Making provisions for your death is an important part of getting older and ensures that things are taken care of, in the best way possible, in the event of your death. In this blog we will discuss pre-paid funeral plans in more detail and answer the important question, are they worth it?
What is a Pre-paid Funeral Plan?
Pre-paid funeral plans provide a secure and effective way to plan ahead for your funeral. They serve two main functions: to plan out your funeral and pay for our funeral director services at today’s prices. Effectively freezing the cost of our services included in your plan against future price rises, whilst helping to reduce some of the stress your loved ones experience after you’ve gone.
What are the benefits of a pre-paid funeral plan?
Pre-paid funeral plans allow you to pay for the majority of your funeral at today’s prices. The average cost of a funeral in the UK is £4,141,1¹ and funeral costs are continuing to rise year-on-year. Taking out a funeral plan could save you a significant amount of money in the long run, and may also protect your family from additional financial burden if the cost of your funeral exceeds the money you had saved for it.
In addition to the cost, being able to plan your funeral is one the main benefits of taking out a pre-paid funeral plan. If you’ve ever had to plan the funeral of a loved one, you will know just how valuable it is to know a person’s wishes for their funeral. This can help to remove any guesswork about what you would have wanted, whilst ensuring your funeral feels like a personal reflection of you.
Who can take out a pre-paid funeral plan?
Most plans will have some criteria with regards to who can take out a plan. Some plans have age requirements, such as plans for the over 50s or specifying that those taking out a plan sit within a certain age bracket. It may also depend on how you wish to pay for the plan. Most plans have options to pay the full cost up front or to stagger payments in installments.
The Independent Way Plan
Dillamore provides the Independent Way plan from Golden Charter. This plan offers you full flexibility over your arrangements and allows us to tailor your plan to you. Everything is considered, and we will work closely with you to ensure you have an affordable funeral that reflects your personal wishes.
Choosing the Independent Way plan gives you the best of both worlds – the personalised care and attention of working with a trusted local funeral director, and the security of taking out a plan with Golden Charter, one of the UK’s largest funeral plan providers.²
The Independent Way plan allows you flexibility on all the decisions regarding your funeral and the plan is tailor-made to your requirements. The cost of your plan will depend on what you choose for your funeral. This allows people with varying different budgets to be able to take out a plan. This flexibility also means that the plan you take out can be totally bespoke to you.
If you choose to take out a Golden Charter funeral plan with Dillamore, any costs associated with the funeral director’s services will be covered in full within the plan. Certain third-party costs are not covered in full, however you are able to make financial contributions towards them. This is because third-party costs are provided by external suppliers so are out of the funeral director’s financial control.
What costs are included in a pre-paid funeral plan?
This will depend on the funeral plan you take out and different companies will vary in terms of their costs and what they offer.
The costs that are covered in the Independent Way plan include;
- The professional services of the funeral director
- Arranging a cremation or burial
- Conveyance from the place of death
- The care of the deceased
- Preparations and viewings
- Funeral vehicles
- A coffin or casket
These costs are guaranteed at today’s prices on the day you take out the plan, and will not be subject to change.
Additional third-party costs which can be specified when taking out your plan, include;
- Crematorium fee
- Burial plot
- Medical certificates
- Minister or officiant fees
- An organist or live musician
- Order of service
- Newspaper announcements / online notices
Third-party costs are out of the financial control of the funeral director. When taking out your plan you can make financial contributions towards these, but they are not guaranteed within the plan. This means there may be some additional costs to pay for them at the time of need.
Occasionally changes will have to be made to the plan after a person has died, and additional charges may accrue. This may occur if a person dies abroad and needs repatriation or has moved a significant distance away from the funeral director the plan is taken out with. Additional costs may also accrue if the family of the deceased want to make changes to the original plan.
Your funeral director should provide you with full clarity with regards to what is and isn’t included in the funeral plan they offer, along with any additional charges that could accrue outside of the plan.
Are pre-paid funeral plans worth it?
Yes – here at Dillamore we believe that pre-paid funerals are a fantastic option for anyone who wants to make financial and organisational provisions prior to their death. The flexibility and financial security they can provide offer a sense of relief and ensure that, when the time comes, the funeral can run as smoothly as possible.
It’s important to note that not every funeral plan on the market is equal in terms of what they offer. Whilst some plans, such as the Independent Way, provide clarity and centre your wishes at the forefront of your plan, others can be more prescriptive in nature. This means that specific criteria could be set for the type of funeral you may or may not have. Do your research and compare what each company offers and how they store your money to ensure you secure the right plan for you.
What next?
If you take out a funeral plan with Dillamore, we will spend time with you arranging and planning your funeral. Everything from the type of funeral you would like, through to the coffin, flowers, music and memorial are discussed, along with any personal wishes that you have. Everything is documented and kept on file by us, so that when the time comes we have everything in place to get your funeral arrangements underway.
Once the funeral has been planned we will discuss the different payment options available, which include paying for the funeral upfront or staggering payments over a period of time. Our team work with openness and clarity with regards to the financial obligations of a plan, and will aid you in your decision should you need it.
If you are interested in finding out more, our team of funeral arrangers take a no-obligation approach and are happy to answer questions and provide you with more information on our funeral plan. You can reach us on 01525 372210 or use our appointment booking tool to arrange a convenient time to speak.
1. Sun Life Cost of Dying Report 2024.
2. Based on Golden Charter analysis and independent research of funeral plan market size as at May 2024.
