Mortgage and Insurance Advisers


Funeral / Over 50s Plans

What Is a Funeral Plan?

Funeral plan insurance is designed to help pay for not only the costs of your funeral, but more importantly, helps you plan how you would like your funeral and lasting memory will be with your family and friends.

We are not authorised to provide advice on Funeral Plans and will refer you to Golden Charter, who can assist you in this area.

What’s an Over 50s Plan?

An over-50’s life insurance policy pays out a lump sum of money in the event of death and some plans even have serious illness cover. Unlike traditional life insurance policies, over 50’s life insurance does not require any medical questions, however, they do not pay out as much as a traditional life insurance policy when based on the same price.

Over 50’s Plans vs Funeral Plans

Over 50’s life plans are non-medically underwritten policies that are designed to pay lump sums in the event of death, terminal illness, and some cover serious Illness as well.  Some over 50’s life plans come with a survivor clause of 12-24 months before they’ll be able to pay out the full sum assured. The money can be used to cover funeral and burial costs, time off work and even outstanding debts.  The policies are not guaranteed to fully cover all of the funeral costs over time as we do not know how much funeral prices will be in the next 10-30 years.

Costs Associated With a Funeral

Funeral plan insurance helps to cover the costs associated with a funeral, from the type of funeral (burial/cremation). Unlike over 50’s life plans, funeral plans are designed to help pay most of the costs associated with a funeral but also help you plan your funeral. There are many aspects of funerals that families don’t tend to agree on, from where the funeral will be, to what music will be played, and even how the deceased will be dressed.

By creating a funeral plan, this helps you plan how your lasting memory will be and takes a lot of the hard decisions away from others and allow them to grieve. A lump sum of money is very helpful, however, when someone has passed away it’s difficult to get a great price on transport, location, flowers, and is another reason funerals become more expensive than anticipated. Funeral plan insurance also helps battle the cost of inflation. If a funeral plan was paid for the price of £2,500, however, the prices of funerals over 30 years rose to £10,000 the funeral plan would still cover the costs.

We are not authorised to provide advice on Funeral Plans and will refer you to Golden Charter, who can assist you in this area.

How we can help with your over 50’s plan or life insurance?