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Funeral Plans for Over 50s

We all age, and we all will pass inevitably. However, as you venture further into your 50s, that idea strikes you as more of a reality.

What happens after you pass a more serious question. One of the more pressing concerns is how will your funeral get arranged, and will you get the farewell you want? Over 50s funeral plans can address all those concerns, making them more popular solutions to existing life insurance policies.

This guide will inform you about over 50s funeral plans and whether they’re right for you.

What is an Over 50s Funeral Plan?

An over 50s funeral plan is an arrangement that allows you to organise and pay for your funeral in advance. It protects your family against unexpected funeral expenses and locks in a fixed price at today’s rates. So why is there a plan tailored to over 50s?

Many funeral plan providers have a prerequisite of being at least 50 years old for the plan, considering this is the age where people begin to get concerned about passing. What happens after you die can often be a significant source of stress without proper discussions and plans.

Funeral plans allow the person to take care of their funeral and arrange their final wishes. But how does an over 50s funeral plan work? And how is it any different than taking out a life insurance policy?

What’s the Difference Between a Funeral Plan and Over 50s Life Insurance?

We compare plans from the leading funeral providers

There is often confusion about funeral plans and life insurance. The core difference between a funeral plan and over 50s life insurance is that the former commits to post-death duties. At the same time, the latter pays out a lump sum to the family with further actions.

More aspects separate the two, and we give a definitive outline of the differences below.

Over 50s Funeral Plan

As mentioned above, over 50s funeral plan focuses on a funeral and executing wishes after passing. The funeral plan provider will offer a package tailored to their wants, needs, and budget. After death, the arrangements will get carried out by a funeral director or other entity.

In most cases, this leaves the family worrying about little when your time comes around. The funeral plan has addressed the expenses and the organisation of the funeral.

The fundamental factors that define an over 50s funeral plan are:

  • Straightforward process to claim
  • Guarantee of payment for pre-arranged funeral expenses
  • Flexible payment options
  • Secure against rising funeral costs
  • Won’t pay more than the agreed funeral coverage

After passing, times may be difficult for your family. The funeral plan fixes the costs of funerals, takes care of arrangements, and allows your family to grieve without the challenges and expenses of organising funerals.

Not all funeral plan providers offer the same services in their packages and may differ according to your budget and expectations. We’ll review what’s generally in an over 50s funeral plan further down in this guide.

Over 50s Life Insurance Policy

So how does over 50s life cover differ from a funeral plan? The policy operates like typical insurance, where you’ll pay monthly premiums until you die. Your family receives a lump sum payout post-passing to cover any expenses, including funerals.

The stark difference between an over 50s life cover and a funeral plan is that the policy has no arrangements or finite costs. You’ll raise a claim after death, and your beneficiaries will receive a payout with a pre-defined sum.

The defining factors of an over 50s life insurance policy include:

  • A lump sum gets paid to the family of the deceased.
  • Pay monthly premiums until passing.
  • More rigorous application and claims process
  • No restriction on funds paid out

Funds paid to the deceased family allow them to cover funeral expenses or other things. But there are often drawbacks when considering a life insurance policy regarding funerals and post-death duties.

Policyholders potentially will pay more into their policy than the family will receive, given that monthly premiums continue until death. The money paid out may not cover funeral expenses as the rising costs may be too high for the agreed lump sum transferred to the beneficiaries upon passing.

Some prefer the benefit of the lump sum paid to their family to ensure they can put the cash towards other expenses and not have funds locked into a funeral. But more 50-year-olds and over are now opting for a funeral plan for the ease of organisation, family protection, and guaranteed execution of final wishes.

So if the prospect of funeral plans has become more attractive, you may wish to know how funeral plans for those over 50 work.

What Gets Offered in an Over 50s Funeral Plan?

Over 50s funeral plans are customisable to one’s wants, needs, and budgetary requirements. There will be a range of packages you can select that span from the most elementary of farewell services to the more comprehensive funeral arrangements.

Most funeral plan providers will offer standard packages, which include:

  • Care and transport of the deceased
  • A standard coffin
  • Funeral director’s services
  • Use of the chapel of rest

However, the packages vary depending on what you want. Some will offer a cremation service that takes care of the task and delivers ashes back to the family, being the more inexpensive option. Others will pay the total third party costs of the funeral, including mourner transport, ministers’ fees, floral tributes and more.

So how do you choose an over 50s funeral plan tailored to your circumstances and expectations?

How Do I Choose a Funeral Plan for Over 50s?

You’d want to consider a few factors when choosing an adequate funeral plan for you. Discover below more detail about each.

Funeral Service

What kind of funeral service do you want to have? Would you rather have a hassle-free cremation and let the family organise an intimate remembrance? Or do you prefer a more elaborate funeral service inviting friends and family?

Funeral plan providers offer different packages that address varying wishes behind their farewell. They are fully customisable to needs, but to get an idea of the kinds of funeral plans people select, you can see standard offerings below.

Here, we use the example of the three plans leading provider Prosperous Life offer – the silver, gold, and platinum plan.

Silver

  • Standard coffin
  • Funeral director’s services
  • Use of the chapel of rest

Gold

  • All in the silver package
  • One following limousine
  • Complete list of floral tributes

Platinum

  • All in the silver package
  • Two following limousines
  • Complete list of floral tributes

Sometimes, things like embalming and burial plots won’t cover other third-party costs like ministers and cremations fees. Consider what’s included in each package by your wishes.

Price

Price is one of the most significant factors for those over 50 when choosing a funeral plan. Many prospective buyers may have limits on how much they can afford to pay for the funeral and have queries about flexible payment plans.

Funeral plan providers create their packages to ensure there are affordable solutions for prepaid funerals. You’ll find reasonable costs that are payable monthly until the fixed costs get covered. Or you can pay a lump sum upfront to secure your funeral immediately.

Perhaps more elementary funeral plans might suit you better if you have a limited budget. However, you could opt for the higher tier packages if you have more funds available for a funeral.

So what kind of prices can you expect for an over 50s funeral plan? Each provider will have different pricing in parallel with what they offer. However, we can use the above package example to average the cost.

  • Silver – £43.43 per month or £3,645 lump sum
  • Gold – £47.71 per month or £3,995 lump sum
  • Platinum – £50.78 per month or £4,245 lump sum

Coverage

We’ve outlined the factor of the funeral service and the different offerings in each package. However, coverage goes into more detail about what expenses get taken care of outside the standard services.

Suppose you want to protect your family against unexpected funeral costs. In that case, you might want to include some disbursements in your package. Perhaps you want the funeral director to address your burial fees. Maybe there are some custom requirements you’d like in your funeral service.

Get an idea of what you’d like covered in your funeral plan to ensure your farewell is seamless post-passing.

Protection

Finally, you’ll want to ensure that your funds are secure when paying into the funeral plan. All prominent funeral providers in the UK register with the Funeral Planning Authority (FPA), regulating these organisations.

Choose a plan from one of these funeral plan providers for peace of mind that your funds will be safe even if something happens to these entities. Current regulations dictate that the provider must place your funds inside an independent trust or life insurance policy.

So with those factors in mind, are there any benefits to purchasing an over 50s funeral plan?

What are the Benefits of an Over 50s Funeral Plan?

Over 50s tend to weigh whether a life insurance policy or a funeral plan would be ideal for addressing post-death duties. Here are the leading reasons why more aged 50 and up choose a funeral plan.

Securing the Future Now

The weight lifted from securing what happens after you die is quite a relief. Purchasing a funeral plan either in monthly instalments or upfront brings peace of mind that your family won’t get financially burdened nor have to work through complex arrangements.

They’ll be able to grieve in peace while other parties address your funeral service.

Less Stress than a Life Insurance Policy

Life insurance policies include a variety of concerns during monthly payments and payouts once passed. The primary worries are paying in more than the family will get out, the claims process, the dispersion of funds and how they’ll get used.

Funeral plans are straightforward, with only a fixed cost to pay and immediate action after death.

Get a Plan Dedicated to Your Final Wishes

Funeral plans allow your farewell to be as simple or lavish as you desire. All the funds paid into the plan go towards your funeral arrangements, so you’ll know that there will be action on your final wishes.

Lock-In Funeral Expenses

It’s no secret that the cost of funerals is skyrocketing, with the average cost of a funeral over the last decade rising by over 54%. Funeral plans will lock in today’s rates for funerals. That means your family won’t get affected by what could be an incredibly expensive farewell by the time you pass.

Flexibility

One of the leading benefits of a funeral plan is the flexibility offered in payments and packages. Some funeral plan providers will allow quarterly and monthly payment plans. Others will offer a very reasonable cost if paid upfront.

The level of flexibility is quite refreshing when trying to organise a scenario that can be challenging for yourself and your family. Funeral plan providers often have a team that can guide you concisely and adapt to any of your needs.

Is an Over 50s Funeral Plan Right for Me?

Finalising your decision on your funeral plan and confirming it’s right for you involves taking your and your family’s needs into account. As outlined in this guide, both over 50s life cover and funeral plans have positives and disadvantages.

Some families would prefer everything gets arranged post-passing in a funeral plan. In contrast, others might benefit from the unrestricted funds a life insurance policy pays out. Hold discussions with your loved ones and find the intersecting point of agreement on what happens after you die.

Where Can I Find a Funeral Plan for Over 50s?

If you’ve found yourself convinced that an over 50s funeral plan is right for you, the next question may be where you can find and compare different ones. Fill in a few details in the form below, and you’ll receive quotes and information that is the best tailored to what you want out of a funeral plan.