Paying for prepaid funeral plan


There are many things to consider when taking out a prepaid funeral plan, and we understand just how important it is to provide you with as much information as we can to support you in your decision. Our aim is to make choosing a prepaid funeral plan as stress free as we can. In this blog we’ll discuss paying for your funeral plan in more detail and inform you of the new regulations coming in to effect this summer…

Taking out a prepaid funeral plan

A prepaid funeral plans allows you to plan out and pay for your funeral in advance of your death, and ensures your loved ones will have less to arrange and pay towards your funeral when the time comes. The majority of your funeral costs can be included, and one of the main benefits of prepaid funeral plans is that you can pay for most of your funeral at today’s prices. With the cost of funerals rising annually, this could work out as a significant saving in the long run.

The Independent Way plan


For anyone choosing to take out a funeral plan with Dillamore, we provide a bespoke funeral plan called Independent Way. This plan is provided by Golden Charter, one of the UK’s largest funeral plan providers, and is a fully flexible plan that we scale around your individual needs and wishes. This means that the choices you make for your funeral, the overall amount you pay, and the payment plan we set up for you, is completely tailored to you. Our aim is to support you in arranging the funeral of your wishes, whilst ensuring it works with your budget.

How do I pay for a prepaid funeral plan?


For anyone taking out a funeral plan with us, we can provide flexible payment options to suit your needs. This can help you to manage the cost of your funeral and reduce the financial burden you may experience. The different payment options include…

  • Single payment option – you can make a one-off single payment in full
  • 12 monthly payment option – you can spread the cost over 12 monthly payments at no extra charge
  • Low cost instalment option – you can spread the cost over a longer period for a lower monthly payment (between two and thirty years)
  • Fixed monthly payment option – you can take out a fixed monthly payment option, based on your age at the time of application, which is payable for life or until the age of 90

Some things to consider when taking out a prepaid funeral plan…


  • Consider how your financial circumstances will change in the future and whether your funeral plan will support these changes. It’s important to choose a plan that won’t cause you any long term financial strain
  • Depending on which payment option you choose, the overall amount you pay for your funeral may differ. For example, paying for your funeral in one lump sum will work out cheaper than paying monthly over a long period of time
  • Whilst the majority of funeral costs can be included in your plan, certain costs may be excluded. Ask your plan provider for clarity on this, consider how any additional costs will be paid for and set aside money if need be
  • Inform your loved ones about your funeral plan and any provisions you have in place. Tell them which funeral director you are using, who the plan provider is, what is included within the plan, and how they activate the plan. Having these conversations now will ease some of the stress your loved ones will experience following your death.
  • Ask your plan provider about whether there are any financial implications of making changes to the plan, such as if you move house and want to use a different funeral director.

Is my money safe?


It’s important to do your research when taking out a prepaid funeral plan as different companies will take care of your money in a different ways. If you take out a prepaid funeral plan with us, your money will be taken care of by Golden Charter, who provide Dillamore’s funeral plans.

Any money paid in to your plan is taken care of by The Golden Charter Trust. This is a separate, independent entity from Golden Charter Ltd, and is run by an 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 exactly when they are needed.

For anyone choosing the fixed monthly payment option, your money will be taken care of by a UK life assurance company instead of The Golden Charter Trust. If you would like more information on this, our team will be able to explain more and answer any questions you have.

New prepaid funeral plan regulations for 2022


From 29th July 2022, all prepaid funeral plans in the UK will come under regulation by the FCA (Financial Conduct Authority), who regulate the financial services industry in the UK. From this date onwards, any companies selling prepaid funeral plans in the UK must be authorised to do so by the FCA. These new regulations will ensure that anyone taking out a prepaid funeral plan is provided with full assurance and security that their investment is protected for the entirety of their plan.

Whilst Golden Charter have a robust system to safeguard your money, you may still have questions about how the new regulations will affect any plan taken out with Dillamore. Our experienced and friendly team will be happy to answer any questions you have. To discuss this, or any other aspect of prepaid funeral plan payments, reach out to us and we’ll be happy to answer any questions you have. You can call us on 01525 372210 or email us via our contact form. We are here to support you in any way we can.

For anyone seeking more information on taking out a funeral plan and paying for your funeral in advance, we have a downloadable guide to prepaid funeral plans which will provide you with extensive information on the Independent Way plan.