Should I get over 50 life insurance or a funeral plan?

It depends on your needs. A funeral plan will pay for your funeral, while the pay out from over 50s life insurance can be used as you or loved ones wish. For example, you may want to use the pay out towards your funeral costs, or leave it as a small gift for your family.

Frequently asked questions

You pay for this kind of life insurance with regular monthly instalments and when you die, it pays out a lump sum to your beneficiaries.

A funeral plan is a way of paying for your funeral in advance. Be aware though, that not all funeral plans cover all costs related to funerals; you and your loved ones may still have to pay out additional costs. It’s worth checking your policy to see what is and isn’t covered.

With over 50s life insurance, the insurance company will pay out money to the next of kin or beneficiary in the event of the death of the policy holder. The payout can be left as a gift, or put towards funeral costs. A funeral plan, on the other hand, gives you peace of mind, knowing that your funeral is arranged and paid for in advance, ensuring your final wishes are fulfilled.

Monthly payments usually start at around £4 per month. What you pay depends on your age and how much cover you want. Some providers offer different rates depending on whether you are a non-smoker or smoker.

Generally, you should consult a financial adviser before buying life insurance if you think you might want to ‘cash out’ the policy in future.

The average cost of a funeral is £3,785 (Royal London National Funeral Cost Index 2019). Taking action now means your loved ones won’t be burdened with your funeral costs when you pass away.

You pay for this kind of life insurance with regular monthly instalments and when you die, it pays out a lump sum to your beneficiaries.

A funeral plan is a way of paying for your funeral in advance. Be aware though, that not all funeral plans cover all costs related to funerals; you and your loved ones may still have to pay out additional costs. It’s worth checking your policy to see what is and isn’t covered.

With over 50s life insurance, the insurance company will pay out money to the next of kin or beneficiary in the event of the death of the policy holder. The payout can be left as a gift, or put towards funeral costs. A funeral plan, on the other hand, gives you peace of mind, knowing that your funeral is arranged and paid for in advance, ensuring your final wishes are fulfilled.

Monthly payments usually start at around £4 per month. What you pay depends on your age and how much cover you want. Some providers offer different rates depending on whether you are a non-smoker or smoker.

Generally, you should consult a financial adviser before buying life insurance if you think you might want to ‘cash out’ the policy in future.

The average cost of a funeral is £3,785 (Royal London National Funeral Cost Index 2019). Taking action now means your loved ones won’t be burdened with your funeral costs when you pass away.