulates the funeral plan industry and offers a safety net for those purchasing them.
The FPA has a strict set of guidelines that regulate funeral plan providers.
Membership2 is not compulsory, but around 95% of funeral plan providers are FPA regulated.
Value for Money
The cheapest funeral plans don’t always offer the best value for money, because they may not provide a full range of services.
Most cheap funeral plans cover just the necessary costs, such as that of the funeral director, and leave third-party costs for the family to settle.
Choosing a slightly more expensive plan by covering third-party fees could end up saving your family money in the long term.
How Do I Get Best Value for Money from a Funeral Plan?
To get the best value for money from a funeral plan, you need to ensure you get the most services at the most affordable rate. These plans usually offer the most services, cover all essential expenses and have the most flexibility – all at an affordable price.
These plans are not necessarily the cheapest, but they offer the most comprehensive financial protection for your family.
So, how can you get the best value for money in a funeral plan?
The plans that give you the best value for money will include all the services required for the type of funeral you’ve selected.
Did You Know?
For a traditional funeral, a funeral plan should include transportation and care of the deceased, funeral arrangements, use of a chapel, a funeral service, pallbearers, hearse, and a coffin. These plans may also include other services, such as professional will-writing service and bereavement counselling.
Most of the time, the best funeral plans are fully guaranteed and will cover funeral directors and essential third-party fees. These third-party fees usually include the cremation of burial fees, doctor’s fee, and the celebrant’s fee.
How Do I Compare Funeral Plans?
There are various funeral plans to choose from to suit your budget and needs. The level of service you choose will affect the cost of your funeral plan.
Each funeral plans will be different depending on the provider, which is why you should compare the available options. Providers usually have a few plans with a combination of services at different price points.
How to Pay for a Funeral Plan:
There are several payment options provided by funeral plan providers. This will allow you to pick one that most suits your budget.
The payment option available usually include:
- In advance: This allows you to pay for the plan in a lump sum.
- Over 12 months: This plan charges you monthly instalments over a year.
- Long-term payments: You will be able to pay monthly smaller instalments for a longer-term, usually between 2 and 30 years. These instalments can incur charges or have restrictions.
Most funeral plan providers will cover the services included in a plan even if you pass away before completing your instalments, as long as you have paid 12 months of fees. If you don’t have this benefit, your family will have to cover the outstanding balance.
The UK’s Top Funeral Plans
Based on research by the industry, the top funeral plans are:
- Co-op Gold Plan
- Co-op Silver Plan
- Safe Hands Sapphire Plan
- Avalon Premium Plan
- Golden Charter Premier Plan
- Age UK Rowan Plan
- Open Prepaid Select Plan
- Golden Leaves Platinum Plan
- Avalon Plus Plan
- Dignity Diamond Plan
A Few Common Questions
There are many considerations when choosing a funeral plan, and there are so many options on the market, that is easy to become overwhelmed.
Speak to your funeral plan provider or an independent broker for help in choosing the funeral plan that suits your needs, and as for comparisons between the different plans. This will make sure you get the best deal.