There is an £850 difference between the top package and the most basic. Which is probably one of the lowest gaps for gaining extras associated with the funeral.
Flower collection and conveying is built in and Chapel of Rest is extra. The main difference between Bronze and Gold is an extra limousine and a superior coffin. One off payments come in at £3,350 to £4,200.
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Bronze: One off – £3,350
Includes: A plain coffin. Advice and guidance, arrangements and paperwork. 30 mile radius intake of body for hygienic preparation. Care of the deceased. Traditional hearse to meet family at location of service. Receiving and transporting flowers. A £1,200 disbursement towards Crematorium and related fees such as burial, gravedigger charges and funeral service.
Silver: One off – £3,800
Adds: A plain coffin with wood veneer effect. Funeral Director’s Chapel of Rest. Traditional hearse and one limousine from home address to place of worship.
Gold: One off – £4,200
Adds: A superior coffin of wood-effect veneer. A second limousine.
Notes: The coverage is for both cremation and burial however the contribution may not cover all costs related to either.
Disbursements pay towards the celebrant fees etc and family may need to pay extra at the time.
Trust Held: Yes, in a separate entity named Funeral Planning Trust.
It has private trustees with no connection to the Funeral Plan company and is audited annually. They claim should all monies be required at once then the money is readily available to pay each and every funeral. The trust invests in low risk funds across Fixed Income stocks and corporate bonds.
When a person takes out a funeral plan they may expect every condition and need to be met, even if they choose a bespoke funeral plan. That however is not always the case. Some do, some will not. It’s essential to compare disbursements and coverage.
It’s a possibility.
Yet all of Liberty’s funeral plans involve the same £1200 contribution to disbursements. With other offerings some packages are without.
It is likely they feel they cannot wholly guarantee that the trust fund will perform to do more than the amount they mention, otherwise they would suggest £1500 or pay for it all.
Yes your family or next of kin may need to meet the difference at the time.
Some plans do include additional bespoke additions upon request, as do Liberty with a formal ‘My Wishes’ document.
Though this is as it states a wish list, something for the next of kin and Funeral Director to read at the time and where costs will be discussed.
No monies will be taken in advance for these unless they can be absolutely guaranteed one presumes.
It is one of the easiest funeral plans to access due to no age limits, no health questions and the packages are quite easy to understand, from basic to superior coffin with none, one or two limousines.
There isn’t really much to contemplate.
You would either pay a lump sum, start to pay monthly payments for an agreed duration and receive paperwork with regards future funeral arrangements.
The documents will state exactly what sum of money Liberty will provide a local Funeral Director upon your death and also stipulate what that Funeral company will provide for your family, mentioning any personal wishes which may come at additional expense on the day should they be granted by the next of kin.
Liberty are members of the FPA, an organisation which has oversight and can report on each funeral plan provider with yearly audits.
With money also held in a separate Trust Fund with trustees that have no interest in the financial outcome of the associated company. In so far as the law goes and how trusts are managed with the FCA in mind, yes your funds should be safe.
With a national network of 250 or more funeral directors it would be possible to move your plan to one that is more local but you need to inform Liberty when you do move home so as to keep paperwork current.
If you should die before the plan is completely paid it is likely that the all premiums paid minus an admin fee will be returned to your next of kin to pay an amount towards the funeral costs. Unfortunately there is no mention that whether that be five or ten years that this would also secure the profitable aspect of the plan too.
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