Funeral Insurance Plans explained

With a range of cover options to choose from, finding the right protection for your family is straightforward. There are three options available to you: Gold, Silver and Bronze. You also have the option of adding additional cover to your chosen cover option, depending on your age. Acceptance is guaranteed for UK residents aged 50-80. From there you will pay a monthly premium that will maintain your protection until you pass away. When you pass away, your legal beneficiary will receive this money to help them with funeral costs or other expenses.

No, Funeral Insurance Plans are not the same as pre-paid funeral plans. While they both can help your loved ones to pay for your funeral, these are some of the key differences between them:

Funeral Insurance Plan

• You pay a monthly insurance premium
• Your chosen beneficiary will only receive the payout after you have passed away. Whilst the payout amount and cost will increase each year, unless you opt out of the increases, inflation may still reduce the value of the cover
• Your loved ones will still need to plan for your funeral and if your family would prefer to use the payout to help with other things like bills and debts, they can do so
• The payout can be used for more than just your funeral, and isn’t tied to a specific funeral director

Pre-paid Funeral Plan

• You pay for your entire funeral upfront or in instalments
• You agree on a price for your funeral at today’s prices and choose the elements you’d like to include in advance which means you won’t have to worry about the possible impact of inflation
• A pre-paid plan can remove the burden of planning your funeral from your loved ones and provide you with the certainty that your funeral is paid for before you pass away
• A pre-paid Funeral Plan can only be used for your funeral, and you are tied to a specific funeral director

The death of a loved one can be a stressful time for anyone. The last thing you would want your loved ones to have to worry about would be the finances. Getting the finances together for a funeral at short notice can often introduce stress and pressure into an emotional situation. Having a Funeral Insurance Plan in place could potentially help relieve this pressure and give you peace of mind that your family will have some financial support when you pass away.

Yes, you can have more than one Funeral Insurance Plan. However, you should bear in mind if you have more than one whole of life insurance policy with British Seniors, they cannot exceed the maximum amount available for your age. This will be highlighted to you during the application process. These amounts break down as follows:

• £10,000 (aged 50-69 at start date)
• £9,000 (aged 70-74 at start date)
• £6,000 (aged 75-80 at start date)

This means that if you are aged 75-80 at the time of the application, the maximum you can be insured for across your policies with British Seniors would be limited to a total of £6,000.