Wren and Fraser launch simple and comprehensive Funeral Plan shaped by consumer reports.
Whilst the demand for funeral plans has grown considerably in recent years, (sales in 2017 grew by around 245% when compared with sales in 2006), pre-paid funeral plans have come under intense scrutiny and some criticism.
Organisations including Citizens Advice and Fairer Finance have highlighted that funeral plans are often regarded as confusing and potentially misleading. Consumers buy funeral plans to ensure that grieving relatives are not left with a financial burden, nor the hassle of making funeral plans. But all too often, hidden in the small print, there are certain restrictions. In the end, family often find the plan itself doesn’t cover the cost of the funeral.
To ensure this peace of mind, Wren and Fraser developed OnePlan, a simple uncomplicated funeral plan that provides clarity in a market littered with confusion. As Wren and Fraser Director, Stephen Bates explained ‘We identified a need for clarity, integrity and a more 21st century approach to funeral planning in the UK. In particular we looked at what other markets in Europe were doing, where funeral plan demand is far higher. In Holland, for example over 60% of the population take out a plan and in Spain over 20 million people have made provisions. Compare that to the UK were only 1.2 million funeral plans are written in a country of over 65 million. Why are we so far behind? We felt the need to bring in change and shape a product that consumers and the regulators can have confidence in, that’s uncomplicated, and actually does take the stress out of what is a very, very difficult time for families’.
He went on, ‘we only offer OnePlan, because we believe one plan is all you’ll need. No complication, no fuss. A simple full and comprehensive plan with many benefits. It guarantees the funeral director costs for a cremation or a burial funeral. OnePlan also guarantees that, once purchased, all the benefits become available from day one.’
In a market were most providers sell a variety of plans, with differing pricing strategies. This can lead to consumers choosing plans that still involve major additional financial contributions when it comes to settlement. For example, in Fairer Finance’s recent survey it was found that over 90% of people who purchased one of the many ‘contribution plans’ thought that all of their cremation costs were guaranteed, which unfortunately wasn’t the case.
Bates concluded ‘less expensive funeral plans may cost less now but loved ones can be very often faced with a significant shortfall when the time comes. At conception Wren & Fraser felt it important that we help consumers understand these differences. We therefore decided a simple, fully comprehensive plan that provides more benefits than any other in the market. OnePlan, simple!’
OnePlan launches on 1st September 2018