In short, a funeral plan means that you can pay for your funeral yourself before your passing. This is because if someone dies without having a funeral plan in place, the costs usually fall onto family members. Which of course can be quite the ordeal to sort out, especially when grieving. Which is where funeral plans come in. Funerals do tend to be an expensive ordeal, therefore paying in advance can not only give you peace of mind, but also your family.
However, it is important to mention that not everything is included within a funeral plan. Therefore it is important that you are aware of what certain plans offer compared to others.
Funeral plan costs
As mentioned previously, funerals can be quite a costly affair. However funeral plans don’t have to be. Of course they can differ greatly in cost, just as funerals can. Therefore it is important to take your own finances into account when deciding on the right plan for you.
You will have different payment plans available to you. Firstly, you will have the option to pay for your funeral upfront with a lump sum. Although the more popular option is to pay in monthly instalments. These payments can range anywhere from 1 up to 10 years.
Funeral plan comparison
Funeral plan comparisons have never been easier. Since every plan is different from one and other, it is important to find the right funeral plan for you with your allocated budget. Which is where we come in. At Bright Compare we can help you cover funeral plans from a wide variety of providers such as Dignity Funerals . So no matter what plan you are after, Bright Compare has you covered.
Prepaid basic funeral plans
These funeral plans are on the lower end of the price spectrum. These basic plans may only offer low contributions to your cremation or burial fees. As well as this limousines will not be provided, unless you wish to pay for them outside of the plan. As well as this, you may not have as much choice in terms of the date and time you wish the funeral to be on.
Prepaid standard funeral plans
These funeral plans are fairly similar to basic funeral plans. Except the fact that the provider will provide more forms of cover. For example you will most likely be covered for a limousine as well as more financial cover for your burial/cremation.
Prepaid comprehensive funeral plans
Comprehensive funeral plans are on the higher end of the funeral plan spectrum. These plans offer everything you would expect from a high end plan. 2 limousines will be provided for service attendees. As well as this additional contributions will be able to be made during the duration of the plan. Which means that certain things such as an extra limousine may be added.
What isn't covered?
There are numerous things which will not be covered within a funeral plan. Please be aware that things such as catering will not be covered by the funeral provider. Therefore your loved ones will have to put this in place themselves more often than not. You should also be aware of the fact that your wake will not be covered by the funeral plan, therefore you or your family/friends will have to put this in place yourselves. And finally your burial plot will also not be covered by your plan.
Alongside this, your funeral plan provider may not always cover the cost entirely. For example most funeral plans will only give you partial cover for cremations and burials. However there are a few, more high end plans who will in fact offer you this cover.
Funeral plan regulation
As of the 29th of July 2022 the FCA (financial conduct authority) will start regulating firms who provide pre-paid funeral plans. Until then, there is currently no regulation in place for funeral plans. But not to worry, because any reputable funeral plan provider will be registered with the FPA (funeral planning authority). The FPA is essentially a non-compulsory regulation authority.
Is my money protected with a funeral plan?
Unlike savings, your money is not protected unless your funeral plan provider is registered with the FPA. Of course this will all change on the 29th of July 2022 when all firms will by law have to be FCA regulated.
Every funeral plan provider however, by law has to invest the money needed to pay for the funeral inside an insurance policy. This means that the money will be with a regulated trust fund. This therefore means that your money should be protected.
Funerals plans and moving home
When taking out a funeral plan, you will be expected to inform the plan provider with information regarding which funeral director you wish to use. So if you end up moving homes, you will also be expected to inform your funeral plan provider. Please note that being able to switch funeral directors is not always guaranteed. Although you may be able change funeral directors for a fee.
To conclude. Funeral plans are one of the many things one can do in order to give themselves and their families peace of mind before their passing. However, they may not be for everyone due to the lack of current regulations as well as the fact that a lot of things within the lower end plans are not covered. At the end of the day it is all down to personal choice. However, if you do wish to compare funeral plans, then you have come to the right place. At Bright Compare we can help you choose the perfect funeral plan for you from a huge variety of reputable providers.