How Much of Your Prepaid Funeral Plan Money is Being Lost? blog
If you've been considering a prepaid funeral plan then you could be forgiven for wondering which way to turn. After all, while the principle is a simple one there is a reasonable choice available.
We'll discuss insurance and similar policy based plans in another article, for now we'll focus on traditional prepaid funeral planning, the safe and secure process of planning and paying for your funeral in advance.
If you've read our website and those of other plan providers you'll see that there are two parts to our businesses. The first is the Limited company, that's the business end that creates markets and administers the plans. The other part is the trust fund. This is independent from the limited company and is run by a board of trustees, this is perhaps the most important part to you.
Any company that offers prepaid funeral plans should put performance before sales don't you think? In a world that is becoming ever more commercialised there should be some things that remain clean from incentives, gifts, commissions and kickbacks.
Funeral planning should be one of those shouldn't it?
If you're being offered vouchers and discounts online from a plan provider the chances are they're also offering commissions and incentives to funeral directors to sell their plans. But where is that money coming from? Certainly not just from the administration fee. Sadly it's coming from the trust fund, the very thing that is supposed to be ensuring your plan value is as good as it can be in the future.
In simple terms, work with a plan provider that keeps it simple, a fixed administration fee and no further admin fee deductions from the trust fund just like Open.
Funeral costs are rising, people are living longer, this is a time for performance before sales.
Please don't help Paul to rob Peter.
- Posted 25th April 2014