When it comes to making final arrangement, prepaid funeral planning is becoming more popular in the United Kingdom.
More and more individuals are realizing the importance of planning their funeral arrangements in advance and the many benefits doing so can have.
While prepaid funeral arrangements are great, there are a number of plans out there which can make deciding on the plan that is right for you a difficult decision. Here we will review funeral plans from the provider Golden Charter.
About Golden Charter
Golden Charter is one of the largest, independent funeral plan providers in the United Kingdom. The company is owned by an association of funeral directors and is also registered with the Funeral Planning Authority, or FPA. Golden Charter is also a recommended funeral plan provider by the National Society of Allied and Dependent Funeral Directors, or SAIF.
Golden Charter works on the behalf of over 3,000 independent funeral directors in the UK and is a well-established provider.
How Golden Charter Funeral Plans Work
Golden Charter funeral plans works differently depending on how you pay for the plan. The funds paid for the plan will either be invested into a Whole of Life Insurance plan or into a trust fund – once the need has risen for payment of funeral and burial expenses, either the life insurance or trust fund will be responsible for paying those final costs.
Both the life insurance and trust fund are regulated by the Financial Conduct Authority, or FCD, so the individual’s money is well protected.
Available Plans and How Much They Cost
Golden Charter offers four different funeral plan options, ranging from basic coverage to more comprehensive coverage. These plans include (listed from basic to more coverage):
- 50 Plus Base Funeral Plan
- 50 Plus Standard Funeral Plan
- 50 Plus Select Funeral Plan
- 50 Plus Premier Funeral Plan
As of January 2015, individuals will pay either in a one-time payment or payment over 12 monthly instalments. Current pricing for policy options is:
- 50 Plus Base Funeral Plan – £2,699
- 50 Plus Standard Funeral Plan – £3,685
- 50 Plus Select Funeral Plan – £4,065
- 50 Plus Premier Funeral Plan – £4,399
Fixed monthly payment amounts longer than 12 months are based on the individual’s age and level of coverage chosen. Payments can start as low as £24.14 a month for the 50 Plus Basic Funeral Plan and go up in price from there.
An additional benefit to using Golden Charter for prepaid funeral needs is that, starting in April 2015, the provider will offer a free Will with the purchase of any funeral plan. While these prices are reasonable now, it is important to keep in mind that inflation and the rising cost of funeral expenses could cause these plan prices to increase on a yearly basis.
Coverage Included with Golden Charter’s Funeral Plans
Golden Charters funeral plans will cover the cost of many of the final services and individual may require or desire when they pass away. Some of these covered expenses include:
- Funeral director’s services
- Transportation and care of the decreased
- Funeral service staff
The more comprehensive plans will cover higher expenses, including higher quality coffins, transportation for family members during the services, use of a chapel or other house of worship for the viewing and/or bereavement, and counseling services for family members and loved ones.
All levels of coverage, with the exception of the 50 Plus Base Funeral Plan, include an allowance of £1,100 for any third party costs. These costs include burial, cremation, doctor’s, and minister’s fees. Currently, the cost for cremation is £965, but it will vary by region.
The rate of funeral inflation and region in which the individual lives will dictate whether third party allowance will cover these expenses.
Available Payment Options
Golden Charter has three payment options available:
- Full payment up front
- Full payment over 12 months
- Fixed monthly payments
If the individual chooses to pay upfront or over a 12-month period, he or she will not incur any additional charges or costs outside of the plan amount. For those choosing the fixed monthly payments, they will pay an agreed upon amount every month, based on their age and the plan they choose, until they turn 90 years of age or pass away.
After an initial two years of payments, the individual’s benefits are guaranteed in full. If the individual should pass away before the two-year mark, Golden Charter will reimburse payments made up to that point plus an additional 20 percent.
Why You Should Consider Golden Charter
As mentioned earlier, there are a number of funeral plan providers on the market, leaving individuals with a difficult decision to make. The benefits of choosing golden charter include:
- Nationwide coverage
- Works with highest number of independent funeral directors
- Able to be covered under the age of 50 with full or 12 month payment option
- Only funeral plan that offers body transportation back to funeral director from anywhere in the UK
If you need more information or would like to purchase a Golden Charter funeral plan, feel free to contact Divine Departures and speak with one of our knowledgeable representatives.