Over 50s life insurance vs funeral plans
It’s not the cheeriest of subjects, but it’s important to consider how you will set aside funds for your funeral. Funeral costs have almost doubled in a decade, but with careful planning, your loved ones can mourn your passing without any unexpected financial headaches. Of course, from savings to paying from your estate, there is more than one way to fund your funeral. Here, we look at two popular options – over 50s life insurance vs funeral plans.
What is a funeral plan?
A funeral plan allows you to pre-pay for your funeral costs at current prices, either through a one-off payment or monthly instalments, often between one and ten years. A funeral plan may cover various basic arrangements – such as a church service, the funeral director’s fees and viewings of the deceased – but may exclude other costs, such as flowers and burial plots. The exact package will differ depending on your budget, and which funeral plan provider or funeral director you hire.
What is Over 50s life insurance?
Over 50s Life Insurance offers an alternative to a funeral plan and could be an affordable way for you to leave some money for your loved ones when you're no longer around. Our Over 50s Fixed Life Insurance is designed for UK residents aged between 50 and 80 who would like to leave a cash sum for their loved ones after they die. This can be put towards funeral costs, or left as a gift. Please note that our Over 50s Life Insurance is not a savings or investment product and has no cash value unless a valid claim is made.
Find out more about our Over 50s Fixed Life Insurance.
Does Over 50s Life Insurance pay for a funeral?
The Over 50s Fixed Life Insurance Plan is not designed to meet the full costs of a funeral, and does not guarantee to do so.
Start your funeral planning early
In the end, the most important thing is to protect those you care about with a plan that lets you live (and leave) with dignity. Contact Legal & General and find out more about Over 50s life cover.