Funeral finance can be taken out to cover the cost of all…
Yes, you can pay for your funeral before you pass away. One popular way to do this is with a prepaid funeral plan.
A funeral plan is a safe and easy way to set money aside for your funeral and ensure that your loved ones are protected from costly funeral fees when the time comes.
As the average cost of a basic funeral is now more than £4,100 it’s important to plan ahead and be prepared for the unexpected.
Contact Reassured’s specialist funeral plan team today for your free, no-obligation funeral plan quotes.
Prices start from as little as £19.11* a month.
Or, continue reading to learn more about prepaid funeral plans as well as other ways you can pay for your funeral in advance.
A funeral plan allows you to plan and pay for your funeral in advance.
It includes elements such as funeral director services, a coffin, transport, cremation or burial fees and everything else needed for a final farewell.
You pay a fixed sum in advance for your chosen funeral plan and your essential services are locked-in at today’s prices.
When the time comes, your loved ones would just need to make a single phone call, and the appointed funeral director will take care of everything.
They’ll carry out your funeral as per your plan and your loved ones won’t have to cover the cost.
Yes, for many people it can be worth paying for a funeral in advance with a funeral plan.
Whilst there are other ways you can cover the cost of a funeral, such as with a life insurance policy or savings, a funeral plan has additional benefits.
Funeral plans arranged through Reassured cost between £3,020 - £4,170 depending on what’s included in each plan.
You can choose to pay upfront in full (one single payment) or you can spread the cost from just £19.11 a month**.
Funeral plans arranged through us cover all the key services for either a traditional cremation or burial funeral.
Contact Reassured to learn more about the different options we have.
We can discuss your needs and budget, before getting you personalised quotes for the most suitable plans.
Yes, it’s safe to pay for your funeral in advance, as long as the funeral plan you buy is approved by the Funeral Planning Authority (FPA).
FPA registered providers must keep their funeral plan customer’s money secure in an FCA regulated life insurance policy or independent trust fund.
This means that your funeral plan payments will be managed carefully until the funds are needed to cover your funeral.
In the unlikely circumstance that the provider went out of business, the FPA will ensure that you receive the funeral services you paid for.
All funeral plans arranged through Reassured are fully FPA approved, so you can be rest assured your investment is protected.
Alternative ways you could make financial provisions for your funeral include:
1. Life insurance
Life insurance is a type of policy that pays out a cash lump sum to your loved ones when you pass away, in exchange for a monthly premium.
Both forms of cover would provide a guaranteed pay out in the event of your death, unlike term-based policies.
However, depending on your personal circumstances and the type of policy you choose, you may not be able to secure enough cover to pay all your funeral related costs.
And, unlike a funeral plan, a life insurance pay out isn’t safeguarded against inflation or rising funeral costs.
|Over 50s plan||Whole of life insurance|
|A fixed guaranteed pay out up to £25,000||A fixed guaranteed pay out up to £1,000,000|
|Guaranteed acceptance UK residents aged 50-85||Medical information required on application|
|Ideal for applicants with pre-existing conditions who are unable to secure other types of cover||Ideal for applicants in later life and in good health|
|Waiting period of 12 or 24 months before you can make a claim on the policy||No waiting period, cover is immediate|
|Can be written in trust to avoid probate||Can be written in trust to avoid probate|
|Premiums from 20p-a-day through Reassured||Premiums from 27p-a-day through Reassured|
Benefits of writing in trust:
Reassured can help you write your policy into trust, free of charge.
2. Your estate
Without a funeral plan or life insurance policy in place, your funeral expenses could be covered by your estate (any money, property and possessions you have).
In most cases, your loved ones would need to wait for probate to be granted (when your estate and assets are legally distributed) before they can recover the funds for the funeral.
Probate can take between 6-9 months, sometimes longer, following your passing.
This means the person who’s arranging your funeral would need to pay the upfront cost to the funeral director until probate has passed.
However, if your estate is small and/or you have outstanding debts to pay (which would take priority over funeral costs) then there may not be sufficient funds remaining for them to claim.
With a funeral plan, you can have peace of mind that your key funeral services are paid for in advance and your loves ones won’t be left out of pocket.
3. Savings account
A common way to make financial provisions for your own funeral is to set money aside in a savings account.
The sensible thing to do is to make sure there are sufficient savings in a joint bank account that you share with a close relative.
They can access the funds to help cover your funeral expenses when the time comes if there’re no other finances available.
If you’re the sole account holder, then the person who needs to find the money for your funeral may run into a few roadblocks when trying to access your savings.
For example, some banks won’t release any funds until probate has been granted (as your bank accounts are considered as part of your estate).
Other banks may release the funds sooner, but they’ll ask to see a death certificate and possibly an itemised funeral bill.
When a funeral needs to be arranged within several weeks, your loved ones may have to stump up the money in the meantime, adding more stress to an already difficult time.
Whether you have personal savings or not, it’s sensible to consider a funeral plan which can:
Prevent your savings from being used to pay for the funeral.
You can pay for your own funeral with a prepaid funeral plan or take out a life insurance policy so that your loved ones receive a cash lump sum to cover the costs.
The option that’s best for you will be determined by your individual circumstances, and your budget.
It’s possible to take out both a funeral plan and a life policy to serve different purposes - a funeral plan to beat rising funeral costs and life insurance to leave behind an inheritance.
Funeral plans arranged through Reassured come with flexible payment options so that you can spread the cost from just £19.11 per month.
All our plans are FPA approved so that your money is kept safe until your funeral services are needed.
Compare quotes for both life insurance and funeral plans using our award-winning service today.
We look forward to helping you save money!
 SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021
*£19.11 per month pricing includes a £75 discount only available to Co-operative members and is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,020 over the maximum term available of 25 years (total amount repayable £5,733.40) as of 1st March 2021
**If choosing to pay by monthly instalments, your age will determine how long your payment period will be, as a maximum age limit applies. If you choose to spread the cost for a period of more than 12 months, then additional fees will apply
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At Reassured, we will provide you with quotes from Co-op Funeral Care.
All of the funeral plans we provide are fully regulated by the Funeral Planning Authority (FPA) ensuring you and your money are protected.
Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry