Open Prepaid Funeral Plans review
- 4 plans to choose from
- Prices range from £1,845 to £4,100 but can vary by region
- Authorised and regulated by the Financial Conduct Authority
- Instalment options available up to 24 months
Open prepaid funerals is an FCA authorised company that provides prepaid funeral plans for those looking to plan ahead.
In this review: To help you compare Open prepaid funeral plans, we look at the options available and services included in each of the plans, the benefits, the ‘need to knows’ and how your money is held.
Once you have read the Open prepaid funeral plan review, you can see how they compare with other FCA regulated plan providers, or read the rest of our prepaid funeral plan reviews.
Who is Open Prepaid Funerals?
Open Prepaid Funerals is a Warwick based funeral plan provider, established in 2003. They provide a nationwide service working with independent funeral directors throughout the UK.
What prepaid funeral plans do Open offer?
There are 4 Open prepaid funeral plans that range in price from £1,845 to £4,100, depending on where you live:
- The Simple plan
- The Traditional plan
- The Select funeral plan
- The Unattended Cremation funeral plan
The cheapest Open funeral plan is the Unattended Cremation, which is a simple cremation without a funeral service.
The other 3 Open funeral plans are more traditional and include a funeral service that family and friends can attend.
Here’s how the four options work:
Open direct cremation plan – with no funeral service
The Unattended Cremation - A simple cremation without the formality of a service.
It includes the funeral directors help and guidance with the documentation, local collection and transportation of deceased within working hours, a basic coffin and a contribution of £840 towards third party costs.
With this plan there may be more to pay for collection depending on the location and if it is required out of hours. Also, you will pay more for the ashes to be returned too.
Open traditional plans – with a funeral service
The Simple plan – a simple cremation that provides a funeral service at the crematorium.
It includes the funeral directors help and guidance with the documentation, local collection and transportation of deceased within working hours, a basic coffin, a hearse and bearers and use of the chapel of rest
This plan also includes a contribution of £1,100 towards third party costs.
The Traditional plan – a midrange plan that provides a better coffin and car for family or friends.
It includes the funeral directors help and guidance with the documentation, local collection and transportation of deceased within working hours, a wood veneered coffin, a hearse and bearers, use of the chapel of rest and one limousine.
This plan also includes a contribution of £1,100 towards third party costs.
The Select plan – Open’s most comprehensive funeral plan that offers a superior coffin and two cars for friends and family.
It includes the funeral directors help and guidance with the documentation, local collection and transportation of deceased within working hours, a superior wood veneered coffin, a hearse and bearers, use of the chapel of rest and two limousines.
This plan also includes a contribution of £1,100 towards third party costs.
What are third party costs?
Third party costs are essential funeral costs that are not controlled by the funeral director, namely the cremation or burial fees, interment fees, doctor’s fees and the minister or officiant’s fees.
Open prepaid funeral plans include an allowance towards these costs, they do not guarantee them. The allowance is held in the trust fund and may increase in value over time. This means there could be more to pay when the time comes if the third party costs exceed the allowance included in the plan.
Open prepaid funeral plans need to knows?
In addition to looking at the benefits of a prepaid funeral, it’s worth reviewing the possible drawbacks too. Here we look at both to help you consider if it’s the best funeral plan for you.
Benefits
- 4 plans to choose from
- Your funeral director’s services included in the plan are fully guaranteed
- Option to include an allowance for third party disbursement costs
- Local collection of the deceased within working hours
- Uses a network of independent funeral directors
- Authorised by the Financial Conduct Authority
- You can spread the cost over 12 months without incurring additional fees
Important to know
- If you pay by instalments but die before your premiums have been paid, you will not be covered for the services included in your plan. Instead, the money you have paid into the plan would be refunded to your estate.
- You will incur additional charges if paying over a longer period than 12 months
- Depending on the size of the allowance when the time comes, you could pay more for third party costs
- Costs vary depending on location
- You may pay more for collection out of hours or if the location is not deemed as local
- Doesn’t include additional funeral costs such as flowers, a memorial, orders of service or the wake
Open prepaid funeral plan reviews by their customers
Currently there are no customer reviews for Open prepaid funerals featured on the two main independent review websites Feefo and Trustpilot.
Open prepaid funeral plan reviews by the industry
Open prepaid funeral plans have been reviewed by independent researcher of financial products Defaqto and research and ratings company Fairer Finance.
How is my money held with Open prepaid funeral plans?
Open prepaid funerals is authorised and regulated by The Financial Conduct Authority. This means they have had to demonstrate and continue to evidence that they comply with the FCAs rules and principles.
When you buy an Open prepaid funeral plan, your money is held in an independently managed trust fund until it is required to pay for your funeral services.
Should anything go wrong, you have the support and the protection of the Financial Services Compensation Scheme.
How can I pay for an Open prepaid funeral plan?
You can pay for an Open prepaid funeral plan in one go or over 12 or 24 monthly instalments. Here’s how each payment option works:
Single Payment
This is the cheapest way to pay for an Open prepaid funeral plan, or you can spread your costs over 12 months and you won’t incur any additional fees.
Monthly Instalments
If you prefer to spread the cost of your plan over a longer period, Open offer instalments up to 24 months. You are covered for the services included in the plan once you have completed the payments and you will incur additional charges equivalent to 4.9% with this payment option.
If you die of natural causes before the payments are complete, the money you have paid into the plan would be fully refunded. However, if you die as a result of an accident, you are immediately covered.
Am I eligible for an Open prepaid funeral plan?
To be eligible for an Open prepaid funeral plan you need to be a UK resident who is at least 40 years of age.
Can I choose either a burial or cremation service?
Open prepaid funeral plans are essentially for cremation funerals. Burial funeral plans can be arranged however these would be on a more bespoke level based on local prices.
Can I cancel my plan?
If you cancel the plan within 30 days of commencement, you will receive a full refund of any money paid. Cancellations after this period will incur a charge of £245.
If you pay by monthly instalments and cancel within 2 years, you will be refunded in full. Monthly funeral plans cancelled after this period will be subject to the £245 cancellation fee.
Who will my funeral director be?
Open work with funeral directors throughout the UK. You can nominate a funeral director however they cannot guarantee your chosen company will agree to deliver the services included in the plan. In this instance they would suggest other options local to you, based on their network of funeral directors.
What happens to my funeral plan if I move home?
If you move, Open will endeavour to move the funeral plan to a new funeral director local to your new address. If they cannot locate a funeral director, you will be given the option to cancel your policy.
What should I do now?
My review of Open Funeral Plans is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs.
Now you have read the Open prepaid funeral plan review, you may want to:
- Compare regulated plans with our FCA authorised companies
- See how other companies compare with our funeral plan reviews
- Find out more about simple funeral plan with our guide to direct cremation
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