New insurance pledge guarantees funeral costs
Royal London is the latest insurance company promising to pay families’ funeral costs where a deceased policy holder has made no other arrangements.
The guarantee, which ensures funerals are covered up to £5,000, is the minimum required by the Protection Distributors Group’s (PDG) funeral payment pledge, which also encourages insurers to help families with products like trusts and Wills. Royal London plans to ‘advance’ money to families, ensuring that funerals are not held up.
According to the Financial Times, PDG Chairman Emma Thomson said: “We are very pleased Royal London are to become the latest insurer to sign up to our pledge.
“It is fantastic news for claimants, avoiding the worry some may face of how to pay for a funeral. We look forward to this being launched very soon and we’ve been delighted that insurers have been exceeding our expectations when signing up to the pledge.”
Royal London’s Group Head of Protection Debbie Kennedy said: “Payment of a claim is the moment of truth for our customers and it is the single most important thing for us to get right.
“That is why we are signing up to Protection Distributors Group’s funeral payment pledge and will shortly be advancing money to allow funeral arrangements to take place while the estate is being settled.
“Not only will this ensure a better claims experience for all customers but it may also avoid people having to go into unnecessary debt to pay for a funeral.”
Tags: Debbie Kennedy, Emma Thomson, Financial Times, guarantee, insurance, PDG, Protection Distributors Group, Royal London