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Funeral Plan Alternatives

Funeral Plan Alternatives

More and more people are realising the burden they are placing on their families if they haven’t made plans to set aside money for their own funeral.   Finding several thousand pounds within a few days will put a strain on most family budgets.


  1. Pop the money in a savings account
  2. Use an ISA for extra interest.
  3. Buy a life insurance.
  4. Move funds into a prepaid funeral plan trust where it is ring fenced and protected so it can fund your funeral.
  5. My family are wealthy and always will be.

Our comments on funeral planning alternatives:

  1. Savings account: Funeral cost inflation has been nearly 7% a year above deposit account interest rates for the last 5 years. In another 5 years, a funeral costing £4,000 today may cost £6,000. At current interest rates, your £4,000 savings might be worth about £4,200. In 10, 20 or 30 years time the gap will be vast.
  2. ISAs: slightly better interest rates than savings accounts, but your family will not normally be able to use the money to pay for your funeral as Probate will usually be needed.
  3. Life Insurance: a large policy may well do the trick if it is written in trust correctly, but watch out for “Funeral Policies” many of which have no inflation proofing (see Savings Accounts for the effect that has on their buying power). Such policies usually have no cash value except on death, so you may pay in more than the death benefit, then lose the lot because a couple of payments are missed when you are really ill.
  4. Prepaid Funeral Plans are complicated, and the marketing blurb can be very misleading, but a good plan is the best possible way to set things up.   We offer the best (possibly only) independent advice service!
  5. Wealthy Family? Great – just make sure everyone knows what you want so they don’t quarrel about it!

If you are considering a prepaid funeral plan, does it not make sense to get INDEPENDENT advice on which of the many dozens of plans is the most suitable one for you?   Why not contact one of our members, or the central advisers if there isn’t one listed in your area and avoid making the wrong decision: company sales staff are rarely going to tell you that their plan is not the bees knees!