Monthly Payment Funeral Plans

Last updated: 15th March 2022

You can fix the cost of your funeral at today’s prices and pay for it in one payment or monthly.

Monthly Payment Funeral Plans

The majority of funeral plan providers provide the option for you to pay for you funeral plan monthly and your money is held in trust  or whole of life policy so it is kept safe. More information on how your money is kept safe please Click Here

Usually when you pay for your funeral plan monthly over 12 months there are no additional charges for paying for the funeral plan monthly and the total amount payable is the same as the total price. When you pay for your funeral plan monthly over a longer term an instalment charge applies.

Instalment Charges

Instalment charges incurred when you take out a monthly payment funeral plan are not interest. This is because interest is applied when you pay for a product after you have received use of it. When you pay for a funeral plan monthly you benefit from the funeral plan after you have finished paying for it and therefore the charge applied is an instalment charge because it is not a form of a credit; it is for this reason that there are no credit checks as no credit is being provided.

The instalment charges vary by funeral plan provider, when you purchase a monthly funeral plan from Plan with Grace the instalment charge applied is 6.5%.

Spread the cost of your funeral plan by paying monthly

Anyone can spread the cost of their funeral plan monthly when they take out a monthly payment funeral plan. There is no credit check because a monthly payment funeral plan is not a form of credit.

When you when you purchase a monthly funeral plan from Plan with Grace should the term be for 3 or more years you benefit from the Plan with Grace Promise. This means that if your funeral is required after you have made the first 24 monthly payments, your monthly payments are up to date and the term of the monthly payment funeral plan is not complete the funeral will still be provided, as per the terms of the plan, with nothing further to pay.

When you pay for your funeral monthly over a term greater than 12 months an instalment charge applies. Plan with Grace charge an instalment charge of 6.5% for monthly payment funeral plans of more than 12 months.

Reduce monthly funeral plan payment amounts

To reduce the monthly funeral plan payment amount when you take out a monthly payment funeral plan by:

  1. Paying a larger deposit, this will reduce the monthly funeral plan payment amount for each given term
  2. Pay over a longer period of time
  3. Choose a cheaper funeral plan, for example a monthly payment funeral plan that does not include a limousine and or an unattended funeral, also known as a direct cremation that is becoming increasingly popular.

Deposit and monthly payment funeral plans

Many monthly payment funeral plans require a minimum deposit of up to £250. When you set up a monthly payment funeral plan with Plan with Grace payment of a deposit is optional, it is entirely up to you.

How long do I have to pay for a monthly payment funeral plan for?

Depending on the type of monthly payment funeral plan you choose will determine how long you pay for, in addition your age.

Your age will determine the monthly payment funeral plans, many funeral plan providers have an age cap of between 78 and 80 years old for the monthly payment funeral plan to be paid in full.

Some monthly payment plans require you to pay to the age of 90 and provide full cover after 1 years – if you cancel after the 30-day cooling off period you do not get any money back.

Other monthly payment funeral plans offer monthly payments over a term. Plan with Grace pre-paid funeral plans offer monthly payment funeral plans from 2 to 10 years, should you cancel after the cooling offer period the amount paid is refunded less a cancellation fee. Should the plan be cancelled within the 30-day cooling off period any payments are refunded in full.

Does paying for a funeral plan in monthly payments cost more?

When you pay for your monthly payment funeral plan over 12 months it does not cost you any more, this is the same for all funeral plan providers.

A monthly payment funeral plan payable over a term of 2 years or more incurs an instalment charge, Plan with Grace charge an instalment fee of 6.5%.

Simply put the longer the term you pay for your monthly payment funeral plan the more you will pay however monthly payment funeral plans can provide the funeral after a minimum period, should the plan holder pass away, even if the term is not complete. For example Plan with Grace provide full cover after 2 years, if the funeral covered by a monthly payment funeral plan was required after a shorter period of time, in such a situation, the cost of the funeral may be lower than if it had been paid in full.

If I pay for my funeral plan in monthly payments, will I still get the same benefits?

The benefits provided for a pay monthly funeral plan are the same as that if you paid for the funeral plan in full, in 1 payment. However if you have a fixed term monthly payment funeral plan that is not insurance-based i.e. it does not provide full cover after a given period of time, you will not receive the full benefit of the funeral plan until the balance is paid off for your funeral plan to be provided’ the same applies should the minimum period not be reached for a monthly payment funeral plan that provides full cover after such a period of time.

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