Post Office Funeral Plan Review
Should you lock in the cost of your funeral at today's prices with a Post Office funeral plan instead of paying potentially a lot more money in years to come?
(Written & Contributed by an over 50 who wanted to share her experience)
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With the average cost of a funeral now at £3,675 and rising, I decided to look into prepaid funeral plans. These plans let you pay the cost of your funeral today, and will provide the services you request when you die. Here is my Post Office Prepaid Funeral Plan review...
Limitations of Post Office funeral plans
Questions about Post Office funeral plans
How much are Post Office funeral plans? (Click to expand)
There are three plans available from Post Office Money. The Essential plan is £3,495, the Standard plan is £3,875, and the Premium plan is £4,135. You can pay in a single payment, or make twelve monthly payments. You can also make 24 monthly payments, but there is an extra charge for this. These prices are for 2018.
At first, I thought these prices were high since they are slightly more than the cost of the average funeral. But when I die, the cost of a funeral will probably be quite a bit higher than it is today, but most of those costs will be covered by my prepaid plan. And having everything paid for so my children don’t have to worry about it is worth something to me.
As they are with Dignity funeral plans they guarantee the Cremation fee and Minister's fees.
Will my money be safe?
You money will go via Dignity Pre Arrangement Ltd to their separate trust which should be safe, should anything happen to the funeral planning company itself.
What's included in the cost of funerals?
The Post Office offers a prepaid funeral plan that covers some or most of the costs of a cremation or burial funeral. There are three levels to choose from, and the prices vary depending on what you want. All of the plans include services of a funeral director, help with the paperwork including registering the death, a coffin, a hearse, and transport, preparation, and care of the body. All of the plans include cremation costs, or, if a burial is preferred, up to £1,200 toward burial expenses. This amount increases with inflation. Some of the plans include a viewing, limousines for the mourners, and other options.
What's not included in the cost?
I was concerned that, even with a prepaid plan, some of the costs would not be covered. The plan does not include embalming, which I thought would be covered. It also does not include flowers, or an obituary in the newspaper. Most of the other things that are not included are things that not everyone would have, like coroner’s or doctor’s fees, or things that can’t be predicted, like transporting the body more than 40 miles.
What happens if I die before paying my funeral plan in full?
If you choose to make payments for your plan, and you die before you finish making the payments, the person planning your funeral can agree to pay the balance that remains. This will allow your funeral to go on as your plan states.
What's The Post Office's Defaqto rating?
According to the latest 2018 report, Defaqto are rating Post Office Money as follows:
- Premium 5/5 Stars
- Standard 4/5 Stars
- Essential 3/5 Stars
What are the cancellation fees & policy like?
90 Day cancellation.
£195 cancellation fee if you wish to cancel after the 90 days.
Their Terms & Conditions PDF can be found here
What if I move house?
If you relocate or move home within the UK your plan moves with you at no extra cost, but a new local funeral director will be appointed.
Do I need a medical?
This was a big concern for me since my husband's health is not good. I was afraid he’d have to do a medical, and they would turn him down because of it. No medical is required, and everyone over 50 years old is guaranteed to be accepted.
Who chooses the funeral director / what if the funeral director goes out of business?
The Post Office Money plan has a network of approved funeral directors they use. They will nominate one to work with you when you purchase your plan. If that funeral director retires or goes out of business, another funeral director will be nominated for you. The plan is provided by Dignity Plc.
When you buy a plan, the money goes into the National Funeral Trust, which follows the rules of the Funeral Planning Authority.
If Post Office Money or Dignity Plc were to exit the business, your money would be protected in the National Funeral Trust, who would provide the services for which you paid.
Our Opinion on Post Office funeral plans
Reviews of Post Office funeral plans
We can't find any reviews online but if you've had a good experience (or not so good), do share it with us below:
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For my Brother's funeral, I was never sure he would have been happy with the difficult decisions we made for him. (...) A funeral plan seemed an interesting alternative. I found FuneralGuide.co.uk refreshingly different compared to the pushy “hard sell” websites..
Ben Griffiths, Brighton
The free call that i got from FuneralGuide helped me to decide that I didn't want to leave my kids with that kind of burden.
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