Are prepaid funeral plans safe?
The short answer to the question 'are prepaid funeral plans safe?' is yes. By choosing a Simplicity Cremations Prepaid Funeral Plan, you can be confident that your funeral plan is safe and your money is protected. We’re registered with the Funeral Planning Authority, so no matter what happens, you can rest assured you will receive the funeral you have paid for when the time comes.
Will my money be safe in a funeral plan?
To guarantee your money is safe in a funeral plan, you should purchase a plan from a provider registered with the Funeral Planning Authority (FPA). The FPA is a voluntary organisation set up to regulate providers in the UK’s prepaid funeral planning industry.
The FPA has a strict Code of Practice and Rules which all members must abide by. Funeral providers registered with the FPA will either invest the money you’ve paid for a funeral plan into a trust fund or a whole of life insurance policy. The aim of both methods is to safeguard the money until it is needed, ensuring there are sufficient funds to cover the cost of the funeral when the time comes. This means that if anything happens to the provider, the money you pay for your funeral is protected.
The money you pay for a Simplicity Cremations Prepaid Funeral Plan is placed into the National Trust Fund, independently managed by some of the UK’s most respected investment companies, where the funds are held securely until they are needed. As a member of the FPA, our finances and procedures are independently reviewed on an annual basis, to ensure we are operating in a way that will ensure our planholders receive the funeral they have paid for. Learn more about the Trust Fund.
Although many funeral plan providers are registered with the FPA, this is not a legal requirement. There are therefore a small number of providers in the industry who have chosen not to or have not yet passed the registration process. When considering a funeral plan, we’d recommend choosing a provider registered with the FPA, for reassurance that your funeral plan is safe.
Are prepaid funeral plans worth it?
If you're worried about leaving your family with funeral costs to cover, then yes funeral plans are worth it. They offer peace of mind, meaning you'll have more time to live your life to the fullest. Learn more about why you should take out a prepaid funeral plan.
What does a prepaid funeral plan cover?
It is unlikely a funeral plan will cover everything you need for a funeral. Exactly what is covered will vary from provider to provider, so it is important to research a plan thoroughly before deciding on the funeral plan that is right for you.
Unlike many direct cremation funeral plan providers, we guarantee to cover the following:
- 24/7 collection from the place of rest anywhere within mainland Great Britain
- Care in our professional mortuary facilities
- Cremation fees
- Transportation of the deceased
- A simple wood effect coffin
- Return of ashes
All your family will need to pay for when the time comes is doctor’s fees. These are billed to us by a third party.
Simplicity Cremations Prepaid Funeral Plans, are some of the lowest cost funeral plans available in the UK. We offer three tiers of funeral plan, depending on how many people you’d like to attend your funeral starting at £1,495 for a direct cremation without any mourners present. Our attended funeral options focus on the service itself, you can choose from a short 10 minute service for a small group of family and friends or a full length, family-led service, for a larger group of mourners.
Prepaid funeral plans offer flexible payment options
Generally speaking, when it comes to prepaid funeral plan prices, the quicker you pay for your prepaid funeral plan, the less it will cost overall.
At Simplicity, we provide a range of flexible payment options, so you can choose to pay in a way that suits you and your budget.
You can make one lump sum payment, pay in instalments over 12 months (at no extra cost), or spread the cost over a duration of up to 10 years, for a small interest fee. The instalment terms available to you will depend on your age at the time of your application; all payments must be completed by your 80th birthday.
Are there any alternatives to a funeral plan?
One of the main advantages of a prepaid funeral plan, is that once you’ve brought a plan, you are protected against any future increases in funeral prices. There are however other ways to pay for your funeral.
Over 50’s life insurance, also referred to as funeral insurance, will pay out a fixed sum towards the cost of your funeral. Within the industry, these insurance policies are considered poor value for money. Depending on the age at which you die, you could end up paying more in premiums than the fixed sum that will be paid out.
Many people put money aside in a savings account, however with the possibility funeral costs will continue to rise, there is of course no guarantee that you will have sufficient savings to cover the cost when the time comes.
Banks will usually release money from your estate early if your family can provide a copy of the death certificate along with an itemised account from a funeral provider.