Monthly funeral plans

  • How do monthly funeral plans work?
  • How much do monthly payment funeral  plans cost?
  • Do pay monthly funeral plans cost more?
  • Types of monthly funeral instalment plans
  • Alternative lower cost options

Monthly funeral plans make paying for a funeral in advance more affordable. With low cost monthly instalments, you can spread the cost of your funeral over a fixed period, safe in the knowledge that your monthly direct debit payments will never go up, even if funeral costs rise in the future.

How do monthly funeral plans work?

Pay monthly funeral plans let you arrange your funeral in advance at today’s prices however instead of going to the expense of paying for your funeral services in one go, with a monthly payment funeral plan you can spread the cost over a number of years, making it more affordable.

All funeral plan providers offer pay monthly funeral plan options, usually ranging from 1 to 20 years. Some companies even offer direct debit payments up to 25 years, but this depends on age as usually payments must be complete by the time you are 80.

Some companies only provide their services once the instalments are complete. If you die before completing the payments, your family would be asked to pay the outstanding balance.

Other funeral planning companies provide cover as long as you have been paying into the plan for at least a year. So, if you die before completing the payments, your services would still be provided.

However, Golden Leaves are the only company to offer monthly instalment funeral plans with immediate cover. You pay a £49 deposit and are covered for your funeral services immediately. So if you choose an 8 year payment plan but die after just 6 months, the services included in the plan would be provided with nothing more for your family to pay

simply funeral plans

How much do pay monthly funeral plans cost?

 

How much a monthly funeral plan costs will vary depending on:

  • The funeral plan provider
  • The level of service you require
  • Over how many years you wish to spread your payments

Our chosen partner Golden Leaves offers the following monthly funeral plans with a £49 deposit and immediate cover:

Payment Options Your family pay for cremation & ministers fees
Bronze Plan
Contribution towards cremation & ministers fees
Zinc Plan
Guaranteed cremation & ministers fees
Silver Plan
Guaranteed cremation & ministers fees
Gold Plan
Guaranteed cremation & ministers fees
Platinum Plan
Current Price £2,533 £3,089 £3,594 £3,949 £4,199
Use for all payment options Get a quote Get a quote Get a quote Get a quote Get a quote
Monthly Payment Options  
12 Monthly Payments

Total amount payable

£207.00
 

£2,533

£253.33
 

£3,089

£299.50
 

£3,594

£325.00
 

£3,949

£345.83
 

£4,199

2 Year Payments

Total amount payable

£113.15
 

£2,716

£137.99
 

£3,367

£160.55
 

£3,853

£176.41
 

£4,234

£187.57
 

£4,502

3 Year Payments

Total amount payable

£78.23
 

£2,816

£95.41
 

£3,435

£111.00
 

£3,996

£121.97
 

£4,391

£129.69
 

£4,669

5 Year Payments

Total amount payable

£51.87
 

£3,112

£63.25
 

£3,795

£73.59
 

£4,416

£80.86
 

£4,852

£85.98
 

£5,159

7 Year Payments

Total amount payable

£40.60
 

£3,410

£49.51
 

£4,159

£64.57
 

£4,649

£63.29
 

£5,317

£67.30
 

£5,653

8 Year Payments

Total amount payable

£36.95
 

£3,547

£45.06
 

£4,326

£52.43
 

£5,033

£57.61
 

£5,530

£61.25
 

£5,880

Use for all payment options Brochure request Brochure request Brochure request Brochure request Brochure request

Do monthly funeral plans cost more?

Monthly funeral plans do cost more as your payments include an instalment fee, however the price of the funeral services detailed in your plan is still frozen and based on today’s costs, so paying in this way could still save you and your family money.

In addition, some companies provide cover even if you haven’t completed your payments. So if you were to die before your monthly payments are complete, the funeral services detailed in your plan would still be provided and your family would not be asked to pay the outstanding balance.

No deposit monthly funeral plans

Some plan providers charge a deposit of between £49 to £250 for monthly funeral plans however no deposit plans are available.

When comparing funeral plans, work out what the total cost will be by adding the deposit amount if applicable to the amount you will pay over the full term of the plan to ensure you are happy with it.

Types of monthly payment funeral plans

There are two types of monthly payment funeral plan. Both allow you to spread the cost of your funeral service but in very different ways:

1. Monthly instalment funeral plans

With a monthly funeral plan, you choose the duration of your instalments based on how much you can afford to pay per month so you know exactly how much the plan is going to cost you from the outset.

Some plans provide cover once you have paid your instalments for a minimum period, whereas others you require full payment.

2. Fixed monthly payment funeral plans

With a fixed monthly payment funeral plan, your money is held in a life insurance policy, so your payments are based on your age. Premiums are payable for life or until you are 90, so there is a chance you could pay more for the plan than the actual cost of the funeral service. (Golden Leaves fixed monthly payment plans include a rebate option that protects against this).

Depending on the provider you choose, you will be covered for your funeral services after one year or two years, and if you die within this initial period, the money you have paid in will usually be refunded or used as part payment for the funeral services. For example, Golden Leaves pays 120% of the premiums paid to the funeral director to put towards the cost of the funeral.

Alternative lower cost funeral plan options

If you prefer to pay a little less on a monthly basis, there are two alternative low-cost funeral planning options you may want to consider:

  1. Direct Cremation plan - a cremation without a funeral service, which is why a direct cremation plan is less than half the price of a traditional funeral plan.
  2. Over 50 life insurance - Over 50 life insurance, also known as funeral insurance, can cost as little as £4 a month and provides a cash sum when you die that your family could use to help with funeral costs.

Compare quotes

Don't miss out...

Sign up to our monthly newsletter for the latest updates

Our trusted partners

Dignity with Distinction
Golden Leaves Funeral Plans
Sunlife

We are members of

National Association of Funeral Directors

Part of the Over50choices group

Over50Choices

We are authorised & regulated by the Financial Conduct Authority

Get a quote