Across all pre paid funeral plans there are costs of certain funeral service elements that can be forecast and others which cannot. For instance burial plots are rarely included, disbursements not entirely covered and so on.
- No health checks or questions to apply
- Funeral costs accepted unless different funeral director chosen by next of kin
- Price match
- Monies held in trust until time of need even if cancel policy
- 60 day payment holiday offered or extension if allowed
- Burial plot and fee
- No repatriation which is normal for UK plan providers
- A wish list is exactly that unless factored into the plan financially with growth attributed
- Disbursement amount probably won’t cover final fees
- Return of monies paid if policy cancelled, held until time of need
Does that mean I (or my family) will have to pay money on top?
While we have glanced at many pre paid plans, £1000 as a contribution does seem quite low. However it is possible their plan and financial arm with investments could out perform others to meet all the cost at the time of need. It’s a consideration and it may be possible to ask for proof of investment results so you can compare pre paid plans on this aspect. Not many people would or understand that possibly could.
What If I Want Something Different?
The provider does allow you to make special arrangement on top of the given plans. If you wish to have a memorial service as well as church service and it was absolutely possibly to gauge this cost for 20 years time, it could be included.
Or for instance 3 extra limos, they can adjudge for two so five would be just as easy. For any elements that cannot be matched to inflation or prices gauged it may be possible to add a separate amount that could grow to cover other expenditures as willed by your next of kin at the time of need. A kind of fund for the miscellaneous like flowers or hall hire.
How Does A Prosperous Prepaid Funeral Plan Work?
Slightly different to many others. The plan provisions are similar, you will receive the full detailed aspects from the local funeral director as pre planned. The Certificate of Entitlement will allow for that as log as fully paid up. Two stark differences are that there is no cancellation fee or return of monies before death and trust fund may pay out interest earned upon early death regardless.
Will my money be safe?
Yes and doubly so, not only are all funds kept in Trust with a separate entity and Trustees with no relation to the ‘parent’ plan company, they are covered by yearly audits by the Financial Planning Authority which has oversight and investigative powers. Any investments would be guarded by the Financial Conduct Authority too.
Any Cancellation fees?
No, at the time of writing there is not. However you may cancel within 14 days in writing and reclaim all payments to date. There is a strange concept that is welcoming and different to all others. If you cancel after 14 days your policy can exist up until the point of need with that sum of money repaid. You cannot cancel, pay a cancellation fee and receive all monies before death. According to their terms and conditions and section 11.
Will my plan stay the same if I move house?
Yes, simply advise of your new address and a new funeral director will be appointed. Though it is not known how far away this funeral might be at the new address.
What happens to my plan if I die before paying the full amount?
It’s a little technical due to the wording used in the terms. If you die your next of kin or personal representative will receive the money required for the funeral as the trust fund amount stands at the time of death. Or the remaining balance may be payable and full funeral service delivered forthwith.
However, you need to ask if this is only the payments made or the interest gained too, it’s the latter which we understand to be true. If this is the case then it is much better than other plan providers in respect to this situation.