Comprehensive Guide to Funeral Financing

The passing of a loved one is an emotionally challenging time, compounded by the logistical and financial responsibilities of planning a funeral. 

Fenix Funeral offers a compassionate approach to funeral planning, providing services that cater to varied needs and financial situations. 

This guide delves into the multifaceted aspects of funeral financing, highlighting Fenix Funeral’s unique offerings, to ensure a dignified service without undue financial stress.

Understanding Funeral Costs

A fundamental step in funeral planning is grasping the potential funeral costs involved. These expenses vary based on individual preferences and the nature of the services selected, including:

• Funeral Director Fees: Fenix Funeral's expertise in orchestrating the ceremony, paperwork, and legal requirements.
• Cremation or Burial Fees: The choice between cremation and burial impacts overall expenses, with each option having its associated costs.
• Service Venue and Transportation: Costs for the venue where the ceremony is held and transportation for both the deceased and attending guests.
• Additional Expenses: Items such as flowers, obituaries, catering for the wake, and memorials can add to the overall cost.

Financing Solutions for Funeral Financing

Fenix Funeral recognises the financial strain funeral expenses can impose, and there are several financing solutions to alleviate this burden:

Funeral Loans

Many families chose to explore the option of taking a funeral loan. Fenix Funeral has a  partnership with Funeral Safe which offers funeral loans that enable families to spread the cost of a funeral over a manageable period. 

This flexibility is crucial for those who may not have immediate funds available but wish to provide a fitting tribute to their loved one.

Explore Fenix Funeral's flexible payment plans in partnership with Funeral Safe, offering unsecured personal loans for funeral costs. Benefit from immediate approvals, no initial repayments for three months, and loans ranging from £500-£10,000. 

Paid by the estate

An often overlooked aspect of funeral financing is the potential to use funds from the deceased's estate to cover the costs.

It's important to thoroughly examine the deceased's financial documents to uncover all possible accounts, insurance policies, or private pensions, excluding the state pension, that could contribute to funeral expenses.

Prioritising Funeral Expenses from the Estate

This takes precedence over other financial obligations such as rent or utility bills. Should the estate lack sufficient funds to settle all debts, these are addressed in a predetermined order until the available resources are depleted. Debts remaining after this allocation may be absolved.

Accessing Funds from Bank Accounts

To access funds from the deceased's bank account for funeral expenses, present a copy of the death certificate and the funeral invoice to the bank. Most banks have provisions to release funds directly to the funeral director. 

This process can be initiated without waiting for probate or the reading of the will, offering a streamlined path to securing the necessary funds for the funeral.

Financial Assistance

Fenix Funeral also guides families on accessing government aid and charitable support for those eligible, ensuring that financial constraints do not hinder the provision of a respectful funeral. When someone dies, the cost of the funeral is not something that should stop you from giving your loved ones the send-off they deserve. 

Government Assistance and Charitable Support

Several government programs and charities offer financial support to families struggling with funeral expenses:

• Funeral Support Payment: The government offers schemes to assist low-income families with funeral costs. Find more information below. 
• Funeral Fund: There is a children's funeral fund that can assist families with funeral costs. 
• Charitable Organizations: Various charities can provide financial assistance or grants to help cover funeral expenses.

Funeral grant from DWP 

In the midst of planning a funeral, financial assistance can offer a much-needed respite. One such support mechanism is the Funeral Expense Grant provided by the Department of Work and Pensions (DWP). This grant is designed to help individuals receiving certain state benefits cover the costs associated with funeral arrangements.

Eligibility for the Funeral Expense Grant

To be considered for this grant, applicants must be receiving one or more of the following benefits:

• Income Support
• Income-based Jobseeker’s Allowance
• Income-related Employment and Support Allowance
• Pension Credit
• Housing Benefit
• The disability or severe disability element of Working Tax Credit
• Child Tax Credit
• Universal Credit

Additionally, the applicant must have had a close relationship with the deceased. It's worth noting that eligibility extends to those awaiting the outcome of a recent benefit application.

Life Insurance and Financial Products

Life insurance policies and other financial products can play a pivotal role in covering funeral costs. 

It’s essential to review the deceased’s financial plans early on to identify potential sources of funds, including specific funeral insurance products designed to ease the financial burden associated with funeral planning.

Prepaid Funeral Plans

A comprehensive range of prepaid funeral plans is designed to allow individuals to plan and pay for their funeral in advance.

This proactive approach not only locks in current prices, safeguarding against future price increases, but also ensures that one's funeral is conducted according to their wishes. 

There are different plans that are flexible, catering to different budgets and preferences, and providing peace of mind for the plan holder and their loved ones.

To find out if your loved one has a prepaid funeral plan, check your loved one's bank statement for a direct payment to a funeral plan provider. You can check their insurance policies to see if they might include a funeral plan or ask friends and family who might know. 

Strategic Tips for Managing Funeral Expenses

• Budgeting: Establish a clear budget early in the planning process to guide your decisions and avoid overspending.
• Service Comparison: Fenix Funeral's transparent pricing allows for informed decision-making. Still, understanding all available options is beneficial.
• Alternative Options: Considering non-traditional funeral services, like direct cremation or home memorials, can significantly reduce costs.
• Open Communication: Fenix Funeral is committed to finding solutions that respect both the deceased's memory and the family's financial situation. Openly discussing budget constraints can lead to accommodating arrangements.

Contact Fenix today for help and advice on anything relating to funerals in England

If you need assistance with any aspect of funeral financing in England, our compassionate staff are always here to help. Call us today for free advice and non-binding quotations for stress-free funeral options to suit all backgrounds and budgets.