Defaqto has added pre-paid funeral plans to its Star Ratings
The Star Rating for prepaid funeral plans will help consumers identify where products sit in the market, in terms of the overall quality and comprehensiveness of the features and benefits of the product.
The prepaid funeral plan market currently comprises of almost 100 products and Defaqto has analysed these from 26 product providers.
Many of the products are purchased direct; the Star Rating will help consumers take into account the value of the cover rather than just the cheapest plan.
Defaqto has witnessed the continuing growth and emergence of a burgeoning funeral plan market as a result of the desire for consumers to have arrangements already in place whilst they are still alive and to lock in the cost of their funeral against inflation.
Reflecting this trend, Defaqto has used criteria that differentiate products in terms of their comprehensiveness, portability if a client moves location and the customer experience in areas of the quality of the funeral service and the treatment of third party disbursements.
Over 60 experts independently research, collect and assess nearly 41,000 financial products, of which just over 10,000 are star rated.
Defaqto has given each product an independent Star Rating from 1 to 5 based on an expert assessment of the overall proposition and quality it offers.
Ben Heffer, Insight Analyst for Wealth and Protection at Defaqto, said: “With consumers increasingly focused on price, our Star Ratings help segment the market in respect of the cover offered across a wide range of financial products.
“We have extended our Star Ratings to include prepaid funeral plans as more and more products have come onto the market, which is largely unregulated, yet taps into the consumer interest to plan ahead for their funerals and thereby relieve the burden on their loved ones.
“Funeral inflation is considerably above the ordinary rises in cost of living, so paying for your funeral at today’s prices is an attractive proposition for customers.”
Fiona Murphy – covermagazine.co.uk – 22/05/2017
