Yes Your Prepaid Funeral Plan Money Really Is Safe With Any of our Panel Members Plans
The concept of paying for your funeral in advance isn’t something we are used and quite unsettling to some, but setting out the type of service you want to what you want your family to wear and removing a financial burden from your family, is increasingly attractive to more and more people. With the decline of Life insurance and over 50s Plans and the steady increase of Prepaid Funeral
Which Leads us on to the next Question
But is your Prepaid Funeral plans money safe?
We are not used to paying up-front for services that we hope we won’t need for 10, 20, even 30 years. We can’t know if our chosen funeral director or even a funeral plan provider will have financial problems far in the future. If we’ve taken out a funeral plan to make sure our family isn’t left with unexpected funeral expenses, could a bankruptcy leave them to foot the bill?
There are rules in place to make sure payments made to a funeral plan provider are protected and the required funds are available when they are needed to pay for your funeral. So Yes Your Money Is Safe Your money along with all other plan holders money is put into a trust in a large plc bank, on top of that an external board of trustees is in place to look after the trust fund alongside a legal firm and an investment firm. So your funeral plan money is completely separate from the Plan provider so even if they went bust your money is in the trust fund overlooked by the Bank and Independent board of trustees.
Funeral plan regulation
The customers of funeral plan providers that belong to the Funeral Planning Authority (FPA) are protected through the FPA’s Code of Practice as well as the National Federation of Funeral Directors (NFFD)
The code states that registered providers must have their finances and procedures independently reviewed by the Authority. It also requires that all payments made by customers must be placed into an independently managed trust fund, or into a whole of life insurance policy.
Pre-payments paid into a Trust are not held by an individual funeral director or even the funeral plan provider; the funds that will eventually be needed to pay for the funeral director’s services are always held securely in Trust for the time they are needed.
In the case of our partner funeral plan provider, pre-payments are held securely By Barclays Bank PLC, a financially separate entity run by an independent board of Trustees. The sole purpose of the Trust is to manage plan holder payments and to pay appointed funeral directors when the funeral eventually takes place.
Flexible options to help with funeral costs
There are several ways to pay for your funeral plan in advance, all fixing the cost of your funeral director’s services included in the plan at current prices.
Plans can be paid with a single one-off payment with the clear benefit that having pre-paid the full value of the plan, you are immediately covered. Customers, who wish to spread the cost but want to make sure their funeral costs will be provided for quickly, can pay in 12 monthly installments without incurring additional cost.
Other customers choose to pay over a longer term on a low-cost installment plan available up to 10 years. It is important to
Financial reassurance is important, but it is also important to know that the pre-paid funeral service can be delivered when it is needed. Most of the funeral directors in our network have been serving their local communities for decades, some for more than a century. But in the rare circumstance that a funeral director does go out of business, the countrywide spread of our network means that another funeral director
There are many different ways we can help you just pick up the phone and Talk to one of our friendly advisors and they will walk you through your options and arrange a Funeral Plan that works best for you,
Call Us On 01617910557 or Email Us at Register@firstchoicefuneralplans.com
Funerals are a celebration of life, and we believe that you should be remembered in the best way possible. Let us at First Choice Funeral Plans help you do that, removing the worry and expense for your loved ones at what will be a difficult time for them.If you would like to speak to one of our helpful advisors simply call:
0161 7910557 Or you can complete our contact form online and we’ll get in touch with you.
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