Pre Planned Funeral - Golden Charter?

welshbabe88

Has anyone taken out one of their plans? Just started looking into it now. Are the plans specific to a person or can a couple take one out for whoever goes first?
We both have life insurances but they will only pay out about 2k.
How safe are these plans once you have paid for them? I know they say they are protected.

Mojisola

My parents started with a joint contract with AgeUK - the first to die would have used the plan - when they finished paying for that one, they assigned that to Dad and took out another one to cover Mum's funeral.

Whichever firm you go with, look very carefully to check what it actually covered - some companies only provide a lump sum towards costs; others guarantee to cover the full costs.

This is what AgeUK offer -
https://funeralplan.ageuk.org.uk/choose-your-funeral-plan/compare-funeral-plans

McKneff

Co op are very competive too

You get a discount and also a percentage to a local charity

Malthusian

welshbabe88 wrote: »

Has anyone taken out one of their plans? Just started looking into it now. Are the plans specific to a person or can a couple take one out for whoever goes first?
We both have life insurances but they will only pay out about 2k.

Since you have enough money in your accounts to buy a pre paid funeral plan, your life insurance policies are really neither here nor there. If one of you died tomorrow that money you were planning to use for a funeral plan would pay for the funeral instead.

Are you sure there's a serious possibility that there wouldn't be enough in your accounts to afford a funeral when the day eventually came?

How old are you? Depending on your age it is possible you should be looking at better life insurance provision, not funeral plans.

Mojisola

The main benefits from my parents buying plans in advance was that the price was fixed and cost less than if we'd waited to pay for funerals when they died and, although they were on means tested benefits, the amount in the plans wasn't counted as savings so they could save for things to do while they were alive.

One potential disadvantage was that the funeral directors named when they bought the plans changed and it was a different one who had the contract by the time they died - it didn't matter in their case but some people may have a preference for which FD arranges their funeral.

Gers

There's a whole article about these:

https://www.moneysavingexpert.com/family/prepaid-funeral-plans/

dawyldthing

These plans aren’t the cheapest. We cremated Nan 3 years ago through one that does do golden charter, had a car etc (bought flowers elsewhere etc) but paid £2400 so there charging quite a bit more for buying in advanced (admittedly they must be charging more for sorting it in advanced, but it’s quite a bit more as it looks like we had the next step from basic with having the car)

welshbabe88

Gosh my reply form yesterday must not have posted. thanks Mojisola - I was thinking along the lines of your parents too.


Thank you for the link Gers - most interesting.

dawyldthing - yes they do seem a lot for what you get - and they have no price lists on any funeral director sites for you to actually work out what a current one would be. Seems they expect you to order a funeral with no knowledge of the cost at the worst possible time in your life - and who wnats to shop around just after a bereavement.
Yes maybe we'll just stick with the life insurances, write out or wishes and then it'll only be a little to pay on top. I was just thinking of the conveneince aspect too but that is a lot to pay just for that - plus I've always been a bit wary about how secure the money would be - think our local dircetor is with Golden Charter.

Mojisola

welshbabe88 wrote: »

Seems they expect you to order a funeral with no knowledge of the cost at the worst possible time in your life - and who wnats to shop around just after a bereavement.

When my uncle received his terminal diagnosis, he did just that - went round several local FDs, got prices from them and decided which one to use.

geminilady

The money in these plans is always protected usually in a trust fund. The main thing in their favour is you agree a set price but if you live another twenty years or so the cost of a funeral would be lots more than what you pay today

sheramber

My sister bought hers for £1500 many years ago -It covers everything down to the music to be played - a bargain in today's prices and she is still very much alive so may be even more of a bargain when needed.

Yes, you can transfer the plan to a spouse if they die first.
https://www.goldencharter.co.uk/faqs/

Check with local funeral directors who they use. I live in a rural area and the one funeral director in the area uses Golden Charter.