"They are very popular arrangements and more and more people are doing it," Mr Spencer claimed.
"Funeral insurance plans are generally bought by people in their 50s to 60s. Those people start paying typically £10 to £15 per month and that pays out a lump sum on their death.
"Funeral insurance pays the amount of money that is guaranteed at the outset."
Mr Spencer went on to add that the typical funeral insurance buyer is someone who has just experienced the death of their own parents - and is anxious to help their children avoid going through the same experience as they have had to go through.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.