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You can fix the cost of your funeral at today’s prices and pay for it monthly. There are 2 monthly options one being a trust-based package or an insurance-based scheme that provides full cover after 12 or 24 months depending on the provider.
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 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 (i.e. the same as if you paid for the funeral plan in 1 payment instead of monthly). Safe Hands Funeral Plans and Silver Clouds Funeral Plans also provide a payment plan over 2 years that do not incur additional charges when you pay for your funeral plan monthly.
When you pay for your funeral plan monthly over a longer term an instalment charge applies.
It you cancel a trust based monthly payment funeral plan after the cooling off period you are entitled to get your money back less a cancellation fee.
When you pay take out a monthly payment funeral plan that is insurance based you get the benefit of the funeral plan, should it be required, after 12 or 24 months depending on the funeral plan provider. Golden Charter funeral plans, Golden Leaves funeral plans and Co-op Funeral care all provide insurance based monthly payment funeral plans. The monthly amount you pay is higher depending on your age. The older you are the higher the monthly payment amount of the funeral plan.
Insurance based monthly funeral payment plans provided by Golden Leaves funeral plans and Golden Charter funeral plans are to be paid monthly until you are 90 or your funeral is required whichever is sooner. Golden Leaves funeral plans and Co-op Funeral Care will provide full cover after 12 monthly payments are made whereas Golden Charter funeral plans will provide full cover after 24 monthly payments have been made. For insurance-based monthly funeral plans provided by Golden Leaves funeral plans and Golden Charter funeral plans: If your funeral is required before the full cover time your estate will be entitled to 120% of the money paid to be contributed to the cost of your funeral. If your death is due to an accident and your monthly funeral plan is required before you have made 12 monthly payments Golden Leaves funeral plans and Co-op Funeral care will still provide cover. For Co-op Funeral Care if you have a monthly payment funeral plan that is required within the 1st 12 months of paying for it either the balance can be paid for the services of the funeral plan to be provided or alternately the representative of the funeral plan holder can choose to cancel the monthly payment funeral plan and receive a refund less the cancellation fee. For more information on cancellation fees please Click Here.
Co-op Funeral Care allow you to choose the term over which to pay your insurance based monthly payment funeral plans, the shorter the term the higher the monthly price although this is dependent on your age as well, the older you are, for a given term, the higher the monthly payment will be.
If you cancel an insurance based monthly payment funeral plan provided by Golden Leaves funeral plans or Golden Charter funeral plans after the cooling off period you will not get any money back and you will not receive any benefit from the funeral plan when you die.
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 it is not a form of a credit.
Most funeral plan providers apply their instalment charges cumulatively year on year, the exception being Rest Assured funeral plans who only apply theirs to each monthly amount debited from the clients account and therefore the overall instalment charge from Rest Assured funeral plans is much lower.
Anyone can spread the cost of their funeral plan monthly when they take out a monthly payment funeral plan. There is not credit check because a monthly payment funeral plan is not a form of credit. When you take out a trust based monthly payment funeral plan if you have not made all the monthly payments required for the monthly payment funeral plan to be paid for in full your family or representative will be required to pay the balance for the funeral plan benefits to be provided. Alternatively the funeral plan can be cancelled and a refund provided less the cancellation fee.
When you pay for a monthly payment funeral plan there are no medical or health checks required.
To reduce the monthly funeral plan payment amount when you take out a monthly payment funeral plan that is trust-based or provided by Co-op funeral care you can reduce the monthly funeral plan payment amount required by:
For younger people an insurance-based funeral monthly payment funeral plan may provide lower monthly funeral plan payment amounts than a monthly funeral plan payment amount provided by a fixed term trust based monthly payment funeral plan.
The minimum deposit required when you take out a monthly payment funeral plan varies by provider between no deposit required to a minimum deposit of £895. Cheaper pay monthly funeral plans can have a lower minimum deposit amount. Usually funeral plan providers that provide lower or no deposit options provide longer repayment terms for the monthly payment funeral plan to be paid.
Dignity funeral plans, Co-op funeral care, Safe Hands funeral plans and Capital Life funeral plans all provide funeral plans that do not require a minimum deposit. To compare no deposit monthly payment funeral plans please Click Here.
If you choose an insurance based monthly payment funeral plan provided by Golden Leaves funeral plans or Golden Charter funeral plans you have to pay the monthly amount till death or 90 years which ever is sooner. Should you choose to take out a monthly payment funeral plan from Co-op Funeral Care or a trust based monthly payment funeral plan the maximum number of years varies by funeral plan provider. All monthly payment funeral plan providers provide the option to pay for your funeral plan over 1 to 5 years. Golden Charter funeral plans allow you to pay for your monthly payment funeral plan over 30 years however monthly payments for your funeral plan must have completed by your 80th birthday so if you were 70 years old the maximum number of years you could pay your monthly payment funeral plan over would be 9 years.
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.
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. You do not pay any more for monthly payment funeral plans paid for over 24 months with Rest Assured funeral plans, Safe Hands funeral plans and Silver Clouds funeral plans. Silver Clouds funeral plans also provide a 36 month monthly payment funeral plan at no extra cost.
Simply put the longer the term you pay for your monthly payment funeral plan the more you will pay. It is however important to compare funeral plan providers when you wish to take out a monthly payment funeral plan – this is because the instalment charge varies by funeral plan provider and therefore you may end up paying more over a shorter term monthly payment funeral plan than with another provider over a longer term. To compare monthly payment funeral plans please Click Here.
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.
