The instalment promise
Guarantees peace of mind if you choose to pay for your Age Co Funeral Plan plan over more than 12 months. If you pass away before you’ve finished paying for it, Dignity will cover the outstanding balance, and your loved ones will not be asked to pay a penny more than you’ve already paid for all the services included in your plan.
Please note that plans purchased over a period greater than 12 months will incur an additional fee and all instalment payments must be completed by the 85th birthday of the eldest person named on the plan (for Traditional and Natural Plans), and the 80th Birthday for Low Cost Cremation Plans.
- The Instalment Promise applies to all payment terms over more than 12 months.
- If you pass away within the first 12 months of your funeral plan start date as a result of an accident, Dignity will cover the outstanding balance.
- If you pass away more than 12 months after your funeral plan start date and your payments are up to date, Dignity will cover your outstanding balance.
- If you pass away more than 12 months after your funeral plan start date and you have missed up to two payments, your funeral organiser will be asked to pay the outstanding payments before the Instalment Promise will be honoured.
- If you pass away more than 12 months after your funeral plan start date and you have missed three or more payments, you will not be covered by the Instalment Promise or the price guarantee, and neither will be valid or effective.
Please see the Instalment Payments section of the Age Co Funeral Plan Terms and Conditions for further details.
The Independent Trust Fund
All of the money you pay towards your funeral plan goes directly into an independent Trust Fund for Age UK Funeral Plans. The money required for your funeral stays in the trust where it is carefully managed ensuring the services included in your plan can be provided at no additional cost to your loved ones, even in the extremely unlikely event of either Dignity or Age Co ceasing to trade or operate.
The Funeral Planning Authority is a professional body whose main responsibilities include consumer protection within the Funeral Planning sector. It requires that all registered providers place customer money into an independent Trust Fund or a whole-of-life insurance policy.
Your money is secured in an independent Trust Fund to guarantee the utmost protection.
The Trust for Age Co Funeral Plans is a totally independent Trust Fund, legally separate from Age Co, the trading name for Age UK Enterprises Limited and Dignity. It’s also not attached to any shareholders. This means that if anything were to happen to Age UK Enterprises Limited or Dignity, Age Co's funeral plan partner, your money would still be safe.
All payments are passed to the Royal Exchange Trust Company Limited, which acts as Custodian Trustee of the Trust for Age UK Funeral Plans. They oversee the Trust’s bank account.
The money for your funeral plan in the Trust Fund is ring-fenced and not accessible by Age Co, Dignity, or any Funeral Director until it is required. Likewise, the money is not lent to any organisation or individual, therefore Dignity never needs to rely on another party in order to meet the obligation to all Planholders.
The Trust Fund meets all of the requirements set by the Funeral Planning Authority to ensure Planholders’ protection. The Trust Fund is valued and audited on an annual basis by some of the most reputable firms in the industry. There is a report produced on the fund annually and you can request a copy by clicking here.
By following these processes, Dignity and Age Co aim to provide the utmost security and peace of mind for all Age Co Funeral Plan customers.