Royal London Traditional Funeral Plan
Royal London’s pre-paid funeral plan, Traditional Funeral Plan, covers the costs of funeral directors' fees, a coffin, the funeral service, a limousine and cremation or burial costs.
Rated five-stars by Fairer Finance, the plan is offered in partnership with Ecclesiastical Planning Services to provide the funeral services selected by the customer. Royal London says that, unlike the majority of funeral plans, this plan offers protection under the Financial Services Compensation Scheme (FSCS) too.
Premiums start from £29 a month and the plan includes a payment holiday to help customers if they fall into financial difficulty. Customers can tailor the plan to fit their needs, with the option to upgrade or add elements to the services.
A contribution can also be left for loved ones to use towards additional costs, such as flowers, a wake or a headstone.
Premiums are payable to age 90 or earlier death and acceptance is guaranteed for those aged 50-80.
An Alternative Cremation Plan is also available as a lower cost option - at £16 per month - offering direct cremation.
Comment: Funeral costs have tended to rise above inflation, and the average funeral in the UK now costs £3,784. For many people that will be an unwanted and unplanned-for event, and this plan enables them to fund for such costs in advance.
Some non-insurance funeral plans have been rather aggressively sold in the recent past, with the added risk of the provider going out of business and the customer losing what they have paid in. Royal London is a well-respected name and so promises greater security and offers funeral or cremation cover options too.
You might be better off having a bigger underwritten whole life policy to cover your funeral costs and more, but too few do that, so this plan offers a real alternative.
Plus points: Combination insurance and funeral pre-payment plan; From Royal London – a trusted name; Premiums stop at age 90; Guaranteed acceptance with no medical questions.
Not so plus points: Offers best value if you die relatively young; Underwritten life cover might prove to be better value.
Website: http://www.royallondon.com.
Rating (max 10): Innovation: 7. Overall: 7. Silver
Tags: WL; Royal London