What Is Funeral Financing?

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.