We call the Good Funeral Guide Prepaid Funeral Plan GFGPlan. We have created it with in partnership with Open Prepaid Funerals Ltd. As far as we know there is nothing else quite like it on the market.
You can think of a GFGPlan as a pot marked ‘Funeral’ into which you can put up to £20,000 for a funeral, whether yours or somebody else’s. You can have a pot to yourself or you can share it with up to four other people who can also pay in up to £20,000. When you create a pot, you pay us a non-refundable fee of £195 for the first person and £95.00 for each subsequent named individual. This pays for the administration of the money you put into your pot for its lifetime.
The money in your pot will grow at an monthly rate (average 3.65% per annum from Oct 03 to July 2018) – a figure that could go up or down but has been pretty stable over the years. Your money is exempt from tax and does not count towards probate.
When you create a pot we ask you to record your funeral wishes. Your funeral wishes can be as sketchy or detailed as you like. We do not offer you a choice of package funerals. We do not even require your funeral to be provided by a professional funeral director although you will need to discuss this with us.
You can put a lump sum into your pot. Or you can deposit money in staged payments – monthly, for example. Or you can pay in money as and when you can afford to. You don’t have to reach a target figure. Whatever you pay into your pot will be there for your funeral.