How much does a funeral plan cost?

It is no secret that funerals are expensive and the cost is constantly rising. This is likely to put an added strain on family members. Especially at a time when their emotions are already heightened.

The idea of planning your own funeral may seem morbid and not on the top of your priority list. Especially when we are constantly being told to enjoy life and live everyday to the fullest.

Preparing for your own death goes completely against this, but more and more people are turning to funeral plans. Not only does this ensure that your final wishes are carried out. It can also take the financial strain off of your loved ones. 

The cost of funeral plans vary between each lender and will depend on exactly what level of cover you require.

What is a funeral plan?  

Simply put a funeral plan is you planning and paying for your funeral upfront before your death. You can either do this directly with a funeral home or with a funeral care plan provider.

Plans will vary between each individual provider or funeral home and normally do not cover everything needed.

For example, most plans will cover – 

  • Transportation of the body
  • Care of the body
  • Visitation in the chapel of rest
  • Funeral directors services
  • A coffin
  • The hearse
  • The cost of the church service

Many plans cover part of the cost towards either a burial plot or cremation. Some plans do not offer this and the cost would need to be covered by your loved ones. Alternatively this can come from your estate after your death.

When taking out your plan there will be a cost breakdown provided which will inform you exactly what is covered. 

At what age can I take out a funeral plan? 

Anyone over the age of eighteen years old can have a funeral plan in place.

There are some providers who only offer these to those over the age of fifty years old, but many do not have a minimum age limit. 

How much does a funeral plan cost? 

On average the cost of a funeral is around £5,000 and this is constantly increasing.

An advantage to having a funeral plan is that if you were to take out a plan today, but your funeral is not needed for another fifteen years. Your family will not be asked to pay the difference in price between your plan and the cost of funerals at the time of yours taking place. 

You will have the option of paying for your funeral plan in one lump sum. Or alternatively with a monthly payment plan. Normally over the course of five to ten years.

It is important to note that if you choose to pay monthly then this will be more expensive. As it will be subject to interest. 

The cost of funeral plans vary between each lender and will depend on exactly what level of cover you require. On average, you will be paying anywhere between £3000 – £5000 depending on which you choose. 

Below is a basic plan compared with a Gold plan. Both plans include – 

  • Care of the body
  • Transportation to the funeral home
  • Visitation in the chapel of rest
  • A coffin
  • A Hearse
Plan TypeOne off paymentCremation cost includedBurial cost includedLimousine provided for family
Age UK Basic Plan£2,995YesUp to £1,220 paid. No
Co-op FuneralCare Gold Plan£4,199YesYesYes – 2 provided with this level of cover.

Although the Financial Conduct Authority does not regulate funeral plans. There is a professional body for providers.

This body is called the Funeral Planning Authority which expects all of its members to adhere to a strict code of conduct.

Choosing your funeral plan

When choosing your funeral plan provider. It is important to choose one that is part of the FPA. Typically the money paid into your plan is either placed in a trust or invested in an insurance policy that will pay out in the event of your death.

If the provider that you choose has the unfortunate circumstances of having to close their business. Then the FPA and it’s members would look to potentially cover the cost of your funeral. 

Although there will be payments towards your funeral that will still need to be made by your family members. Such as the headstone or burial plot. Having a funeral plan in place can lighten this load for them.

As you can see from above. The prices of these plans do vary. As a result, it is advised to ensure that you compare several of them to ensure that you get the right plan for you at the best price. If you are unsure as to what is covered. Then your potential provider will be able to explain this to you fully before you sign your agreement with them. 

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