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  • FIRST POST
    • MSE Eesha
    • By MSE Eesha 11th Oct 16, 5:00 PM
    • 94Posts
    • 22Thanks
    MSE Eesha
    Prepaid Funeral Plans
    • #1
    • 11th Oct 16, 5:00 PM
    Prepaid Funeral Plans 11th Oct 16 at 5:00 PM
    Hi!

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    Thanks folks ,
Page 4
    • badmemory
    • By badmemory 26th Dec 17, 4:28 AM
    • 1,347 Posts
    • 1,600 Thanks
    badmemory
    Well I've recently paid for my funeral (hopefully many many years in the future) for £2k so maybe £4k is a south of Watford kind of price.
    • SparklesJD
    • By SparklesJD 20th Jan 18, 5:47 PM
    • 79 Posts
    • 111 Thanks
    SparklesJD
    How much even a basic funeral costs will vary hugely from area to area - this site offers a good comparison of providers in your area: https://www.yourfuneralchoice.com/

    My main gripe with the industry is that it is unregulated. These can be very complicated products, often sold by those who aren't experts in finance (I mean no disrespect, I have only ever met fantastic FDs who want the best for their clients, but there are good and bad in every industry).

    The FPA is an industry body who, as others have said, will consider honouring your plan if your chosen provider goes bust. With a reputable provider the money should be ring-fenced and held in trust, but there's no guarantee, whereas putting money aside with a UK-registered bank, building society or credit union means that if they go bust, you're covered by the FSCS, no questions asked (the financial institution must provide a list of depositors to the FSCS within 24 hours and they send you the money), you're not depending on the whim of an industry body.

    These risks aside, I know of families who've been really happy that their loved one had a pre-paid plan covering most, if not all, of the costs and it's true that pre-paying should cushion against price increases.

    Whichever you choose, make sure that your relatives are aware that you have a plan/savings account and that they know where to access the relevant documents when the time comes.

    Funds for the funeral can be released before probate is granted, so if you've got a savings account particularly for this, please let your chosen executor know, don't assume that they'll somehow find it - there's millions of pounds (c£850million!) lying unclaimed in dormant UK accounts and a good proportion of it must be where beneficiaries didn't know it existed - http://www.independent.co.uk/life-style/unclaimed-money-bank-account-how-to-check-find-cash-a7641176.html
    Worker in, and passionate advocate of, the credit union movement. I don't speak for the sector or for any individual CU. My opinions & experiences are my own.

    Search MSE for more info about CUs and find ones that cover your area by searching online for 'find your credit union'.
    • Ninja650
    • By Ninja650 29th Jan 18, 4:01 PM
    • 1 Posts
    • 0 Thanks
    Ninja650
    I live in north of England, £4k is not far out, especially when you add in cremation fees, which alone are heading towards £1k . My dad died last October, I did not appreciate before exactly how kind he was buying a funeral plan, it saved us not only a lot of money but also a lot of hassle - the FDs could not have been more helpful or considerate & even dealt with coroner of rus.
    • iolanthe07
    • By iolanthe07 29th Jan 18, 4:12 PM
    • 4,953 Posts
    • 4,657 Thanks
    iolanthe07
    I have just paid £6500 for a funeral plan covering both my wife and I. It is supposed to be inflation protected. It covers the basics so my family won't have to worry, but if they want extras like limos, they'll have to pay for those themselves.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • SteveRoffey
    • By SteveRoffey 12th Feb 18, 1:13 PM
    • 7 Posts
    • 0 Thanks
    SteveRoffey
    My wife and myself are looking to take out plans to cover our funerals, a good many years down the line we hope, neither of us is religious so we're opting for a direct cremation. Would appreciate any comments regarding the various companies that offer this service, we've had brochures from a couple of them and can't really see any difference in the service each provides.
    • Yorkshireman99
    • By Yorkshireman99 12th Feb 18, 4:33 PM
    • 3,686 Posts
    • 3,007 Thanks
    Yorkshireman99
    My wife and myself are looking to take out plans to cover our funerals, a good many years down the line we hope, neither of us is religious so we're opting for a direct cremation. Would appreciate any comments regarding the various companies that offer this service, we've had brochures from a couple of them and can't really see any difference in the service each provides.
    Originally posted by SteveRoffey
    Why bother if you are,likely to have enough money in your estate when you die?
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