Planning to help loved ones financially when you’re gone? Don’t overlook funeral costs. Over 50s life insurance is a simple way to help ease the load.
How will you pay for your funeral?
Death and funeral costs, especially our own funeral costs, are subjects you’d probably rather avoid.
But, if you want to help those closest to you when you’re no longer around, facing up to the inevitable could make a big difference to them at what will no doubt be a difficult time.
You may not know that the average cost of a funeral in the UK is now £4,417 – that’s the cost of the basic funeral, not extra costs like flowers, the wake and a headstone or memorial, all of which add to the final funeral bill.
The total costs can end up being much more when you add them all together. Use our funeral calculator to find out the cost of a funeral in your area.
How over 50 life insurance could help with funeral costs
The good news is there are steps you can take to reduce funeral costs but they can’t be sidestepped altogether.
The simple reality is someone’s going to have to foot the bill for your funeral. That’s why putting some plans in place to help now, even in a small way, could make all the difference when the time comes.
Over 50s plans allow you to pay in a small sum each month – premiums start from under £4 – and when you pass away, your loved ones will be given a lump sum to go towards whatever costs they may be facing.
If you stop paying your premiums, your insurance will end and you won’t get anything back.
The plan is a straightforward and affordable way to leave some money that could be put towards your funeral bill. You can also choose to add Funeral Benefit Option and have the money paid directly to Dignity Funerals be taken off your funeral bill.
This option also lets you record any wishes you have and means professional help will be there for your family as soon as it’s needed. What’s more, Dignity Funerals will contribute an extra £250 towards the funeral
Why might over 50s life insurance be right for you?
An over 50s plan is a simple way to guarantee a lump sum for your loved ones when you die.
While a funeral plan will go directly towards covering the cost of your funeral, an over 50s life insurance plan goes straight to your loved ones, so they can use the money how they wish. Inflation reduces buying power over time.
For some people, this means spending more on the wake or send-off, than on the funeral service itself. For others, it might mean ensuring that the costs of a traditional burial are covered.
So long as you pay your premiums every month, after 1 year, whenever you pass away, your loved ones will receive a full cash payout. You may end up paying in more than is paid out.
To help you start thinking about the type of funeral you might like, or where you might want the money to be spent, try our My Perfect Send-Off or try our Funeral Planning Mapper to see services local to you.
All funeral figures have been taken from the SunLife Cost of Dying Report 2020.