The first plan of its kind to be introduced to the funeral planning sector by an independent planning company, the new Golden Leaves Guaranteed Funeral Plan offers consumers a price guarantee, that freezes the cost of their cremation funeral against inflation, no matter when the funeral service takes place.
Consumers have the choice to commit to one lump sum or break down the cost via fixed monthly payments.
Barry Floyd, managing director of Golden Leaves, said: “The funeral sector has been under heavy scrutiny of late, with growing concern over the rising cost of funerals, which in some areas can amount to as much as £10,000. The funeral planning product was created to help protect the consumer, enabling them to maintain control and remove the cost burden from their loved ones, through a pre-paid funeral plan.
“In launching a new Guaranteed product, consumers will now be able to completely freeze the cost of their cremation funeral, meaning they won’t be subject to any cost increases whatsoever, no matter how far into the future their funeral takes place and regardless of any future inflation.”
This announcement comes just weeks after the publication of research conducted by the Competition and Markets Authority (CMA), which found the average funeral would cost consumers, on the lowest income, 40 percent of their annual earnings. Additionally, fact the price of essential elements of funerals have increased by two thirds in the last 10 years.
Barry added: “The costs of Funeral Plans have been static for the past two years and has not experienced its pricing being forced up in the same fashion that funerals purchased at the time of death from funeral companies have. By launching the new Guaranteed Funeral Plan, we not only believe we will be able to help control rising funeral costs, but through the fixed fee model, we can actually help drive costs down, protecting the consumer for the long term.”