Can You Pay Monthly for a Funeral Plan?

When planning for the future, one of the most important yet often overlooked steps is arranging your funeral. While it may not be a topic most people like to think about, having a funeral plan in place can provide invaluable peace of mind.

A common question people ask when considering funeral plans is whether they can spread the cost over time. In short, you can pay monthly for a funeral plan. In this blog post, we’ll discuss the various payment options available to help you make a suitable decision.

Understanding Funeral Plans

A funeral plan is a way to arrange and pay for your funeral in advance, ensuring that your wishes are known and respected. By choosing a plan, you’re relieving your loved ones of the financial burden and sparing them from making tough decisions during an emotional time.

There are several benefits to having a funeral plan in place:

• All essential details are pre-arranged.
• It locks in the cost of your funeral at today’s prices, protecting you from inflation and rising costs in the future.
• You can choose the details of your service, including the type of ceremony, the music you’d like played or any personal touches you’d prefer.

Funeral plans come in various forms, depending on the provider and the options you choose. Some plans cover all the necessary arrangements, including the coffin, transportation and service fees, while others may offer more specific or flexible choices.

Payment Options for Funeral Plans

There are a few different options available when it comes to paying for a funeral plan. The choice you make will depend on how much you’re comfortable paying upfront and how long you want to spread out the payments.

1. Single Payment

The most straightforward option is paying for your funeral plan in full up-front. This means you’ll settle the cost of the plan in one lump sum at the time of purchase. While this option may seem like a large amount to pay all at once, it guarantees that your funeral is fully paid for, and you won’t have to worry about future payments. It also protects you against inflation, as you’ll pay the current price, regardless of price increases in the years ahead.

2. 12-Monthly Instalments

If paying the full amount upfront isn’t feasible, many prepaid funeral plan providers, including Golden Leaves, offer the option to spread the cost over 12 months. This allows you to make smaller, manageable monthly instalments, without any extra fees or interest charges. It’s a popular choice for those who want to budget monthly but don’t want to commit to a long-term financial plan.

3. Extended Payment Plans

For those who need more flexibility, extended payment plans are available. These plans typically range from 2 to 8 years, allowing you to pay for your funeral over a longer period. Keep in mind that extended plans usually involve a credit check, and you may incur some interest or finance charges, depending on the provider. This option can make the cost more manageable for individuals who want to spread payments out further or need a lower monthly commitment.

How Much is a Funeral Plan Per Month?

Golden Leaves offers a range of flexible funeral plans designed to suit various preferences and budgets. Plans include:

• The Copper Plan: a direct cremation service priced from £1,700 with 12-monthly payments from £137.58
• The Copper Plus Plan: includes additional services priced from £2,449 with 12-monthly payments from £204.08
• The Silver Plan: a traditional cremation or burial funeral service priced from £3,725 with 12-monthly payments from £306.33
• The Gold Plan: the most comprehensive plan, including a full traditional service, priced at £4,135 with 12-monthly payments from £340.50

Important Considerations Before Choosing a Payment Plan

Before committing to a payment plan for your funeral, it’s important to consider whether the option you choose is affordable and appropriate for your circumstances.

1. Budget

Funeral plans can be a significant financial commitment, so it’s essential to assess what you can afford every month. It’s a good idea to review your current income and expenses to ensure the monthly payments won’t create undue financial strain.

2. Health Status

If you have health concerns or a terminal diagnosis, the available payment methods may be limited. Some providers may offer fewer payment options if death is expected within 12 months with a requirement to pay the total cost.

3. Credit Approval

Extended payment plans are conducted through finance companies, which means your credit score will be assessed to determine whether you’re eligible for the plan. Depending on your credit history, your application will be approved or declined.

It’s always a good idea to consult with the funeral plan provider or an advisor to make sure you’re selecting the best option for your needs.

If you’re interested in a funeral plan from Golden Leaves, contact us today for more information or to get started. Get in touch by calling us on 0800 85 44 48 or request a callback at your convenience.