Compare Funeral Plans

Buying a funeral plan is a serious business:
  • you want to feel confident and reassured that the plans you have made for the ceremony on your passing go just as you intended.
  • by looking to pay for that plan in advance, you are including it in your financial planning for the future.

To do full justice to your decision, you need to compare funeral plans before you buy. So, what is likely to be involved in any such comparison?

Choosing your provider
  • there are many different providers of prepaid funeral plans and each of these is likely to offer the option of different packages;
  • naturally, it is important to understand exactly what services you are buying;
  • although prepaid funeral plans typically limit the guarantee of costs covered to those of the funeral director’s services, but even here there is room for significant variation – it is only the funeral director’s fees which are covered, for example, or are cremation or burial fees and those of the minister celebrating the ceremony also included;
  • that may help to explain why the headline price of your funeral plan might be important – but is unlikely to be your sole criterion;
  • what you are more likely to be looking for is good value for money – where the price you are paying delivers all, or as much as possible, of exactly what services you require;
  • if your chosen funeral plan does not cover some elements of the service you require, for instance, this is going to leave your relatives and friends with the likely task of picking up the bill for additional services;
Funeral Planning Authority
  • however much you are prepared to pay, of course you need to know that your money is safe and guaranteed to cover the costs of the funeral director’s services you have chosen when the time eventually comes;
  • that is the kind of security offered by any registered member of the Funeral Planning Authority (FPA), whose members are bound by a code of practice insisting that your funds are either held in trust or used to buy a whole of life insurance policy in your name – so guaranteeing that the funds are going to be there when needed;
  • members are also committed to making every effort to find alternative funeral directors to provide the services you have planned if the firm of your original choice happens to go out of business in the intervening years between agreeing your prepaid funeral plan and your death;
Defaqto ratings
  • a further important consideration when comparing funeral plans is the choice of a provider which has gained the top 5-star rating granted by the independent research organisation and analyst of financial products, Defaqto;
  • a high rating may give you confidence in the choice of a provider of sufficient standing and status, recognised by the industry as a whole, in delivering to a high standard the services you have ordered;
Payment options
  • finally, you might want to consider what payment options are given by the various providers you are comparing;
  • the options might include a single, one-off upfront payment, payment in equal monthly instalments over a 12-month period, or even monthly repayment plans spread over anything from 2 to 15 years;
  • the longer your repayment plan, of course, the more you might expect to pay in interest – so you may need to compare rates.
There are many factors to consider when comparing funeral plans and keeping the above factors in mind, may help you to make your choice.