Prepaid Funeral Plans
Prepaid Funeral Plans
Since these products hit the UK market in the late 80’s they have went from being a largely unknown product, and taboo subject, to becoming a mainstream solution for customers who wish to protect themselves and their loved ones from the rising cost of funerals, whilst removing the financial, emotional and administrative burden of having to take care of often complex arrangements at the time of passing.
The average cost of a funeral in the UK stands at £4141, and costs have risen by over 126% since records began in 2004!
In the 2024 'Cost of Dying' report, issued annually by SunLife, it was reported that 37% of people surveyed had covered the cost of their future funeral through a prepaid funeral plan. The growing popularity of prepaid plans is also demonstrated by over 170,000 plans being purchased during 2023! With this in mind, there was little surprise when the Financial Conduct Authority ("FCA") took on oversight and regulation of the market on 29th July 2022.
We are proud to be able to offer our specialist Consultancy Services to multiple UK plan providers, and professional intermediaries.
We pride ourselves in tailoring the support that we provide to our valued clients, with the following being some of the main areas we have provided strategic support on recently:
- Governance, Risk & Compliance (including navigating the new regulated landscape)
- Market Insights & Analysis
- Commercial Partnership acquisition & management
- Brand, Product & Proposition Development
- Leadership & People Development
- Sales Management Process Training
Get in touch to find out more about how we can help.