– A Direct Cremation is a modern alternative to a traditional funeral. In its simplest form it is the disposition of a body after death that takes place without a funeral service beforehand and often with families holding a private celebration of life elsewhere.
– Royal London produce a National Funeral Cost Index annually and which is released in October/November each year and is considered a more complete set of funeral cost data than any other research conducted in the UK. Full details of the source of this data are listed on page 30 of the Royal London Report (see below). Their research has found that the average cost of a simple funeral in the UK is £3,784 (this is stated on page4 of the below report) and includes collection and care of the deceased, a basic coffin, hearse, and to manage a simple service at a crematorium (stated on page 30 of the below report).
– Elements that are included within the £1,295 cost of the Direct Cremation option from Memoria Low Cost Funeral include collection and care of the deceased, a basic coffin, transportation of the deceased to the crematorium, cremation fee and all Doctor’s fees, return of the ashes to the family within 28 days of the date of cremation if required. Full details can be found by clicking here.
– The saving between a simple funeral (as listed in on page 30 of the Royal London National Funeral Cost Index) and a Memoria Direct Cremation is £2,589.
– The Charges for a funeral plan (other than the Management Fee) will be used to buy a whole of life assurance policy. The whole of life assurance policy is owned by Memoria for the purpose of providing the cremation. The Plan ensures that the funds will be available to pay without further recourse to the individual or their personal representatives. We will effect the whole of life assurance policy with a life assurance company that is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority.
By holding the funds in a whole of life assurance policy the Plan meets the requirements of Article 60 (1) (a) of the Financial Services and Markets Act 200 (Regulated Activities) Order 2001. The above details are included in section 5 of our T&C’s and can be viewed here.
– The funds held in funeral plans are held in either a whole of life assurance policy or a Trust Fund. Some providers of funeral plans only guarantee to release the amount held in the funeral plan (plus any growth or minus any losses) to the plan holder at the time of the funeral. They often take only a contribution to 3rd party costs such as cremation fees or Dr’s Fees and provide no guarantee that the amount in the plan will me the cost of the funeral service. If there is a shortfall in the amount paid to the family to that of the cost of the funeral service the amount has to be subsidised by the family themselves. Consumer group Which list the plan providers who guarantee their funeral plans and information on all can be found here.