Why choose a funeral plan?

There are products on the market that can be used to offer provision for funeral costs but only a funeral plan guarantees to ensure that the money will be available at the time of need, guarantees the cost of the Funeral Director’s services included in the plan and helps guard against the rising costs of funerals. The average cost of a funeral is now £3,897*, an increase of 103% since 2004.

The funds from many insurance products may not be available at the time of need and sometimes it can take months before the funds become available to the client’s family. This can place undue stress on families at a difficult time.

It only takes one phone call at the time of need to activate a funeral plan.  Your clients can choose the funeral they want and fix the cost of the funeral director’s services included in the plan at today’s prices.

Why not offer an underwritten whole of life policy?

An underwritten whole of life policy often has a lengthy application process with health and lifestyle questions including the need for a medical report from a GP and there is no guarantee of acceptance. By contrast, our application process should only take 30 minutes to complete, there are no health or lifestyle questions and acceptance is guaranteed.

Why does your client need a funeral plan if they have other provisions in place?

Your client may have another product in place such as life assurance and this is usually arranged to pay out a lump sum on the death of the policy holder and to possibly repay an outstanding debt. The policy is likely to finish when a mortgage is repaid or when the policy holder reaches retirement age and this may mean that there will be no provision for their funeral costs.

Over 50’s insurance policies usually pay out a fixed sum, but don’t guarantee to cover the funeral director’s costs in the future. Your client’s family may need to make up the shortfall or wait for assets from the estate to become available. With a Golden Charter funeral plan in place your client fixes the cost of the funeral director’s services included in their plan at today’s prices and the plan is active at the time of need. Even if your client has savings that will cover the cost of the funeral, it is a possibility that no lump sum will be available outside of probate to cover it and the savings may not keep pace with funeral inflation

In addition not all of these products offer a way to record your client’s funeral wishes. The Sunlife Cost of Dying report 2016 found just 1% of those who had organised a funeral in the past four years fully understood their loved ones’ wishes. Only 37% knew which funeral director to use, and just 59% knew the deceased’s preference for burial or cremation. Staggeringly, 22% didn’t know any of the deceased’s wishes. A funeral plan allows your client to make their wishes known at the time of application taking away any confusion from the family which can save additional stress at a difficult time.

It’s a difficult conversation to have

No one likes to think about their own mortality meaning it can be a sensitive conversation to approach. It’s worth bearing in mind that you already have many conversations around the subject when you are discussing whole of life or other life cover policies and Funeral plans are simply a follow on from this.

Enhance your product range

A Golden Charter funeral plan can complement your existing product offering and ensure you are offering your clients a full and comprehensive range of products to suit their needs. The opportunity is there for you to easily help your clients plan ahead in return for attractive commission.

Golden Charter’s easy application process

With a funeral plan we keep everything as easy and straightforward as possible. Our simple 2 page application form takes on average less than 30 minutes to complete. There are no medical or lifestyle questions and no underwriting required. In return, you’ll receive a £500 introducer’s fee for each funeral plan sold (excluding the Value Plan)**.

Golden Charter offer your client a choice of four  payment options to purchase a funeral plan including single payment, 12 monthly instalments, fixed term instalments over 2-30 years and a fixed monthly payment option. There are flexible payment methods to suit everyone.

For more information, please contact our Sales Support Team on 0800 145 6520 or www.goldencharterintermediaries.co.uk

*SunLife Cost of Dying report, 2016

**Value Plan commission £240