Due to the escalating expense of funerals, many people are opting for prepaid funeral plans. They pay for their funeral in advance, including the cost of a casket, cremation, and burial. However, before you fork out the cash, make sure the plans cover all you’re anticipating.
This review will guide you to the best prepaid funeral plans company that will help you assess what’s available and decide whether or not you should get one. We have selected the best prepaid funeral plans companies in the UK based on the latest in-depth reviews.
Table of Content
- 1 Best Pre-paid Funeral Plans Companies 2022
- 2 What is a Pre-paid Funeral Plans Company?
- 3 How to Choose the Best Pre-paid Funeral Plans Company
- 4 How Do Pre-paid Funeral Plans Companies Make Money?
- 5 Prepaid Funeral Plans Companies to Avoid
- 6 Full List Of Pre-Paid Funeral Plan Companies
Best Pre-paid Funeral Plans Companies 2022
From our research, here is a list of the best prepaid funeral plans companies February 2024:
- Funeral Insurance Plans
- Golden Leaves
- Pure Cremation
What is a Pre-paid Funeral Plans Company?
A prepaid funeral plan company allows you to pay for and plan your own or someone else’s funeral ahead of time. Many of the funeral expenditures are covered, including the casket and hearse. A funeral plan provider may also cover third party fees or give an allowance for third party costs.
When you meet your end, your family will have financial and organisational responsibility if you have a prepaid funeral plan in place. Anyone over the age of 50 can generally purchase a plan, while some carriers allow those as young as 18 to do so with the help of a funeral director.
With the basic funeral service’s average cost approaching £4,000, plans from funeral plan providers and funeral directors account for over a fifth of all UK funerals.
How to Choose the Best Pre-paid Funeral Plans Company
Apart from choosing a company that is registered with the Funeral Planning Authority (FPA), you may also want to consider the best prepaid funeral plan company that involves the following:
Choose a company where you can purchase a funeral plan in advance to protect your family from being taken advantage of when needed. When you are presumably in a calmer, more sensible state of mind, purchasing a plan ahead of time will relieve your family of financial and emotional stress when it comes time to prepare for your burial.
Prevent Cash-flow Issues
Choose a provider that offers options that help you prevent cash-flow issues when you’re in a pinch. Funeral plans might assist your family in avoiding cash-flow concerns in the case of death if you can afford the premiums now. Even if you’ve set aside money for funeral expenses, your family may not be able to access it in time to pay the costs of legal proceedings that take too long.
Choose a company that can explain what comes with your funeral plan and what doesn’t. Prepaid plans are not subject to inheritance tax and may not be considered in care facility evaluations. Money spent on a funeral plan is not subject to inheritance tax, which is advantageous if your estate is taxed.
Another advantage of purchasing a plan rather than putting money aside in a savings account is that your council may not consider it when determining whether or not you qualify for assistance with care costs. If you’re doing this to get your money below a certain amount, check with your city council to see what savings limitations they have in place.
Big National Company
If you live in or are moving to an expensive area, a prepaid funeral plan may benefit you. Some large funeral plan companies have priced their packages to work throughout vast swaths of the UK, notably for cremations. So, if you live in an area where funerals are expensive, getting a plan from a large national company could save you money.
If you’re thinking about moving somewhere else, evaluate any plan from a company before you buy to determine if you’ll be a winner or a loser. Check to verify whether it still applies and what fee, if any, you’ll have to pay if you decide to have the funeral somewhere else.
Payout Before Final Instalment
Even if not all premiums are paid, specific policies may pay out. Currently, some providers will conduct a funeral even if the plan purchaser had only paid the premiums for a year before their death and there were still payments owed.
This assumes the plan was paid off before the holder reached the age of 80. Starting July 29, 2022, all funerals paid for in instalments must occur even if the consumer dies before the final payment is settled (unless you took out the plan less than two years before the customer died, in which case the plan provider will give a full refund).
Pay Less with a Pre-paid Plan
With a pre-paid plan, you might be able to save money. There’s a chance that if you buy anything before you need it, the price will change by the time you need it. However, funeral costs may rise, meaning you’ve locked in a reduced price with a pre-paid plan and might save a lot of money on your funeral.
How Do Pre-paid Funeral Plans Companies Make Money?
A prepaid funeral plan is designed to your individual funeral needs and desires. For example, you can include funeral home services, a casket, flowers, transportation, coverage of third party costs, the funeral director’s fees, and everything else you require.
After you have made a list of everything you want included in the insurance, the funeral director will come up with a price for your whole funeral service, which will serve as the basis for your coverage.
When buying a prepaid funeral plan, you can choose to buy a guaranteed plan that defines the particular goods and services you want and guarantees the price you agree to. This implies that if costs rise, your loved ones will not have to pay more.
Non-guaranteed programs do not have this feature. That means that if you buy a £1,000 coffin and the least expensive caskets are £2,000 by the time you die, your loved ones will be responsible for the additional $1,000.
Prepaid Funeral Plans Companies to Avoid
It would help if you were careful when choosing which company you’ll buy your funeral plans from. But in general, funeral plans have their cons, so try to avoid companies that deny or don’t explain the following from the get-go:
If funeral costs decrease, a pre-paid plan may become more expensive. The disadvantage of the preceding pro is that if funerals become less expensive, you will lose money because the plan is based on current costs.
Possibility of Overpaying
If a funeral is imminent, you’ll be overpaying for coverage you don’t require. Price rise protection has been one of the selling points for funeral insurance, but if you’re likely to require a funeral soon, there’s no benefit from inflation-proofing.
It’s possible to discover a funeral that costs less than a similar plan, so if you or your family thinks you’ll be able to evaluate pricing and resist upselling after a loved one has died, you may not need to purchase a plan.
Additionally, you can miss out on a funeral plan if the funeral is in a less expensive place. The costs of burial and cremation are identical to real estate costs; it’s all about location.
Suppose the funeral is held in a less expensive area. In that case, you may find that smaller funeral providers offer lower prices for funerals purchased at the time of need than larger, more well-known organisations with national pricing strategies.
Time and Date Limit
A prepaid funeral plan may limit the time and date of the service. Cheaper options are frequently more limited when the funeral can be held, often offering less-popular times that may be difficult for visitors to attend.
It’s also possible that you’ll have to wait for the funeral director’s availability. Some funeral arrangements may limit your options for a funeral director, causing delays in the event’s execution. Even at slow periods of the year, this could cause funerals to be postponed for several weeks.
Consider how many funeral directors work with a certain plan provider in the area where the funeral will be held when choosing a plan.
Needing the Money Now
You could need the money right now to get by. If you require funds right away, you should assess whether a funeral plan is the best option for you. Also, your funeral will be handled by your family and will not be your responsibility. If you have enough money in your estate when you die, you can use it to pay for your funeral.
Full List Of Pre-Paid Funeral Plan Companies
We have compiled a list of funeral plan companies below:
- Age Co Funeral Plans Review
- Avalon Funeral Plans Review
- Aviva Funeral Plans Review
- Best Pre-paid Funeral Plans Companies
- Capital Life Funeral Plans Review
- Co-op Funeral Plans Review
- Dignity Funerals Review
- Empathy Funeral Plans Review
- Golden Charter Review
- Golden Leaves Review
- Legal and General Funeral Plans Review
- One Life Funeral Planning Review
- Open Funeral Plans Review
- Pride Planning Funeral Plans Review
- Prosperous Life Review
- Pure Cremation Review
- Rest Assured Funeral Plans Review
- Safe Hands Review
- Simplicity Cremations Review
- Sunlife Review