Monthly funeral plans

  • How do monthly funeral payment plans work?
  • How much do monthly plans cost?
  • Does paying for a plan monthly cost more?
  • Types of monthly instalment plan
  • Alternative low cost options

Monthly funeral plans make paying for a funeral in advance more affordable. With low cost monthly instalments, you can spread the cost of your funeral over a fixed period, safe in the knowledge that your monthly direct debit payments will never go up, even as funeral costs continue to rise.

How do monthly funeral plans work?

Monthly funeral payment plans let you arrange your funeral in advance at today’s prices however instead of going to the expense of paying for your funeral services in one go, with a monthly payment funeral plan you can spread the cost over a number of years, making it more affordable.

All funeral plan providers offer pay monthly funeral plan options, usually ranging from 1 to 10 years. Some companies even offer direct debit payments up to 25 years, but this depends on age as usually payments must be complete by the time you are 80.

Once you have completed your monthly instalments your funeral plan is in place; you won’t have to pay a penny more for the services guaranteed in your plan, no matter when it is in the future.

If you die before the payments are complete, your family will just need to pay the outstanding balance and your funeral service can take place as requested. Having said that some companies will provide your service if your payments are incomplete, if the plan has been in place longer than a year.

How much do pay monthly funerals cost?

The cost of funeral payment plans varies depending on:

  • The funeral plan provider
  • The level of service you require
  • Over how many years you wish to spread your payments

Therefore it’s important to compare monthly funeral plan prices before choosing the right plan for you.

Payment options Limited plan Amber plan Pearl plan Diamond plan

Single payment

£2,995 £3,395 £3,750 £3,995

1 year plan

Total payable

£249.58

£2,995

£282.91

£3,395

£312.50

£3,750

£332.91

£3,995

5 year plan

Total payable

£62.36

£3,742

£70.00

£4,200

£76.77

£4,607

£81.45

£4,887

10 year plan

Total payable

£37.18

£4,463

£41.46

£4,976

£45.25

£5,431

£47.87

£5,745

25 year plan

Total payable

£20.94

£6,283

£23.05

£6,915

£24.91

£7,475

£26.20

£7,862

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Does paying for a funeral in instalments cost more?

Monthly payment funeral plans do cost more as you pay an instalment fee which is included in your monthly payments, however the price is still frozen and based on today’s costs, so it could save you and your family a lot of money.

For example, a standard plan with Dignity costs £3,395 when paying in full, or £4,976 over 10 years. This means you pay roughly £158 extra each year for spreading your payments.

Based on current funeral costs and inflation, the average cost of a funeral in 10 years is expected to be £5,937. So even though you’ve paid extra for a 10 year instalment plan, you could save around £961. In fact the sooner you buy your plan, the more money you could potentially save.

Remember though, monthly instalments with certain funeral plan providers are more expensive, which is another reason to compare both the monthly and total cost of plans before you buy.

No deposit monthly funeral plans

Some plan providers charge a deposit of between £50 to £250 for monthly funeral plans however others don’t, which can be useful if you’re on a tight budget. When comparing plans, work out the overall cost including the deposit if relevant plus the amount you pay over the full term of the plan, to ensure you are happy with the total cost.

Types of monthly payment funeral plans

There are two types of monthly payment funeral plan; both allow you to spread the cost of your funeral service but in very different ways:

Low cost monthly instalment plans

With a low cost monthly instalment funeral plan, you choose the duration of your instalments based on how much you can afford to pay per month; this means you know exactly how much the plan is going to cost you from the outset. Once you have completed your payments the plan is in place, ready to provide your chosen funeral services in the future.

Fixed monthly payment plans

With a fixed monthly payment plan, your money is held in a life insurance policy, so your payments are based on age. Premiums are payable for life or until you are 90 so there is a chance you could pay more for the plan than the actual cost of the funeral service however you are covered for your funeral services usually after just one year*.

Alternative low cost funeral plan options

If you prefer to pay a little less on a monthly basis, there are two alternative low-cost funeral planning options you may want to consider:

Direct cremation is a cremation without a funeral service, which is why it’s less than half the price of a traditional funeral plan.

Over 50 life insurance, also known as funeral insurance, can cost as little as £4 a month and provides a cash sum when you die that your family could use to help with funeral costs.

Direct cremation is a cremation without a funeral service, which is why it’s less than half the price of a traditional funeral plan. Over 50 life insurance, also known as funeral insurance, can cost as little as £4 a month and provides a cash sum when you die that your family could use to help with funeral costs.

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