Did you know that 34% of adults in the UK have not set aside any money or taken out life insurance to help pay for their own funeral? This shocking stat was revealed in a nationally representative survey as part of our 2023 Funeral Report.
The surprising part isn’t necessarily that we’re putting off decisions relating to death - there’s an optimist in all of us, after all. It’s alarming that we’re not addressing the risk of serious financial difficulty for our families when we die. According to our research, 1 in 4 Brits think that if they were to suffer a family bereavement now they would not be able to afford to cover the cost of a funeral...
The true cost of dying
While your family may be able to make payments over a few months, funeral directors typically require at least 50% in advance to cover the burial costs, coffin and legal certificates. That could place a financial strain on those you leave behind in their most difficult moment.
According to our 2023 Funeral Report, 45% of people who have arranged a funeral within the past five years have needed to meet some of the costs out of their own pockets. In 34% of cases this was due to the death being unexpected. In 31% of cases, the deceased did not have enough money set aside to pay for the funeral; and in 17% of cases they had no money set aside for the funeral.
Ultimately, every one of us is going to leave the cost of a funeral behind us. We can help you take care of the bill while you still can with our Over 50 Life Insurance and our Funeral Benefit Option. With our Funeral Benefit Option, you’ll be ready for the future.
Over 50 Life Insurance Plan
As the name suggests, our Over 50s plan is open to any UK resident over the age of 50 and guarantees a fixed lump sum benefit paid to your family when you die. Benefit amounts range from £1,000 to £10,000, depending on how early you start your cover. There are no medical or health questions to answer.
That means that even at the lower level of cover, you’re still able to leave your family some money to help with funeral costs. You can request to increase or decrease your benefit amount and monthly premiums at any time should your financial circumstances change.
What is British Seniors Funeral Benefit Option?
For those who want to take a more proactive approach to funeral planning, we would recommend our Funeral Benefit Option.
This extra cover guarantees a contribution of £300 towards the cost of your funeral (on top of your existing benefit amount). As well as the appointment of a local independent funeral director.
Life insurance means you can make sure there's one less thing for your family to worry about when you're gone. It’s a great option for those who want to be actively in control of their own funeral arrangements.
Our Funeral Benefit Option was created in partnership with Golden Charter, one of the UK's largest funeral planning companies. They will take care of appointing a funeral director who will take care of all the arrangements. Your loved ones will just have to make one phone call when the time comes. Considering the fact that 29% of people we surveyed have no idea how much a funeral would cost and 27% don't think they would be able to cover the cost of a funeral right now, it could be a good idea to get some additional support in place now to relieve tension down the line.
If you die of natural causes within the first 12 months of your Funeral Benefit, the £300 is paid directly to your next of kin. After 12 months, it’s paid to Golden Charter. If you choose an unattended cremation, please note that the £300 contribution will not apply.1
How can having a Funeral Benefit Option help?
The Funeral Benefit is a great option for anyone who wants to take responsibility for their funeral arrangements. We work with a trusted service provider with extensive experience in arranging funerals. You can discuss your wishes in advance so your next of kin doesn’t have to try to plan the ‘funeral you would have wanted’.
You can take care of the details yourself, all you have to do is set it up and know that all your loved ones will have to do is pick up the phone.