When it comes to arranging your funeral, it pays to plan ahead.
Covering the cost of your funeral can be an additional worry for your family at an already difficult time, so planning ahead can help give them peace of mind.
A 2013 report** shows that the average cost of a UK funeral is now £3,456 - an increase of 80% over the last nine years - and if this trend continues, the average cost of a funeral in 5 years time will have increased to over £4,300.
Consequently, Saga has teamed up with Golden Charter, the UK’s largest independent funeral plan provider#, to enable you to use the proceeds of your Guaranteed Life Insurance plan towards your funeral costs.
Long standing ties with local funeral directors
Golden Charter works with the UK's largest network of over 3,300 local, independent funeral directors, most of whom have been serving local communities for generations. Golden Charter has also been accepted as a Registered Provider by the Funeral Planning Authority.
Helping you through the planning process
By allocating your policy to one of these local funeral directors, you and your family stand to benefit in a number of ways.
Firstly, on your behalf, Golden Charter will select a funeral director that is close to your home, from within their nationwide network. Secondly, a Personal Choices form will be sent out with your Golden Charter Welcome Pack, allowing you to express any personal wishes you or your family may have regarding your funeral.
And finally, the appointed funeral director will contribute an additional £250 towards your funeral expenses - at no extra cost.
By choosing the Funeral Benefit Option, the proceeds of your policy will be paid direct to Golden Charter instead of being paid to your estate. This means the funds will be immediately available to the appointed funeral director to help cover your funeral expenses. If for any reason you are not happy with the choice of funeral director you can contact Golden Charter, after receiving your Welcome Pack, to discuss a suitable alternative.
Things to consider
If your guaranteed cash lump sum is more than the cost of the funeral, the remaining balance will be returned to your beneficiaries. If the lump sum value is not enough to cover the full costs, the person arranging your funeral will be responsible for paying the difference.
You can add this option to your plan at any time and then remove it at a later date if you wish, but you will not be able to add it again.
If you have more than one Guaranteed Life Insurance policy, you will only be able to select the Funeral Benefit option on one of your policies.
**Source: 2013 Cost of Dying report carried out by Mintel Consulting. £3,456 figure includes funeral director costs, cremation or burial fees (including doctor’s fees) and minister costs.
# Source: Golden Charter's own market data as at May 2014.