Pre-Paid Funeral Plan
Questions and Answers
Here are some of the questions you might want to ask, but please call us if there is anything else you would like to know about the plans.
- What if the cost of funerals increases?
- How do I know the money will be safe?
- Do you pay interest?
- Can I pay by instalments?
- Is there an age limit or health restrictions?
- What if I die away from home?
- What if I move home?
- Can I buy a plan for someone else?
- What if I change my mind later?
What if the cost of funerals increases?
The cost of a funeral usually increases each year, but once you have purchased a prepayment plan the funeral specified will be provided for you when it is needed, without any further charge to you or your family (but see the note on “Disbursements” on the previous page). This is one of the most important benefits and why it is has become so popular with our clients in recent years.
[ Top of page ]How do I know the money will be safe?
All payments are made directly into Funeral Planning Trust, with independent managing trustees. The accounts of Funeral Planning Trust are monitored annually by independent actuaries and investment managers, and checked by independent auditors. The payment for the funeral can only be withdrawn from Funeral Planning Trust when the service has been provided or if the plan is cancelled.
[ Top of page ]Do you pay interest?
No. A guaranteed funeral plan is simply a way of paying in advance for the funeral service. As the value of the Funeral Planning Trust increases over the years, so the money available to pay the funeral director will increase to compensate for rising costs.
[ Top of page ]Can I pay by instalments?
Yes, there are a range of options - please ask for details. It usually costs more to pay for a plan by instalments because of the extra administration involved, and if you die before completing all of the instalments the funeral will only be part-paid.
[ Top of page ]Is there an age limit or health restrictions?
No - you can purchase a plan at any age and in any state of health, but please see the note on instalments above.
[ Top of page ]What if I die away from home?
We recommend that you take out travel insurance when you go on holiday, especially if you travel abroad, which usually covers bringing you back home if necessary. Or we can quote for the extra cost involved.
[ Top of page ]What if I move home?
If you move Funeral Planning Services can transfer your plan to a Funeral Director in that area. Funeral Costs do vary from one area to another and you will be advised of any difference in cost at that stage.
[ Top of page ]Can I buy a plan for someone else?
Yes please mention this on your application - we will need the name, address and year of birth of the person to be covered but we will send all correspondence to you.
[ Top of page ]What if I change my mind later?
If you change your mind within the first month of receiving your plan documents you can return them for a full refund - with no questions asked. If you cancel your plan at a later date, your refund will be subject to an administration charge.
[ Top of page ]Your Funeral Plan Guarantee
Within 28 days Funeral Planning Services will send you a Funeral Plan Guarantee Certificate and a schedule of plan details. For instalment plan customers, your payment plan will be confirmed and the guarantee certificate will be issued when it is completed.
The Guarantee Certificate comes complete with practical information for your relatives or executor on what they should do at the time of the funeral, your personal wishes for the funeral and where your important documents are kept. Everything is designed to make things as easy as possible for your family and friends.
A Code of Practice
Funeral Planning Services is registered with the Funeral Planning Authority and is bound by the Code of Practice for funeral plans, which ensures:
- Fair terms and conditions for the customer
- Security of funds -- with strict controls over the custodianship and regular monitoring by independant experts
- A procedure for independant arbitration of complaints
This plan complies with the requirements of the Financial Services and Markets Act 2000
