A simples guide

Funeral Cover

Funeral cover is designed to cover the cost of your funeral when you pass away, so that your family isn’t left to deal with the expense at an already trying time.

You don’t have to go with a simple funeral plan though; you can opt for any manner of savings schemes that can assist in covering the costs of your funeral. An additional life insurance policy may also work just as well.

Before you start, make sure you have all the information at your disposal and make sure you check the returns on any of these policies carefully. Our comparison service can help you compare the market for policies at the right amount of cover for you, returning the most financially rewarding results.

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What is funeral cover?

There are a variety of different options that come under the broad umbrella of funeral cover, so make sure you know what you’re looking at.

The simplest option is a pre-paid plan, which doesn’t require any complex maths. You just choose the policy that suits you best and pay up front. Of course you can choose to spread the payments, but this is effectively a loan and you could be charged interest and/or admin fees

You can choose to cover the funeral director’s costs, or indeed the full price of the funeral. There is a vast array of different products on the market and it’s easy to get confused. Some of the policies cover everything from grave-digging charges and the organist at the church through to the long-term cost of the plot itself. Others are far more basic, so read the small print and make sure you know what you’re buying.

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Could I get a better deal on life insurance plans specifically tailored for those over 50?

Perhaps inevitably, a lot of the marketing for funeral plans is aimed at the over 50 age bracket. However there are also life insurance plans tailored to over 50s which might be better suited for you. Life insurance for over 50s doesn’t require you to have a medical (although you may need to fill in a few health forms) and you can get lump sum cover at an amount you choose. The key difference is that if the worst should happen this lump sum can be spent on any form of expense not just funeral costs so it might give you greater flexibility.

If you want to press ahead with funeral cover, different policies do work in different ways. So it’s important that you understand the complexities of these arrangements so you can make a fair comparison. Some will simply cover the funeral director’s bill, while others will pay for the wake and a plot in the cemetery. As funerals cost £3,590 on average these days though, it is wise to make some kind of provision to cover these costs.

There are a variety of options when it comes to paying. You can pay monthly or even weekly in some cases, but many of the most attractive options actually require a lump sum payment. In those instances, all you are doing is paying up front for a funeral that might not happen for many years. While that protects you against inflation as the price is fixed at today’s rates, it also means you can’t do anything else with the money.

So make sure you have done a thorough comparison and you have all of the facts before you make a decision. Our price comparison services can help you do exactly that, by comparing the leading life insurance providers for quotes tailored to you.

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