What is a pre-paid funeral plan?

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A pre-paid funeral plan is a way of arranging and paying for your funeral in advance.

A funeral can be expensive with the average funeral in 2008 costing £2,549*. By purchasing a funeral plan you can avoid unnecessary concern about not leaving enough money to pay for your funeral once you die.

There are different types of pre-paid funeral plans available. For example, you can arrange your funeral to the very last detail by purchasing a personalised funeral plan from your local funeral director. Alternatively you can purchase a specified or ‘set’ plan which pre-defines the services included in your funeral arrangements, making it easy for you to arrange.

Funeral plans can be purchased from your local funeral home or from a selection of financial services providers and other third party providers. As you would expect, different funeral plan providers offer different funeral plans with varying levels of products and services included in the price.

It is recommended that you choose a funeral plan provider that is a member of The Funeral Planning Authority (FPA). The FPA is an independent organisation that exists to protect the interests of consumers in the UK funeral planning sector. For more information and a full list of its members, please visit www.funeralplanningauthority.com or call 0845 601 9619

There are several advantages in arranging your funeral in advance, including:

Protecting you and your family from the rising cost of funerals
Saving friends and family from the financial burden of paying for your funeral at your time of death
Saving friends and family from the emotional stress of arranging your funeral at your time of death

Funeral plan providers can also offer affordable and flexible payment options so a funeral plan really can be a sound financial investment.

You can pay for a funeral plan either in a lump sum or by instalments. The amount you spend will be invested in a trust fund or insurance policy and then used to pay for your funeral when you die.

*Source Mintel Report 2007 to 2008