What is Martin Lewis advice on funeral plans?

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Martin Lewis’ advice on funeral plans through the Money Saving Expert website provides information and tips on buying a prepaid plan. In addition to reviewing funeral plan costs, whether they are a good idea and security, the guide also includes six important tips to help you choose the right funeral plan for you.

Who is Martin Lewis the Money Saving Expert?

Martin Lewis is a financial journalist, TV personality and founder of the website MoneySavingExpert. He is best known for campaigning for consumer rights and as the name of the website suggests, saving money.

What does Martin Lewis say about funeral plans?

Martin Lewis’ team at Money Saving Expert offer a one page guide on funeral plans. They look at what is included in today’s prepaid funeral plans, whether paying for your funeral in advance this way is worth it and 6 ‘need to knows’ if you're considering buying one.

• You have the money available to pay for one
• You think your family may struggle to organise and pay for a funeral
• You don’t think there will be enough money in your estate to pay for a funeral when you die
• You live in an expensive area as many national funeral plan providers offer set priced packages regardless of where you live
• Funeral costs increase, as you fix costs at today’s prices

Martin Lewis funeral plan cons

Alternatively, he thinks a funeral plan may not be worth it if:

• It puts you in debt
• You choose an instalment plan that ends up costing more than the funeral
• You can’t keep up with the monthly payments
• Funeral costs go down, although he adds this is unlikely to happen in the long term
• You choose a cheaper funeral plan that doesn’t provide the funeral services you want
• You plan to move abroad

Martin Lewis 6 funeral plan need to knows

Here are Martin Lewis’ 6 funeral plan need to knows if you’re considering buying one:

1. A funeral plan can save you money if costs increase as you pay at today’s prices, avoiding future inflation
2. It’s cheaper to pay for your funeral plan upfront or over 12 months if interest free
3. It won’t cover all funeral costs such as funeral notices, embalming, the headstone, or a burial plot
4. Check the plan can be moved to a new local funeral director if you move home and if there are any associated costs
5. Funeral plans are regulated by the Financial Conduct Authority. This means all plan providers have to be FCA authorised and you have the added protection of the Financial Services Compensation Scheme should the need arise
6. It may save you money if you share a family burial plot of opt for a woodland burial

The Money Saving Expert does not offer any funeral plan best buys and is not able to recommend any providers. However, he does highlight 5 funeral plan providers you may want to consider, all of which offer a nationwide service and fully guarantee the cost of a burial or cremation funeral.

For burials, the Money Saving Expert suggests you may want to consider Dignity and Co-op Funeralcare as both guarantee the cost of the burial. For cremation, Dignity, Plan with Grace and Affordable Funerals guarantee your cremation costs and offer a wide range of plans.

In total, there are 26 funeral plan providers authorised by the Financial Conduct Authority that offer prepaid funeral plans throughout the UK, so it’s important to choose the best provider for you based on your location, budget and requirements.

Do Money Saving Expert offer funeral plans?

Money Saving Expert offers tips on how to decide whether a funeral plan is right for you, the pros and cons and alternatives however they don’t offer funeral plans themselves.

Does Martin Lewis think it’s smart to prepay your funeral?

Martin Lewis thinks a prepaid funeral plan could be a good idea for some people however, he suggests that if you are thinking of buying one, you read all the documentation first, so you understand exactly what is and isn’t included.

 

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