The cost of funerals in the UK keeps rising with each passing year.
Today, these costs are over £4,000, and they are set to go even higher in the coming years. Lots of people are now considering taking out a funeral plan to help cover some, if not all, of these costs in advance. There are several costs associated with a funeral; the amount covered upon death will depend on the plan and the plan provider you choose.
With a funeral cover, you can rest assured knowing that you are reducing the emotional and financial challenges on your loved ones when you are gone. Death is always difficult, and while it’s not pleasant to talk about it, having such discussions can be quite beneficial when such trying times come.
As with any financial decision, there’s a lot that goes into taking out a funeral plan. This text will take you through all you need to know about prepaid funeral plans, helping you make informed decisions:
A funeral plan is basically a type of insurance that requires you to pay in advance for your funeral.
This can be done either with a lump sum payment or in monthly instalments. With instalments, depending on the type and cost of a plan, providers often allow you to stretch payments between 6-12 months.
If you can’t afford the above options, depending on your age, you can still be allowed to spread payments for up to 30 years; however, this will typically cost you 10% or more in the long run.
Your money is then invested securely into a trust fund with trustees or taken care of by an insurance company. The aim is to safeguard the money until it’s needed. In the event of your demise, the money is issued to provide the funeral you paid for –either in full or partly.
Most providers also allow you to arrange your funeral, including flowers, location, music, transport, and so on. This offers peace of mind for your loved ones and ensures your last wishes are carried out.
You can read more about the providers below.
The cost of a funeral cover will vary depending on the provider and what you want included in the plan.
However, the costs will typically range from £3,000-£6,000. The difficulty with choosing a plan is probably which tier of a plan you want to. Most providers offer 3 or 4 tiers to choose from. The basic tier, which is the cheap funeral plans, typically costs £3,000 and mainly provides a simple coffin, burial/cremation fee, and the standard funeral route.
The best funeral plans are a bit more expensive, ranging from £4,000 – £6,000. For this amount, you’ll get a luxurious coffin, the cremation/funeral, two or more luxury cars for the family, a longer procession route (if you want one), and more flexibility for family members to visit the chapel of rest. With that said, the average monthly funeral cost is typically in the range of £20-£30 per month.
To get a better understanding, compare funeral plans and how they rate against each other using the Funeral Plan Market.
Like with any other industry, there are several providers selling prepaid funeral plans with different offerings and plan upgrades. This can make it a bit challenging to choose the right plan. Here are some of the things to consider when taking out a funeral plan:
Basically, a good funeral plan should suit your needs. Here are some questions to ask your plan provider and adviser to ensure you are getting the right deal. Be sure to get satisfying answers, possibly in writing.
Here is a video that highlights the pros and cons of funeral plans.
Now that you know what to look for in a funeral cover, here’s a list of the best funeral plans providers to get you started:
Coop Funeral offers a range of flexible and cost-effective plans designed to suit every budget, including the simple plan, Bronze, Silver, and Gold. Payments can be made lump sum or in instalments.
A lump sum payment costs from £2,895 to £3,899. On the other hand, monthly instalments paid over 6-12 months cost between £241.25 and £649.83, while those spread over 25 years cost as little as £16.68 per month. These plans cover both cremation and burial and offer the best price guarantee.
You’ll be required to use a Coop funeral director. A £250 cancellation charge will be applied on any cancellation made after 30 days.
This provider offers cheap funeral plans. You can choose to give a lump sum payment or pay in monthly instalments. Their four set plans (Limited, Amber, Pearl, and Diamond) cost between £2,795 and £3,795, for those making one single payment.
Monthly instalments can be spread over a period of 25 years, allowing you to pay as little as £14.70 a month. Dignity Funerals provide a funeral director and cover the cost of burial/cremation.
More superior plans will offer a limo, better coffin, wide choice of the funeral date, and coordination of flower and tributes. A £249 cancellation fee will apply on any cancellations made after 30 days.
Depending on your budget and needs, Golden Charter allows you to choose from four plan packages. These packages, however, cost a bit higher than what other providers charge, well except for the bottom-priced plan.
A single payment to the Value, Standard, Select, or Premier plan costs from £2,895 to £4,099.
You can also pay in monthly instalments from £237.17- £337.50 over a period of 12 months or go as little as £13.59 monthly over a period of 30 years. All plans include the use of Chapel of Rest, funeral director services, writing a will (except the value plan), and a varying allowance to pay for burial/cremation and other specialists costs. A £249 cancellation charge applies after 30 days of the start date.
Avalon offers different plans, including the Cremation Only, Balmoral, Highgrove, and Windsor Way funeral plan, to suit all wishes and budgets.
Payments can be made in one single payment, which ranges from £1895-£4245. You can also choose to pay in instalments from as low as £17.76 per month. If you choose to pay your funeral insurance over a period of two or more years, you’ll receive the Avalon Promise.
This allows you to still receive the services outlined in your plan even if you pass away before your instalments have been completed.
SunLife is another cheap funeral plans provider. You can make one single payment towards the plan or pay in instalments beginning from just £9.25 a month.
Once you’ve paid for your plan in instalments for at least two years, a Sunlife Funeral Plan guarantees to cover the funeral services outlined in your plan even if you pass away before completing your payments. Sunlife funeral plan offers three different plans to choose from.
The Direct Cremation plan covers an unattended cremation and the return of ashes to a loved one, while the Traditional and Traditional Plus plan contributes towards cremation/burial fees, a smarter coffin, a hearse, return of ashes to a loved one, and much more.
Age Co Funeral Plans allow you to pay for your funeral in advance in monthly instalments or a one-time payment, while allowing you to clearly outline your wishes.
This provider offers four comprehensive plans (Basic, Ivy, Holly, and Rowan) to meet your budget and needs. All four plans have money back guarantee. And, unlike some providers, Age Co guarantees to cover funeral costs outlined in your plan in spite of the future cost of funerals or how far in the future it may be needed.
The costs range from £2,770-£3,770 for the lump sum payment, £14.57-£19.83 per month for monthly payments over 25 years, and £230.83-£314.16 for payments over 12 months.
Golden Leaves offers different prepaid funeral plans, including the copper, bronze, zinc, silver, gold, and the platinum plan, that can help protect you from the rising funeral costs.
Golden Leaves offers three simple payment options: one single payment, 12/60 monthly instalments, and fixed monthly payments over a couple of years.
The fixed monthly payment option is only available to those aged 50-75. This plan guarantees to cover all the funeral costs outlined in your plan despite the impact of funeral inflation. The typical costs of these funeral plans range from £1644- £3,969 for single payments and £29.33-£78.25 for monthly payments over 60 months.
SafeHands is another reputable provider that offers affordable prepaid funeral plans. Their plans include the Direct Cremation, Topaz, Pearl, Sapphire, and Ruby plan, all of which can be tailored to suit all tastes and preferences.
You can make payments in a lump sum, which will cost from £1,895 or in monthly instalments from as low as £22.11. When you pass away, these plans not only provide your family with all the support and reassurance they need but also cover all the funeral directors’ fees and services.
Unlike other providers, SafeHands has no restrictions on age, medical history, or current health.
Perfect Choice funeral plans are designed to fit a range of preferences and budgets. You also get a chance to add all your last wishes and desires. This provider holds your money with a life assurance company as funeral insurance.
Perfect Choice has four different plans, including Basic, Simple, Traditional, and the complete plan. The basic plan doesn’t cover burial/cremation costs, while the rest only make a contribution towards third-party costs and burial/cremation fees. This means that your family may have to top up some costs when the time comes.
Costs start at £2,535 for single payments.
A Choice funeral plan is a great way to freeze funeral directors’ costs at today’s prices. You can compare funeral plans with their varying choices.
Their plans start with the essentials that virtually everybody needs. But, unlike other providers, they don’t expect you to decide everything right away. Your personal wishes or special touches can be amended or added to your plan anytime in the future, allowing for a truly unique occasion. Costs begin at £2,695, but special arrangements can be made with the My Choice plan.
As you can see, each provider and funeral plan is different and tailored to fit different individuals’ needs. Ensure you buy a plan that’s suitable for you. Be sure to compare funeral plans to ensure you are getting the best deal.
The UK Care Guide, along with the Funeral Plan Market, is here to help you find the best deal. You can contact us by phone on
0800 840 1187
Try the only real Funeral Plan costs comparison site in the UK. Click below.