These days, funerals are expensive and according to a recent article in the Telegraph, they are increasing by £5 per day. This makes future funerals even more costly and will put extra pressure on families when it comes time to pay for a loved one's funeral. Funeral Plans are an ideal way of saving money and offer several different ways of paying for them. The plans we offer through our partner Golden Charter, have four different payment options.
With the Single Funeral Plan Payment option, you pay a single, one-off payment that covers the entire cost of the plan you are purchasing. These payments are £2,800 for the Base Funeral Plan which is the most basic of the four but gives great value for money. The next one is the Standard Funeral Plan which costs £3,625 and improves over the Base Funeral Plan because it offers a £940 allowance towards third party costs. The Select Funeral Plan is the next level up and offers a high-quality coffin compared to the simple coffin of the previous two funeral plans. It also has a limousine, assistance with bereavement counselling and is priced at £3,995. The highest quality funeral plan of the four is the Premier Funeral Plan. It has a superior quality coffin, two limousines and costs £4,540 in total.
The next payment option is taking the Single Funeral Plan Payment figure and splits it into twelve equal payments and a £49 deposit. You still pay the same amount as the Single Funeral Plan Payment but you are simply spreading the cost out over 12 months. You pay your £49 deposit then for a Base Funeral Plan you pay £229.25 a month for 12 months. Standard Funeral Plan is £298 a month, with the Select Funeral Plan being £328.83 a month. The Premier Funeral Plan is the most expensive of the four, so it's monthly payments are the highest at £374.25 a month.
This is the last method of paying for your funeral plan however, there are two versions of this which, with the above two, totals four methods.
You can choose a Low-Cost Funeral Plan payment option that can vary from 2 years up to 30 years. The length of the funeral plan payment option is dependent on your age when taking out the funeral plan. For instance, up to the age of 54, the prices for the Base Funeral Plan start at £125.36 for 2 years dropping to £18.63 for 30 years. The Standard Funeral Plan ranges from £162.30 to £24.12, the Select Funeral Plan varies from £178.87 to £26.58 and the Premier Funeral Plan from £203.27 a month to £30.20. Prices increase slightly for the 55 to 65 age range and again for the 66 to 78 age range.
The second Low-Cost Funeral Plan payment option is via fixed monthly payments and the payments are based on an individual's age and circumstances at the time of applying for this.
With both of the Low-Cost Funeral Plan payment options, you end up paying more than the Single Funeral Plan Payment although the difference between the two varies depending on the length of time chosen to pay for your selected funeral plan.
For more information on funeral plans, you can visit The Will Associates Funerals page or phone us on 0800 9500 700.