Funeral plans

Too expensive for us. We have both arranged to leave our bodies for research. However, the vast majority are not accepted as the criteria is quite strict, so our back up plan will be straight committals with no funeral. Much cheaper and no fuss.

We took out one policy which covered the two of us, about 5 years ago, that meant that whichever one of us died, the policy could be used for that person, or kept, and funeral costs paid for the deceased funeral. That plan is now paid up, although it will probably not cover ALL the costs it will go a long way. We have now started another policy for me, so that the first one now covers the o.h. only. Again, it will not pay for the whole event, but has stabilised the basic costs, which have gone up over the five years since we took out the first one, as has the premium.

Me and my dh heard a talk on Friday about funeral plans and their costs staying the same when first purchased. Be aware it's not like a life/death policy where you get a lump sum on the death of a loved one. You would still have to pay the remainder of the policy should you die before it was paid up. However the cost quoted by the planner was very very reasonable and might be worth thinking about.

Ive organised and done a prepaid funeral for myself so my son wont have to do it. Ive gone with age uk.

Are you advertising?

We sell Funeral plans via Golden Charter.

As mentioned above, you should always ask "what doesn't it cover" and each company has various items that it won't such as flowers or even the plot where you will be laid to rest.

They can be extremely beneficial and can save a lot of money, however, it doesn't cover all costs and any good consultant will make you aware of that before purchasing.

I've actually had a lot of emails recently that are from companies offering funeral plans, but upon closer inspection, they are obvious frauds. One was selling UK funeral plans but was based in Panama. They had fake reviews.

Always do your research first and if in doubt, ask if it's legit More than happy to help advise on such matters

I work with pre-paid plans and think they're a great idea. It's just a shame that so many people out there are miss-selling them. The details surrounding 3rd party costs and disbursements are not understood by most people...and companies use this to their advantage misleading people into believing their funerals are fully paid for when they are either not included at all or at best part paid. 3rd party fees include the cost of buriel/cremation, Dr's fees and minister fees. This adds up to around £900+. Absolutely shocking that people can do this to family's. Very few ppl read the T&Cs and take someone's word on their cover

Most prepaid companies do not hold your money but rather transfer it to the NFT (national funeral trust) which means it would be paid out to your nominated funeral director at the time of need. It's important to check this. A prepaid plan is a very good investment when looking at price increases especially in the last 16yrs. I work for a company who recommend a particular pre-paid planning company based on guaranteed third party/disbursement costs...another major point to check before purchasing a plan. I hear of so many people buying into low cost plans and these nearly always turn out to be what I see as cons. Pay until your 90...end up paying way more than necessary and no third party costs included. Third party costs related to cremation fees doctors fees and ministers..the opening/closing of graves...anything out of the funeral directors control. Like anything these costs also increase so take a policy with a contribution and be prepared to pull out a potentially large amount at the time of the funeral. They really are a great product if you do your research before purchasing!

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grannylyn I have sent you a PM

Eloethan there are at least two major companies that are nation wide and have been established for many years that organise pre-paid funerals. I don't see them going out of business.
There may be other smaller companies, I don't know.

Do you mind sharing which firm tiggy? tried to pm you but failed abysmally! Do most of this on iphone and not very good either!!!

Neither of my parents made any arrangements, but I actually found organising the funerals provided a much needed outlet for myself and my brother(s). (One was up K2 when my father died but that's a whole different story) it was the last thing we could do for them and it comforted me.

My kids are both abroad with no hope at the moment of ever returning to live in the UK. I paid up front for mine a year ago so everything is now planned but they can change things if they want to. I am hoping to live for quite a bit longer so it should be a good investment - much better than money in the bank. I suspect that when you pay monthly it may not be quite as good an investment.

I did go for the cheapest in everything I had a choice of but cost was still just over £3000.

I do think it's important, though, to say whether you want to be buried or cremated or to state that you don't mind what arrangements are made. Otherwise it can be a worry for those left behind as to what your wishes would have been. A dear neighbour of mine had his wife cremated and later found a note from her in a drawer saying that she wanted to buried in the local cemetery. It was distressing for him.

I think they're only good value for money if you pop off much earlier than the average. Otherwise, I believe it's said that most people have paid in significantly more than the guaranteed sum paid out on death. I can see the attraction of people doing it though - to save a lot of hassle for their children.

I feel a bit like jingle. If children have been helped a lot financially and/or are to receive a substantial inheritance, isn't it reasonable for them to foot the bill? I suppose the snag might be if it turns out that most of the money is used up paying for a care home.

I didn't know you could pay a one-off sum to cover future costs at the going rate. What if the company went out of business or changed hands?

I bought one just recently Oh really grumbled that surprised me .I think that this is a good idea .

My parents pre paid their funerals with a family firm, which worked very well. When I've sold my house this summer (fingers crossed) I intend to pre pay for mine. They are becoming very expensive and I don't want my children to worry about the cost.

Well, I'm in the States, so I can only talk about my experiences here. But my MIL's funeral was prepaid and this is how it worked financially - W the help of DH, she planned out the details (so yes, it did involve "funeral plans," as well) and paid the cost at the time. The money went into a fund that made interest, and the interest covered any rise in costs that occurred between the time this was done and the time she passed away. When she passed away, 7 years later, not a penny more was required from her AC and families. So I don't see how anyone can say "poor value." And, ninanthena says, no one had to figure out the details just when they were in the throes of grief.

In our case, though, we made the arrangements through the specific funeral parlor that our family tends to use. We also chose the cemetery, at the time (those costs were included, as I recall). Whether either of those could be changed or not, at any point, I don't know. Nor do I know if there would be any addition or subtraction of costs if we had done so.

Anyhow, DH and I plan to prepay/preplan our own funerals, to make things easier on our DDs and so forth.

I meant pre paid funeral ninathenana ?

I think we need to distinguish between funeral plans and prepaid funerals.

Avoid them at all cost they are not worth it. We had a visit from a financial advisor ( so called ) and he totally lost interest in us when I told him what I thought of the funeral plan he was wanting us to buy. That shows the cut he was getting .

jings
We always joked with mum that we'd put her in a cardboard box and bury her at the end of the garden.
Maybe she believed us and that's why she took out a funeral plan

Blimey! I've done enough for them. They can do a bit for me.

Just asked my son if I should take one out. He said no because I don't need one. He's probably got a garden bonfire in mind.

I'm sure I'll get stowed one way or the other. [shrug]

I don't see how they can be poor value. The schemes where you pay monthly can be but if were talk about prepaid plans i.e. paying in full up front then there has to be financial benefit. Funeral costs are rising all the time and with this you pay at todays rate rather than the rate in 10 + yrs time.
With luck and a fair wind I last that long