Probate Loan

As an executor or personal representative there are many risks for you and the beneficiaries during the probate process.  We have written an extensive Executor Insurance Guide which might be helpful to you.

It may be hard to quantify initially how much you need to borrow.  So perhaps the best place to start is by getting a quotation for each of the insurance policies you may wish to purchase.

Here are a list of policies to consider (click on the links to find out more about each product and to get a quote):

• Probate House Insurance - for property unoccupied during probate
  • If the property is occupied, please contact us for a quotation over the phone.
• Land Insurance - if the deceased owned any land.
• Early Distribution Insurance - protection against the risk of a claim from an unknown dependant following the early distribution of the estate. 
• Section 27 Insurance - protection against the risk of a claim from an unknown creditor following the distribution of the estate.  
• Missing Will Insurance  - protection if a newer will is found resulting in the enforcement or attempted enforcement by a Beneficiary of a financial liability against the Deceased’s Estate.
• Missing Beneficiary Insurance - protection against claims from beneficiaries occurring after the inception date of the policy who were unknown at the time of estate distribution.

Once you have a quote for one or more of the policies you need you can then apply for a probate loan.

Our Probate Loan is designed initially to fund the Probate Insurance policies that you might need to buy from Insuristic.

It won't take you long to apply and 90% of people applying are approved immediately.

Once approved, you can top the loan up to purchase other probate related services from other providers.

Here is how to apply:

To apply, click on the 'Apply for a Probate Loan' Button on this page. 

You will then be taken to the FSL Finance Probate Loan application web page where you can:

1. Check how much you are eligible to borrow.  Find out instantly if you are approved to apply for a probate loan and your estimated credit limit. The FSL Finance eligibility checker does not affect your credit score.
2. Complete your application: Complete the simple application form to get a quick decision and get your tailored finance offer and documents.
3. Provide details of the costs you are seeking to fund: When you get to the other details page, you just need to provide your quotation reference (in the Sales Order Reference Box) and then add the cost of your insurance to the Bespoke Order box.
4. Online Terms and Conditions: Next you will be shown the terms and conditions which you must agree to before proceeding.
5. Sign your Credit Agreement - You will be able to electronically sign the agreement in the portal.  Once you have done this you can select 'Finish' to submit your application.
6. FSL Finance will then review your application: If approved, your loan will be sent to Insuristic within 5 working days (or sooner) to fund your insurance products. You will then Pay FSL finance fixed affordable monthly amount until your finance is paid back.  If the loan is repaid early there are no early cancellation charges.
7. Insurance Policy Issued:  Once FSL Finance have confirmed you have been approved for a loan, they will send Insuristic confirmation.  Insuristic will then issue your policy.

What if I need Insurance cover to start today?

Don't worry.  FSL Finance will accept 90% of loans immediately on receipt of your application.

If you need us to issue cover immediately please contact us on [email protected] quoting your quote reference number.  Once FSL Finance have confirmed acceptance of your loan to Insuristic, we can issue cover whilst waiting for payment from FSL Finance.

If the process takes a little longer we can hold cover for 7 days without payment.  However, if payment isn't received in that time we would reserve the right to cancel the policy from inception.

What if I need to buy another policy at a later date.  Can I add this to the loan?

Yes you can.  Once you have a loan approved, and as long as neither your circumstances have changed or you haven't exceeded the £10,000 borrowing limit, you can contact FSL Finance to discuss increasing your loan.

Again, if you need us to provide cover whilst you are waiting for payment, we can usually do this.

Our Probate Loans service can be used to cover most expenses involved in the protection of the estate and its assets during Probate.

Once you have funded an insurance policy, you can call FSL Finance to extend your loan to cover the cost of other probate related services such as:

The probate loan cost has been kept as low as possible and there are no fees associated with the loan. 

Which means you don't pay any administration fees when setting up or repaying the loan early.

Representative Example

Loan amount of £2149.00 with a monthly repayment of £62.68 over a term of 48 months at a rate of interest per annum of 18% Fixed.

This is equivalent to 19.9% APR representative.

Total amount repayable is £3008.64.

The representative example is a reflective of the sum of the loan.

Your personal circumstances affect the rate FLS Finance can offer you which may differ from the representative APR and the guidance figures above.

FSL Finance will do a credit assessment of your circumstances when you apply. Credit available subject to status.

Funeral Safe Limited of Alton Business Centre, Valley Lane, Wherstead, Suffolk, IP9 2AX. Funeral Safe Ltd is the lender and is authorised and regulated by the Financial Conduct Authority.

Explanations: Funeral Safe Limited (Trading as FSL Finance) provides finance from £495 – £10,000 from 15.99% APR over terms of 12 – 60 months

The biggest challenges for executors and beneficiaries are the unknown probate cost, the complexity and length of the probate process and the subsequent impact on their mental health.

There are many probate expenses that need to be funded and if there isn't cash available in the estate, this will usually fall to the executors and beneficiaries to pay them.  This can often lead to additional stress, anxiety and for many, financial hardship until the estate is distributed.

According to Exizents recent Bereavement Index:

• Only 12% of those who had died with a Will had left the majority of their financial affairs in order.

• Over half of legal professionals say that between 15% and 35% of assets are unknown or discovered during the process.

• 99% of people underestimated the complexity of estate administration.

• The costs surrounding the bereavement process leave 28% of individuals suffering financial difficulties.

  • of those who struggled financially, over three-quarters (81%) had their mental health impacted.

  • the younger generation (aged 18 to 44) are financially hardest hit by the costs surrounding the bereavement process, with 79% facing financial difficulties.

From our experience, the financial impact on people is pushing more to choose the DIY probate market, or asking professionals for help with only applying for the grant of probate.

This can significantly increase both stress and risk for executors. Particularly against a backdrop of estate values rising (estates up an average of 37% on 2022 vs 2021) and estates getting increasingly complex to administer.

Arranging a probate loan is a good alternative for many executors, personal representatives and beneficiaries.  

They can arrange a loan to fund many of the probate related expenses they face, starting with Insuristic's probate insurance policies, up to £10,000.

This means that Executors and Beneficiaries now have greater choice as well as less stress around funding the cost of probate.

Executors often incur significant expenses during probate. These expenses are often paid out of the executors or beneficiaries own funds in one go, potentially hurting their own cashflow.

These expenses can come from arranging executor insurance, appointing legal providers, paying property managers, valuing the estate, selling property, paying utility bills and more.

The costs of administering an estate can add up significantly. 

But there is a better way, arrange a probate loan to cover these costs.  Once you have set up a loan to fund your insurance expenses, you can potentially extend this to cover other probate related expenses.  You would just need to speak to FSL Finance to arrange this.

The cost of the loan can also be paid back to you as an estate expense when it is distributed.

The loan will help the executors:

Launched in 2016 by both funeral and financial industry experts, FSL Finance provides simple, accessible and affordable finance for covering funeral costs.

Funeral Safe Limited trading as FSL finance are the lender and are authorised and regulated by the Financial Conduct Authority – FRN:765110

You can find Funeral Safe on the FCA Register here.

Our customers are at the heart of everything we do.  Our business is built around proving tailored insurance products that are easy to understand and buy, with transparent pricing and no hidden fees.

FSL Finance have a similar philosophy, which in their words is:

• To be understanding, responsible and transparent lenders
• We understand the financial strain a bereavement can cause and aim to ease that strain so you can concentrate on the important things, and remember a loved one in the way you wish
• We only lend to people who can afford to repay their loan without putting themselves in any financial difficulty. If our affordability checks suggest that a borrower may struggle to afford their loan, we will not lend to them
• Transparency is at the forefront of all we do. You make the decisions that are right for you and you have your own login area to manage your loan on an ongoing basis. We offer you as much or as little assistance as you require allowing you to make informed decisions based on facts
• We are committed to making sure our customers have the most transparent, responsible and comfortable repayment journey

So we know you will be in safe hands for your probate loan.

Here are a list questions that people frequently ask about probate loans: