Taking out a prepaid funeral plan is a big decision and could be an important step in planning ahead for your future. You may be faced with many questions, such as how safe prepaid funeral plans are and whether your money is protected. You may also be unsure on how to choose the right plan for you. Understanding how prepaid funeral plans work and how the industry is regulated may aid you in your decision. Read on to find out more…
What is a prepaid funeral plan?
Prepaid funeral plans allow you to plan out and pay for your funeral in advance of your death, providing you and your family with the peace of mind that everything is taken care of. Whilst not every cost is included, prepaid funeral plans allow you to pay for the majority of your funeral at today’s prices. With the price of funerals rising annually, securing some of your funeral costs could work out as a significant saving in the long run.
In addition to this, prepaid funeral plans let you document all your funeral wishes. You can add in as much detail as you want in to your plan, having everything documented for when the time comes. Your family won’t be left wondering about what you wanted, giving them peace of mind and easing some of the burden.
How does a prepaid funeral plan work?
Different prepaid funeral plans will all work slightly differently, but the main components are fundamentally the same. You’ll work with prepaid funeral plan provider to plan out your funeral before choosing your payment option.
At Dillamore, we believe that funerals are as individual as the person who has died, so we offer a flexible funeral plan that is tailored entirely to your wishes. The plan is called the Independent Way plan and it’s provided by one of the UK’s largest funeral plan providers, Golden Charter.
For anyone choosing to take a prepaid funeral plan out with us, we’ll work closely with you as arrangements are made, creating a completely bespoke funeral package. Everything from your wishes for the funeral through to the price you pay and how you pay is decided by you, with us supporting you every step of the way. This ensures you can have the funeral of your wishes at a price you can afford. Not every plan provides this level of flexibility.
Everything is then kept on file (you’ll also receive a copy of your plan) until after your death, when we’ll liaise with your family members to put everything in to place.
How safe are prepaid funeral plans?
Since July 2022, prepaid funeral plans in the UK have to be regulated by the Financial Conduct Authority (FCA). This has created a much safer industry and ensures customers can trust that the prepaid funeral plan they have chosen is trustworthy, and that their money is protected.
For anyone choosing to take out a plan with us, you are guaranteed full protection through Golden Charter. Golden Charter is regulated by the Funeral Planning Authority (FPA) and is also recognised by The National Society of Allied and Independent Funeral Directors (SAIF).
With the Independent Way plan, your money is paid into the Golden Charter Trust, which is run by a completely independent Board of Trustees. The Trustees are responsible for safeguarding all the payments made by Golden Charter customers. They ensure all future funerals can be paid for, and that the funeral director’s services included in your plan are delivered when needed.
Our team will be happy to talk with you more about how your money is protected with any prepaid funeral plan taken out with us.
What’s included and not included in a prepaid funeral plan?
Not every prepaid funeral plan is created equally, and different plans will have different offerings. Some funeral plans are sold as packages, with certain things included and not included, whilst others are entirely bespoke.
To help you understand how it works at Dillamore, here is a list of what is and isn’t included in the Independent Way plan…
Funeral Director’s Services
(these are guaranteed in your plan)
- 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 chapel visits
- Funeral vehicles
- A coffin or casket
Third Party Services
(these are not guaranteed in your plan, but you can make contributions towards them)
- Church fee
- Crematorium fee
- Burial fee
- Minister or officiant fees
- Organist or live musician
- Order of service
- Newspaper announcements / online notices
- Floral displays
The reason third party services cannot be included in your prepaid funeral plan is because they are all services provided by a third party and sit entirely out of our financial control. In addition to taking out a prepaid funeral plan, many people choose to make separate provisions to cover some of these additional third-party costs.
Ready to find out more?
If you would like to chat with us about the Independent Way plan, our team will be happy to answer any questions and give you all the information you need. We take a no-obligation approach and will never pressure you to take out a plan with us. We understand it’s an important decision, and something that can’t be rushed.
You can call us on 01525 372210, or use our contact form to send us an email. We also have a free downloadable prepaid funeral plan guide that will give you all the information you need to get you started.
