The FIVE most popular prepaid funeral plan questions & answers
Are you considering a prepaid funeral plan?
We appreciate it's not easy to find credible and unbiased information on the internet. Before You Go is here to change that.
To help you with your research and buy wisely, here are the short answers to the five most commonly asked funeral plan questions.
If you have other burning questions, chat with one of our funeral planning specialists straight away or check out our Help & Inspiration knowledge centre.
Are prepaid funeral plans a good idea?
During your lifetime you’ve given emotional support to your loved ones and financial support too when you can. Choosing to prepay your funeral now provides that same support for those you leave behind, and at a time when arguably they need it most.
You pay your funeral in advance, fixed at today's prices, so loved ones won't be burdened with the sudden expense and the added rise in funeral costs. You also get to decide the details for your send-off, so there are no difficult decisions for loved ones to make when they are already coping with their loss.
What are the downsides to a prepaid funeral plan?
Before we begin to answer this, you should know that funeral plan problems are rare and often completely avoidable when you buy from a reputable company. In 2020, complaints dealt with by the Funeral Planning Authority represented 0.02% of all financial product complaints resolved by the Financial Ombudsman Service in the same year.*
Here's a brief summary of the three most common prepaid funeral plan issues experienced by bereaved families and how they can be resolved.
* Competition & Markets Authority report 2020
How safe is my money in a prepaid funeral plan?
Under the Financial Conduct Authority (FCA) rules, a funeral plan provider must set aside the money to pay for your funeral in a trust or a guaranteed whole of life assurance policy kept separate from the plan provider company. This ensures your money is ring-fenced and available when needed.
Am I eligible for a prepaid funeral plan?
Whilst some funeral plans require you to be aged 50 and above, there are plenty of funeral plans with no age restrictions.
If you fit within the age profile of the funeral plan, you are guaranteed to be accepted. There are no health questions, and you won't need a medical.
Which is the best funeral plan for me?
The best funeral plan for you will depend on your personal preferences and financial circumstances.
Consider the three factors below before you begin getting quotes for funeral plans. If you want help with exploring your options more fully, download our free simple and easy to use Funeral Wishes Planner.
WHAT DO I NEED FROM A FUNERAL PLAN?
1. What type of funeral and service do I want?
Cremation or burial? With or without a funeral ceremony? Do I want my family to have the flexibility to choose the date and time of the funeral? Do I want to include family cars in the funeral plan - if so, how many?
2. How much of the funeral cost do I want to be covered by my funeral plan?
All funeral plans cover the funeral director's fees as outlined in the plan. Do I want to include some or all of the third-party cremation or burial and extras costs too?
3. How would I like to pay for my funeral plan?
In a single payment, in monthly instalments, or to keep the cost right down with the Fixed Monthly Payment (FMP) option - where I will need to make monthly payments for life or until a specific age (typically age 90)?
Leave great memories,
not loose ends with this Funeral Wishes Planner.
Document your Funeral Wishes so loved ones don't have to worry about the detail. They can simply follow your instructions and remember the good times.