Advising your clients to make financial preparations for their future, and in particular their funeral arrangements, makes good sense. For most, saving little and often makes it more affordable. Some people choose to buy an Over 50s policy to help provide money towards their funeral.
However, did you know your clients may end up paying more in to an Over 50s policy than it ever pays out? This is because the amount the policy provides at the end is fixed, but the longer your client lives, the more they pay in.
Unlike a funeral plan, there is no guarantee that the pay-out from an Over 50s policy will be enough to cover the cost of your client’s funeral. They could end up leaving loved ones with more to pay.
What’s more, Over 50s policies don’t include a note of their wishes or any help with the funeral arrangements, so their family would still have to manage this themselves.
Help your clients plan their funeral, their way
A prepaid funeral plan is the most practical and cost-effective way to take care of funeral costs and arrangements in advance.
Not only does the plan fix the costs of the services it covers, but your clients can also document their wishes, so their loved ones are spared the additional pressures of trying to arrange the perfect send off for them. They can document as much or as little as they want, and change their mind at any time for no additional cost*.
How Dignity Prepaid Funeral Plans compare to Over 50s policies
Dignity introduced the UK’s first funeral plan in 1985. Since then, Dignity has helped nearly one million people^ people plan for their funeral in advance, more than any other provider.
| Things your clients should consider | Over 50s policy | Dignity Prepaid Funeral Plan | |
| Does it protect against rising funeral costs? | No | Yes | Cost of the funeral services in the plan are fixed forever at today’s prices |
| Is it unaffected by changing inflation and low interest rates? | No | Yes | Plan is not affected by inflation and interest rates, unlike Over 50s policies |
| Fixed amount payable in total? | No | Yes | Once paid, there’s nothing more to pay for the services included in the plan |
| Flexibility to pay in full or in monthly instalments? | No | Yes | The choice of paying in one single lump sum or monthly, between 1-25 years† |
| Can it be cancelled and refunded at any time? | No | Yes | Cancel within 30 days to receive a full refund. After 30 days, all money paid will be refunded, minus a cancellation fee |
| Can they make their wishes known and does it provide help to their loved ones with funeral arrangements? | No | Yes | They can record their funeral wishes in their plan* and the funeral director will discuss these with their family, so they will know exactly what your client would have wanted |
| Does it include the services of a trusted and professional funeral director? | û | ü | Includes expert help and support from one of Dignity’s 1,200 owned or approved funeral directors across the UK |
Peace of mind
If your clients choose to pay for their funeral plan over more than 12 months, and pass away before they’ve finished paying for it, Dignity will cover their outstanding balance.
Dignity won’t ask their loved ones to pay a penny more than they’ve already paid for all the services included in their plan.
That’s the Dignity promise**.
A trusted partnership
Dignity prides itself on being there to help people at one of the most difficult times of their lives. It does this with compassion, openness, care and respect. But perhaps most importantly, the service provided comes highly recommended by the families that Dignity serves – in fact, 98%^ said that they would recommend Dignity to friends and relatives.
As standard within its partnership model, Dignity combines a high quality proposition with competitively price funeral plans and the highest standards of customer service.
With a dedicated relationship manager, having expertise in the financial services and funeral markets, you’re fully supported from the start. Dignity also provides free training in all locations, either remotely or face to face.
If you’re interested in joining Dignity’s partner network, get in touch. Simply visit dignityfunerals.co.uk/funeral-plans/partner-with-dignity/ and one of Dignity’s Relationship Managers will contact you.
*The costs of the services in your client’s chosen plan are fixed but some special requests may incur additional costs if these services are added, such as flowers or an organist.
^Dignity plc Annual Report and Accounts 2019
**Please see the Instalment Payments section of the Funeral Plan Terms and Conditions for further details.
†There will be an extra charge if your client spreads the cost over more than 12 months. These are available provided that all payments are completed by the 85th birthday of the eldest person named on the plan.
This article was submitted to be published by Dignity as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
