How can I pay for a funeral plan?
You can pay for a funeral plan in full or monthly and your
money is held in a trust fund or life insurance policy. The cheapest way to pay
is either by single payment, or over 12 months as most funeral plan providers won’t
charge extra for this payment option.
If you prefer to spread the cost of your funeral plan, then
a monthly funeral plan may be a more suitable option.
Are funeral plans safe?
When you pay for a funeral plan your money is held securely in either a trust fund or life
insurance plan, which is regulated by the Financial Conduct Authority.
Therefore, although Funeral Plans themselves aren’t regulated by the FCA, the
way your money is handled is safe and tightly managed.
If your chosen funeral plan provider were to go out of business, your money is
protected and ringfenced, ready to pay for your chosen funeral services when
the time comes.
In addition, many leading UK plan providers are registered with and regulated by
the Funeral Planning Authority, the regulatory body for Funeral Plans. To
become an FPA registered company you need to prove that you comply with their
strict rules on how the money is held and the service you receive.
Are funeral plans a good idea?
A funeral plan could be a good idea if you want to arrange and pay for your funeral in advance; have the funds available and understand exactly how your chosen funeral plan works. To be safe it’s important to choose a guaranteed plan from a Funeral Planning Authority registered company.
Having compared the market for the best funeral plans, we are
happy to recommend Dignity as
the one that for us, stands out from the crowd. This is simply because it
offers more guarantees than most plan providers. With Dignity you get a full guarantee for your funeral directors costs PLUS a full
guarantee for the cremation fees and minister’s fees too.
And with awards and recognition for good service coming out of their ears, you can trust
that you are in safe hands too.
If however you prefer a cremation only plan with no funeral
service, then take a look at our recommendations for direct cremation funeral plans.