Funeral plans ensure that your wishes are taken into account and that the burden of cost does not affect your loved ones.
It’s a service that has become increasingly popular and as many as 40 per cent of funeral plans are now pre-paid – and is something we would very much recommend.
Plans can vary with different providers and can include many different aspects of a funeral.
But we have an Expression of Wishes form that asks most of the questions any funeral director would be asking initially and filling in that form will provide vital information for the person making your arrangements.
However, if you do decide to take out a funeral plan, it’s absolutely crucial to check that the amount of money you pay in is the amount of money that your provider will pay out.
While plans are safeguarded by rules to protect your money, they are not yet regulated by the Financial Conduct Authority (FCA) – and they should be.
There’s evidence that suggests some prepaid plan providers have been paying out far less than the amount paid into a plan and that vulnerable people are being misled.
The Government is proposing to bring funeral plans under the regulation of the FCA and that can’t happen soon enough.
Until that happens, it’s very much worth seeking the advice of a professional funeral director before committing to any kind of scheme.