We can’t really give you a figure as to what is the cheapest prepaid funeral plan, as prepaid funeral plans are not a ‘one size fits all’. If you give us a call we can talk through your requirements and advise as to what may be the best option for you.
There has been some controversy over funeral plans over recent months due to the reform within the sector. Thousands of customers have been left out of pocket due to a number of firms ceasing to trade after failing to be granted authorisation from the Financial Conduct Authority (FCA). They were not allowed to operate beyond 29th July 2022.
It is now the larger, more reputable firms that continue to operate after being authorised and regulated by the Financial Conduct Authority (FCA) which gives consumers far greater protection than they had previously.
There are pros and cons for pre-paid funeral plans. They can save your family money and they do not have the worry of having to find the funds to cover the cost. You can choose exactly what type of funeral you want. It prevents your family being oversold with services that you might not have wanted. The costs are frozen at today’s prices avoiding inflation.
The cons are there are always admin charges, sometimes up to 20% of the value of the plan, these do not go towards the funeral and not a cost you can get back. It could actually cost you more if you live in a less expensive area or funeral costs go down. They don’t always cover all the costs you may expect them to. Some funeral plans have limitations such as the location and time of the funeral, particularly with cremations. It may restrict your choice of funeral director. You may be charged extra if you move to a different area. It may not be worth it and may cost more if you expect to die soon.