Below you will find a series of questions we answer regularly. Hopefully they address any queries you may have, but if you want to get in touch and have a chat with one of our team, you’re more than welcome to give us a call.
Is my funeral plan protected from inflation?
Yes. Taking out a prepaid funeral plan now covers you against the rising costs of funerals, ensuring that your loved ones aren’t left in debt and having to pay more when the time comes.
What’s the cost of your funeral plans?
We’ve broken our Funeral Plans down into three separate packages that cater to differing needs:
Silver Plan (£3,645)
Gold Plan (£3,995)
Platinum Plan (£4,245)
Click here for a full breakdown of what each Funeral Plan includes.
I have health issues, can I still take out a funeral plan?
Yes. There are no health checks involved when taking out a funeral plan with Prosperous Life.
Do I need a Funeral Plan?
Funeral plans are not a mandatory requirement for a funeral, but they possess plenty of benefits making them the ideal choice for thousands of people in the United Kingdom.
The main benefit of having a funeral plan is that you are protected against the rising costs of funerals, so that your loved ones can rest assured they won't have to deal with the financial or emotional burden that comes with organising one.
Discussing your funeral can often be seen as a bit of a taboo subject with some family members and so taking out a prepaid funeral plan provides you with an opportunity to make arrangements on your terms and in line with your wishes.
What is a Funeral Plan?
A funeral plan basically lets you pay the cost of a funeral in advance, alleviating the burden on loved ones who otherwise would have to pick up financial responsibility and deal with the emotional stress of arranging the funeral.
Who are Prosperous Life?
Prosperous Life assist the British public by making funeral planning as accessible and straightforward as possible, putting the minds of families at ease by accepting the responsibility of funeral arrangements.
Do I have to pay for the plan in full, right away?
No. We endeavour to accept as many viable payment methods as possible in the interest of inclusion. Each plan is tailored to you, so it’s only right that you pay using your preferred method.
You can pay for the plan in full by making one single payment, you can pay a number of larger payments to pay the plan off quickly or you can pay monthly, the choice is entirely yours and our team will discuss all options with you.
How do Prosperous Life look after my money?
The money you put towards your plan is paid into a secure trust -The Great British Funeral Trust, which is managed by a board of independent trustees.
This means that all of the money you pay towards your prepaid plan is ring-fenced to pay for everything included within your plan when the time comes.
What does my funeral plan cover?
All of our plans cover the essential features:
- Funeral Director’s Professional Services
- Attending to all necessary funeral arrangements
- Coffin (different standards based on plan)
- Hearse direct to crematorium or cemetery
- Use of the chapel of rest
- Advice on registration and certification
- Preparation and care of the deceased prior to funeral
- Taking the deceased to funeral directors premises within 25 miles
- Attendance of the conductor and bearers
- All funeral staff required to conduct the service
- Cremation, or Interment, Doctor and Minister costs (up to £1,000)
Optional extras also include following limousines and a full list of floral tributes, which are included in our Gold and Platinum plans. You can find out more about our plans here.
What does my funeral plan not cover?
If you choose a burial, the plan does not cover the cost of purchasing the burial plot.
If you die outside of the UK, the plan does not cover the cost of repatriation back to the UK.
If the allowance for the third-party costs does not fully cover them at the time of need, the full balance will need to be covered – either by your next of kin or representative.
If you have made any requests on the personal request form that are not part of the plan, i.e. flowers or memorials, they will not be covered.
If your next of kin or representative chooses a different funeral director than the one stated on the plan certificate, there may also be further costs incurred that won’t be covered.
Can I take out a funeral plan for someone else?
Yes. You can take out a funeral plan for a relative if you wish to cover them against the rising costs of funerals. All of the communication will be done via yourself, and the plan correspondence will be sent to your address.
Can I choose my funeral director?
Please let us know when you apply if you have a preferred funeral director in mind and we will endeavour to allocate this selection to your plan. However, this may not always be possible under some circumstances. If this happens to be the case, we will proceed to allocate your plan to a funeral director from our panel. We will attempt to contact you to notify you of this.
Don’t worry if you don’t have a specific funeral director in mind, as we will appoint one for you from our network of local independent funeral directors.
What happens if I move to a different area?
Your plan will remain valid if you move house. Just call the Prosperous Life customer care team who will allocate a new funeral director within your new location.
What if something happens before my funeral plan is paid in full?
If you pass away before all payment instalments are completed, don’t worry. Your funeral will still go ahead as planned, providing that your funeral organiser agrees to meet any outstanding balance on the plan. Should your funeral organiser decide not to go ahead with your plan, they can simply get in touch with us to request a cancellation.
If the Plan is Not Fully Paid at the Time of Your Death
7.1 If Your Plan has not been paid in full at Your Time of Need it may not provide the benefits shown on Your Plan Certificate. If at Your Time of Need Your Plan has not been fully paid We will provide Your Next of Kin with a statement of the balance that is required to be paid to make Your Plan fully paid.
7.2 Your Next of Kin will have the choice of paying for (or reaching terms acceptable to Us for payment of) the outstanding balance in full so that Your funeral can be arranged, or notifying Us that they wish to cancel Your Plan. If Your Next of Kin chooses to cancel Your Plan, following receipt of Your death certificate, We will refund the Net Balance of Trust or, in the event of a state assisted funeral, We will pay the Net Balance of Trust to Your estate. We will have no further obligation to fulfil Your Plan.
What is the FCA and what does it mean for the prepaid funeral industry?"
The Financial Conduct Authority (FCA) is the conduct regulator for over 50,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting standards for operation.
Their objective is to ensure that financial markets are honest, fair and effective so that consumers get a fair deal.
As well as banks, building societies, credit unions etc, the FCA now intends to regulate the prepaid funeral plan industry. The result of regulation will see better outcomes for consumers, better value products, better sales practices and better controls in place, so customers can be confident they will receive the funeral that they have agreed and paid for.
Are Prosperous Life applying for FCA authorisation?
Yes. Right now we are working on our application via the FCA application process. As a business we very much welcome upcoming regulation as we feel it increases customer confidence and ensures firms are acting appropriately.
What is the application process and what does it mean?
Prepaid funeral providers who seek FCA authorisation need to fill out and submit an application demonstrating how they meet FCA regulatory standards. The FCA will then assess all applications and seek additional information from businesses where needed, to decide if they can be authorised to continue to operate.
What happens then?
The FCA published the final rules and regulations summer 2021, of which all providers will have to adhere to come July 2022. In order to carry out regulated funeral plan activities, businesses from this date must be authorised by the FCA to operate.
Anything else I should know?
You should be asking your prepaid funeral service provider if they are in the process of submitting their application to seek FCA authorisation. If your prepaid funeral service provider is not working towards this then they may be forced to stop trading come July 2022 which means your funeral plan could be at risk.
What is Prosperous Life cancellation policy?
You can cancel your plan at any time. To receive a full refund of any payments made you must cancel the plan within the cooling off period which is 30 days from the date you take out the plan. If you cancel your plan after the cooling off period, and following a receipt of your written instruction, you will be entitled to a refund of any monies paid, minus a cancellation fee of £595. Where you have paid less than £595, no refund is payable.
Contact our customer service team on 0800 046 5903 if you wish to chat with someone about cancelling your policy.
Can you opt out of Prosperous Life plans after signing up?
There is a cooling off period following sign up to any of our funeral plans which means you are able to cancel the plan within 30 days should you wish.
Depending on the reason, you might find it useful to discuss your specific concerns with one of our helpful customer service representatives, if for example you would like to adjust the monthly payments or include additional services as part of the plan. They are on hand to ensure that the plan is tailored to your needs and budget.
Is Prosperous Life FCA registered?
At the time of writing this (August 2021) Prosperous Life is working on the application to FCA authorisation.
As an ethics-driven business, we welcome the changes and the confidence it will give our customers when taking out a prepaid funeral plan with us, secure in the knowledge that their money is protected when the time comes.
Speak to one of our funeral plan managers
Want to know more about buying a funeral plan? Whether you’re looking to purchase a plan today or simply want to discuss your options, we’d love to hear from you.
Our friendly and experienced team of funeral plan managers can talk you through the process so you can decide what’s right for you, with absolutely no obligation to buy. Simply request a callback and we’ll get back to you.