Funeral plans

Pay now, die later

Why? Well the financial benefit of buying now is obvious, as none of us know how much a funeral will cost in the future – because none of us know when we will die.

More importantly though, a funeral plan can prevent your loved ones from having the hassle and costs associated with organising a funeral. Address it now, and you can leave your loved ones a detailed plan of what you want to happen, and they can often make a single call to the Funeral Director you’ve nominated, or to the funeral plan provider. Or indeed us.

We offer independent Funeral Plan advice

Talk to us about your wishes. The ultimate goal is to document your wishes and make sure people close to you know that you have dealt with this and where easily to find the paperwork.  Our clients often give a copy of paperwork to children, but we also have copies so we can step in and do everything that needs to be done in the event of sudden death if relatives are not available.

What does a funeral cost?

Funerals are often the biggest single items on credit cards, as they generally have to be paid for in advance. (We have even seen crowdfunding because people do not have the money to pay for a Funeral.)

SunLife’s 2020 Cost of Dying Report reveals that the cost of an average funeral in 2019 had risen to £4,417. That was a 62% increase from £2,726 just ten years previously.

A friend’s mother died quite recently, and the funeral cost £4,795. With only a little planning ahead, the same funeral could have been covered as part of a prepaid plan, with the same undertaker, and would have cost £3,250, saving  £1,545.

Plus, inflation means the cost of funerals is only going to increase. What would cost £4,795 today could rise to £7,481.67 in just 10 years with a modest 4% annual increase, making it more important than ever to lock in your payment plan today.

Change is on the horizon

Regulation by the Financial Conduct Authority is on the way (in 2021/2). This will have a significant impact on funeral plan provider costs. We estimate the average prices will increase by nearly 10% to account for additional paperwork.

Security will be even stronger, but the market will be less competitive and innovation will be discouraged.

Worse still, independent advice like ours could be driven out of the market. Why? The FCA intends to introduce a provider-controlled enforcement scheme and we will potentially have to adopt entirely different procedures for recommending the plans of each of the twenty plus providers.

There are many Funeral plans and they are quite complicated products that seem simple at first, but when you consider the market, you realise the value of our independent advice.

Ready to go ahead?

We compare the latest prices in the market and we can make you aware of the product or products we feel you should consider.

Let us guide you through the maze of funeral plans. Call us on 01823 240241 to discuss your requirements in confidence and without obligation.

5 minutes today could really make a difference.

Get in touch

For a confidential chat about securing a more stable future for you and your dependants, please call us on 01823 240241, or send us a message now.

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