Here’s a question sent to money-problem solver Margaret Dibben in the Guardian. It exemplifies the utter crapness of funeral plans and the business methods of the People’s Undertaker.
Two years ago, after the untimely death of a young friend, I took out a bronze cremation plan with The Co-operative Funeralcare. I discussed it on the phone, received papers to sign and started paying £19 a month by direct debit.
I have recently lost work and am trying to cut my outgoings. When I asked The Co-operative how much longer I have to keep paying, I was told until I am 90. This was not explained to me. I am now 57 and in excellent health. If I cancel the policy, the Co-op will keep the £456 I have paid in so far.
Here’s part of the reply:
You have 33 years until you are 90 which means, if you live that long, you have to pay another £7,524 in premiums. The average cost of a funeral today is £2,700. Your only choice is to waste the £456 or keep paying.
Read the entire piece here.