When making an important financial decision, clear and impartial advice matters. It helps you focus on what is right for you, rather than on advertising.
Martin Lewis, founder of MoneySavingExpert, is one of the UK’s best-known consumer champions. In this guide, we explain what MoneySavingExpert says about prepaid funeral plans. We look at when they may be suitable, when they may not, and what to check before you decide.
If you are reading this, you may be thinking about planning ahead. Some people want to protect their family from rising funeral costs. Others want to make their wishes clear and reduce pressure on loved ones.
Memoria Funerals provides straightforward direct cremation plans and funeral plans which include a service, shaped by decades of experience and delivered with clear, transparent pricing.
Martin Lewis does not personally recommend specific funeral plan providers.
MoneySavingExpert provides independent guidance explaining how prepaid funeral plans work, when they may be appropriate, and what to watch out for.
The guide also includes examples of funeral plan providers to help illustrate how plans differ, but it does not endorse one provider over another. Instead, readers are encouraged to compare options carefully and choose the plan that best suits their needs.
MoneySavingExpert explains that a prepaid funeral plan lets you arrange and pay for parts of your funeral in advance. In most cases, this means you pay a guaranteed price today for services that will be provided in the future.
The guide outlines three common types of funeral plan:
Which option suits you will depend on your wishes and your budget.
MoneySavingExpert (MSE) sets out several important considerations for anyone thinking about taking out a prepaid funeral plan:
1. Locking in Today’s Prices
One of the main benefits of a funeral plan is price certainty. Funeral costs have risen steadily over many years. Paying in advance can protect against future increases for the services included in the plan. However, it is important to check exactly what is covered. Not every cost may be guaranteed.
2. Plans Are Usually Cheapest If Paid Upfront
MSE explains that funeral plans tend to offer the best value if you:
Longer payment terms may include interest or extra fees. This can increase the total amount you pay.
In some cases, very long-term instalment plans can mean you pay much more than the funeral would cost at the time of need.
There are also plans that involve fixed monthly payments until death or a certain age. These can resemble over-50s life insurance rather than traditional funeral plans. MSE tells us that these should be avoided “until you reach 90 or die” as they will most likely end up costing you a lot more overall.
It is important to look at the total cost, not just the monthly payment.
3. Funeral Plans Don’t Always Cover Everything
MSE explains that before you buy a plan, you should make sure you understand what is and isn’t included and budget for any extras.
Most funeral plans cover core services such as:
Each provider is different, so you should always check the details.
Funeral plans do not always cover every cost.
Some plans include allowances for third-party costs, such as cremation fees. If those costs rise above the allowance, your family may need to pay the difference.
Other items that are rarely included are:
It’s worth reading the paperwork carefully so there are no surprises later on.
4. FCA regulation and consumer protection
Funeral plan providers must be authorised and regulated by the Financial Conduct Authority (FCA). You can check whether a provider is authorised by searching the FCA register online.
This means providers must:
Funeral plans are also covered by the Financial Services Compensation Scheme (FSCS), so as a consumer you are protected if your chosen provider goes bust.
You are also covered under the Financial Ombudsman Service should you be unhappy with how your funeral plan provider has handled a complaint.
According to MoneySavingExpert, a funeral plan may make sense if:
For some people, having arrangements in place can reduce both financial and emotional pressure on loved ones..
A funeral plan may be less suitable if:
As with any financial decision, what’s right depends on your own situation.
MoneySavingExpert encourages consumers to compare plans carefully. It can be helpful to ask:
Clear answers can prevent unexpected costs or complications later.
The key message from MoneySavingExpert is to understand the details, compare carefully and consider whether a plan suits your financial circumstances.
The most important factors are:
Whether choosing a direct cremation plan or a traditional funeral plan, taking time to make an informed decision can help provide clarity and reassurance for you and your family.
You can read the MoneySavingExpert guide to Prepaid Funeral Plans here
Memoria Funerals offers both simple direct cremation plans and personalised attended plans with a service, so you can choose the approach that best reflects your wishes. As part of the Memoria group, which operates its own network of crematoria across mainland UK, we are able to maintain consistent standards of care throughout every stage of the process.
If you would like to talk through your options or ask any questions, we are here to help, you can contact us or speak to one of our friendly team members or fill in the quote form below and we’ll get back to you.
