​

What Is Funeral Financing?

 

If your loved one has recently passed away and you are in charge of arranging their funeral, we offer funeral financing to help cover the costs and ease the financial burden.

 

Why choose funeral finance?

 

For most people, paying outright for a funeral is an unrealistic option. And taking out an expensive credit card or depleting your savings isn’t always viable. That’s where funeral finance comes in. A payment plan designed to alleviate any stress or anxiety around funeral payments and upfront costs. 

 

Funeral finance is a security blanket and provides you with flexibility over payments when it matters most. So if you’re struggling for funds and need financial help, remember you are not alone. Affordable options like credit agreements and personal loans exist to help you finance your loved one’s funeral.

 

How to finance a funeral?​

 

There are a number of different ways to pay for a funeral, the most common include:

• Using money from the deceased’s estate

• A pre-paid funeral plan

• Personal savings

• Life insurance plan or over 50s life plan

• Finance or loan

 

What happens if you can’t afford a funeral?

​

Funerals can be expensive, and you may not be financially prepared. Fortunately, there are a number of options available to help you pay for the funeral of a loved one. These include:

​

• Funeral financing – a credit agreement to spread the cost through monthly repayments; this is authorised and regulated through your chosen funeral director.

• Funeral loans – a personal loan to help cover funeral costs. A number of different providers offer this service, including banks, building societies and credit unions.

 

Alternatively, if you get certain benefits the government offer a payment plan called Funeral Expenses Payment.
 

It can help cover:

​

• Cremation or burial fees, including the cost of the doctors certificate

• Travel arrangements (to and from the funeral)

• Death certificates or other documents

• Moving the body within the UK

• Funeral director fees

• The coffin or casket

• Flowers
  
   

Does the DWP help with funeral costs?

​

Yes, there are two ways the DWP (Department of Work and Pensions) can help you with funeral costs. These are the Funeral Expenses Payment and the Bereavement Support Payment.

​

Can you get a loan to pay for a funeral?

 

If you are not entitled to government help, you may wish to apply for a funeral loan. Providing the application process is successful, a loan amount will be agreed based on your ability to pay it back over a set amount of time. Terms and conditions will vary between providers.

 

Who qualifies for help with funeral costs?

​

Eligibility will vary depending on what type of financial support you apply for, however the following criteria usually applies:

​

• At least 18 years old

• Permanent UK resident and resided in the UK for 3+ years

• Have a UK bank account

• In regular or part-time employment, with a minimum annual income of £8,000

• Good credit

• ​

Financing a funeral with Funeral Safe

​

We work with a specialist consumer credit company called Funeral Safe limited to provide alternative, affordable ways to pay for a funeral. Part or all of the funeral cost (£500-7,500) can be financed, and you’ll pay it back over terms of 12 months – 5 years with (fixed) APR rates from 15.9%.

​

You will have a 3-month period with no scheduled repayments and no interest will accrue on your account. During this period, you can settle your account at any time and at no extra cost. After 3 months your chosen monthly payment plan will commence including the applicable interest rate for your finance agreement.

​

Funeral Safe Limited are the lender and are authorised and regulated by the Financial Conduct Authority.

For more information regarding funeral finance, speak to your funeral arranger.