Prepaid monthly funeral plans

Monthly funeral plans are an affordable way to spread the cost and pay for your funeral in advance.

Every funeral plan provider offers both short-term and long-term monthly payment options.

Comparing funeral plans will help you determine which offers the best monthly payment solution, at the best price.

At Reassured, our award-winning FCA regulated broker service can compare monthly funeral plans on your behalf, (free of charge).

Why take out a funeral plan through us?

All funeral plans arranged through Reassured are fully guaranteed.

This means that essential (and expensive) third-party fees are covered and prices are fixed at today’s rate.

Other benefits of arranging a funeral plan through us:

  • Funeral Planning Authority (FPA) approved funeral plans
  • Our funeral plans are accepted by over 1,000 funeral homes nationwide
  • Flexible payment options
  • Pay for your plan over 6 or 12 months, by monthly instalments up to 25 years or in one lump sum
  • Best price guarantee on all plans through us paid in full or over 6 or 12 months.

Secure your monthly funeral plan through Reassured from just £19.81 per month.

Keep reading to learn more about the benefits of spreading the cost of your funeral with a monthly funeral plan...

Monthly funeral plans cost

The cost of monthly funeral plans varies between providers, which is why it’s important to compare quotes.

The amount you pay each month depends on the tier of funeral plan, the monthly payment option you choose and sometimes your age.

Spreading the cost over a long-term instalment plan can reduce the monthly cost, but does incur instalment charges.

Monthly funeral plans arranged through Reassured start from £19.81* a month.

How much does a funeral cost in your area?

Calculate the average cost of a funeral by year and where you live. Select from the options below.

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Average funeral cost

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Avoid rising funeral costs. Protect loved ones. Buy a funeral plan today.

This calculator uses data from the SunLife Cost of Dying Report 2020 and should only be used as a guide.

Freeze rising funeral costs, (+130% in 16 years)

A monthly funeral plan allows you to pay for your own funeral in advance and spread the cost over a number of months or years - whilst freezing today’s rate.

From the day you take out your monthly funeral plan, the price remains fixed.

This means, even if you spread the cost over 25 years and you pass away in 30 years time, the cost of your funeral is still covered.

Your loved ones won’t have anything else to pay, no matter how much prices rise.

Accordingly to research from SunLife, the average cost of a basic funeral today is £4,417.

In the next 5 years, funeral costs are expected to rise a further 20%.

But with a monthly funeral plan, it’s possible to freeze today’s funeral costs.

The earlier you take out your plan, the more you can save your loved one’s money in the future.

Ease the financial burden of your own funeral by investing in a monthly funeral plan.

Cost of funerals infographic UK

What is a monthly funeral plan?

A funeral plan is pre-payment for a bundle of all the essential services required to plan a funeral.

With a funeral plan you can:

  • Choose your funeral director (or be assigned a local funeral director)
  • Have control over your funeral arrangements
  • Record your final wishes
  • Protect loved ones from funeral costs and overspending on your funeral

Funeral plan providers usually tier their plans as per the level of service and price.

This makes it easier for you to identify a funeral plan that suits your individual needs and your budget.

A basic funeral plan will include all the essential services for a basic funeral and offer the least flexibility.

A superior plan will include all the essential services for a funeral, with a higher level of service and a lot more flexibility.

Each funeral plan provider will have their own network of funeral directors.

Funeral plans arranged through Reassured are accepted by over 1,000 funeral homes across the UK.

When you buy your plan, you’ll select the best payment method to suit your current budget.

This may be a one-off payment or on-going monthly instalments.

Then you’ll have the opportunity to liaise with the funeral director to plan your funeral and record your final wishes.

Alleviating this task from your loved ones during a difficult time.

Get in touch with an experienced member of our team at Reassured to arrange your best funeral plan.

Funeral third-party fees

Unlike other funeral plans, all funeral plans arranged through Reassured guarantee to cover third-party fees.

Also known as disbursement costs, third-party fees are separate to those of the funeral director and make up to approximately 30% of the total funeral cost.

Third-party services include:

  • The minister or celebrant to hold the ceremony
  • The doctor to certify the death
  • The burial or cremation

Third-party costs increase significantly every year in line with other rising funeral costs.

Many other funeral plans don’t guarantee to cover third-party fees, which means that your loved ones would have to pay the increased cost of these at the time of the funeral.

Third-party costs are fully guaranteed with monthly funeral plans arranged through Reassured.

This means that no matter how much prices rise, your loved ones won’t have to pay a penny more when the time comes.

Get in touch with our award-winning team today to secure your fully guaranteed funeral plan.

Monthly funeral plans payment options

There are two monthly payment options for funeral plans arranged through Reassured, but there’s also the option to pay in full upfront.

The funeral plans arranged through Reassured have three different payment options:

  • Over 6 or 12 months interest-free
  • Over 2 – 25 years by monthly instalment (plus interest)
  • One-off lump sum payment

Funeral plan prices remain fixed, no matter which payment option you choose, so you’ll never pay more than the worth of your chosen tier.

You can also cancel your plan at any point, though a cancellation fee does apply.

Pay monthly instalments up to 6 or 12 months

Spread the cost of your funeral plan over a period of 6 or 12 months, interest-free.

This option allows you to pay monthly for your funeral plan with no additional charge.

Pay monthly instalments up to 25 years

Spread the cost of your funeral plan over a period of 2 to 25 years for more affordable monthly payments.

This payment option does incur instalment charges, but the price for the funeral plan remains fixed.

When you take out the plan, you’ll know exactly how much you’ll pay in total.

The duration in which you have to pay the instalments may be influenced by your age.

This is because all instalments must be paid in full by your 80th birthday.

Paying for a funeral in instalments

Funeral plans purchased through Reassured guarantee to cover your funeral costs if:

  • You pay by monthly instalments over 2 – 25 years
  • You pass away after the first 12 months of the plan
  • All monthly payments are up to date

This means that if you choose to pay by instalment plan over 2 – 25 years, and pass away after the first 12 months of the plan, but before your plan has been paid in full, then your funeral services will still be carried out as agreed in the plan at no extra cost to your loved ones.

If you pay by instalments and pass away from an accident within the first 12 months of an instalment plan, then your funeral services will still be carried out as agreed at no extra cost.

Take advantage of this additional level of protection with a funeral plan purchased through Reassured.

Is a deposit required for pay monthly funeral plans?

No deposit is required for any monthly funeral plans arranged through Reassured.

However, you can make a voluntary deposit contribution when taking out your plan.

Paying a deposit will reduce your instalment amount each month.

Do you have to pay upfront for a funeral?

If arranging a funeral for someone who’s passed away and doesn’t have a funeral plan, then you may be expected to pay for some or all of the funeral services upfront.

In some cases, the funeral director may take payment for just third-party services and the remainder of the bill can be settled from the deceased’s estate at a later date.

The total cost of the funeral can be claimed back from the deceased’s estate if there are sufficient funds.

However, you’d have to wait for probate to release the funds which usually takes 6 – 12 months but can take longer.

With a funeral plan in place, loved ones won’t need to cover funeral costs even for the short term.

A funeral plan doesn’t have to be paid for upfront, either.

As mentioned, many funeral plan providers offer a choice of short term and long-term monthly payment options.

You can spread the cost of your funeral - an option your loved ones wouldn’t have otherwise.

Keeping your money safe

You may wonder how your monthly instalments are held until you need to use your funeral plan.

Fortunately, there’s significant financial protection in place for funeral plan customers.

Funeral Planning Authority (FPA) regulated funeral plan providers must hold funeral plan funds in a separate trust fund or in a whole of life insurance policy with an FCA registered life insurance provider.

There must always be enough funds available to ensure you receive the funeral plan you paid for.

All funeral plans arranged through Reassured are approved by the FPA. Reassured is also regulated by the Financial Conduct Authority (FCA).

Providing you with peace of mind that your money’s safe.

Over 50 plan vs monthly funeral plan

The alternative to a monthly funeral plan is an over 50 plan.

Albeit this is quite a different product to a funeral plan, many people take out an over 50s plan to cover funeral costs.

An over 50s plan is a form of life assurance, which means a pay out is guaranteed, but you’d need to pay a fixed monthly premium until you pass away, (or until you reach a specified age).

This means that you could pay more into the policy than what is eventually paid out.

But with a funeral plan you’ll know exactly much you’ll spend in total on your funeral.

The monthly premium is calculated based on the cover amount, your age and sometimes, your smoking-status.

The cover amount for an over 50s plan can be up to £25,000, depending on your personal circumstances.

Proceeds from an over 50s plan can be spent however the beneficiaries see fit, whereas a funeral plan can only be used to pay for your funeral.

Acceptance is guaranteed with an over 50s plan for UK residents aged 50 – 85.

This means no medical information is required on the application.

One of the drawbacks of an over 50s plan is that there’s a waiting period (or ‘qualifying period’) of 12 to 24 months at the start of the plan.

This means that if you were to pass away during the first 12 or 24 months (depending on the insurer), then your death is not covered by the plan.

Much the same with a funeral plan, as if you chose to pay by instalments and pass away within the first 12 months of the plan, then your funeral won’t be covered.

In either circumstance, your loved ones will be able to claim back the balance paid into either plan.

To determine whether a funeral plan or over 50s policy is the right solution for you, contact our award-winning team.

Funeral plan Over 50s plan
Guaranteed acceptance (50-85 years) Yes Yes
No medical questions asked Yes Yes
Fast & easy application Yes Yes
Protected against inflation Yes No
Terminal illness cover No Yes
Financial Conduct Authority (FCA) registered service No Yes
Funeral Planning Authority (FPA) regulated Yes No

Compare monthly funeral plans

Reassured is an award-winning, FCA registered broker that can compare multiple funeral plans on your behalf, free of charge.

We’ll do our best to help you find a plan most suited to your unique needs and budget.

Our plans are fully guaranteed, which means that third-party fees are covered and the price of your funeral plan will remain fixed, no matter how much prices rise.

We can also offer a best price guarantee with all our funeral plans if you pay in full or in 6 or 12 months.

All our funeral plans are approved by the Funeral Planning Authority (FPA), which keeps your money safe.

Get in touch with our specialist team to secure your monthly funeral plan and guarantee peace of mind.

Sources:

*£19.81 per month includes a £165 discount only available to Co-op members. Based on a 50 year old purchasing a Simple Funeral Plan at £3,130 after discount with 25 years payment term (total amount payable £5944.10).

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