Pre paid funerals/over 50's or Savings account

Shelldean

Please please don't use an over fifty scheme like British seniors or sunlife.
My Nan bless her thought she was doing the right thing by paying into sunlife. Started off with one plan at £6 then over the years started another two. Both at £6 a month. So £18 in total per month.
We didn't even get enough back to pay for her funeral. Thankfully she had money in the bank to pay the remaining balance.

But she paid in almost 3 times the amount of what we received back.
She'd have been better just putting the £18 a month into savings, even with no interest there would've been more than sunlife paid out. She was paying the original one for just under 30 years!!

She thought she was helping us, by doing this scheme. Just wish she'd spoken to one of us about first so we could look into it and advise her.But

This schemes now advise that it's a whole of life policy, and you may not get back as much as you've paid in. Certainly true in Nan's case.

badmemory

I bought the funeral not the plan 4 years ago.  The cost has already risen by almost £1k.  No way I could earn that much in interest.

hb2

Like Mum's plan, ours has no more to pay even if/when prices go up. Unless something extra is wanted that the plan doesn't cover, of course. For Mum's funeral there were only the flowers, order of service and 'bun fight' not covered - and I guess this would be true for most of the plans.

P0123

Although this is not actually answering the original question, please may I recommend that you read this information first?
Recently, my Dad had died, he had set up a prepaid Funeral Plan with a local Funeral Director (who had carried out my Mum's and my step-Mother's funerals), to avoid any costs, complications and misunderstandings for us, his children, whilst ensuring what HE wanted, happened.
I am SO glad that he did, (and I am thinking about setting one up myself), because after his death, I was distraught, plus there were family problems due to lack of input, etc, but this could be resolved in advising everyone concerned that THIS was what my Dad wanted, and planned.  Also, the Funeral Directors could reiterate this to anyone trying to "change things" or have them done a different way.
The Funeral Plan saved a lot of work and organising, (and thinking!), it lessened the family conflict, it enabled my Dad's wishes to be carried out and it saved us a lot of money (that I didn't have, at least).
Many items or services were covered by the funeral plan that Dad had arranged, but others left out (eg, the headstone, inscription and "refurbishing", the venue and catering for after the funeral, being just two), whilst items I had expected to pay for (such as flowers, "Notices" and similar) were all covered.

Therefore, I would say definitely look into what can or can't, or what you would like to, go into the Plan, and then you can rest being assured that YOUR funeral will be as YOU want it, and not somebody else!

Mojisola

P0123 said:

Many items or services were covered by the funeral plan that Dad had arranged, but others left out (eg, the headstone, inscription and "refurbishing", the venue and catering for after the funeral, being just two), whilst items I had expected to pay for (such as flowers, "Notices" and similar) were all covered.

I don't think any funeral plan would cover the wake.

sheramber

I took out a plan with Golden Charter a few years ago. I chose what I wanted covered from the plans offered.
The plan was in my name but when my husband died last year I was able to transfer it to pay for his funeral. I only had to call and ask them.  
The funeral director organised everything, including the hotel for refreshments afterwards.  These were not specifically covered in the plan but the funeral director must have covered them somehow as I didn't get any bill.  It  was al covered by the plan.
The only extra was the flowers.

hb2

Mum also wrote out her preferred hymns and readings for her funeral (she was very religious, I am not). I kept this with the funeral plan and simply handed it to the vicar who was taking the service (she also knew Mum). Mum really had tried to make everything as easy for me as possible, bless her.

I haven't done anything similar as I really don't mind how I am disposed of, but I have made my wishes re organ donation known to my NOK.

Fenando

Sun Life Guaranteed Over 50 Plan
I HAVE BEEN CAUGHT.  As an example of this awful plan, I subscribed to this plan in trust it would assist toward funeral cost on my passing.  Start Date: 11.06.2008 at the age 0f 71.  Premium £20 with a cash sum payable on death £1835.
Premiums paid continuously to date 07.07.2020 - £2880 which is £1045 in excess of guaranteed sum assured. 
There is no benefit / interest payable or additional payment of the excess at all  AND if I cancel monthly premiums -
I GET NOTHING in return.  Please be warned