We need to talk about prepaid funeral plans

With the average cost of a basic funeral at more than £4,000, one in three UK funerals are now paid for in advance through a prepaid funeral plan. You may already have one in place, or be thinking about taking one out and, if you are over 50, will have almost certainly seen adverts or emails advertising them. They are often advertised as the best way of giving you "peace of mind", as you move into your later years and start to plan for what will happen after you have gone. 

A prepaid funeral plan allows you to pay for the essential elements of a funeral in advance, either for yourself or someone else. If a prepaid plan is in place when you die, your loved ones will have less to organise and less to pay towards your funeral. Plans can usually be taken out by anyone aged over 18, although some providers say you need to be at least 50 to buy one. If you want to pay for a plan with monthly instalments, there may also be an upper age limit (often around 80), after which you'd need to pay upfront. Plans typically cover some of the costs of a funeral, for example, the coffin and a hearse - but in most cases, not all costs. Precisely what will be covered is an essential consideration in deciding which plan to sign up for and, as we'll cover in this article, a prepaid funeral plan is not the right thing for everyone.

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