Is a Joint Funeral Insurance Plan Right For Us?

Elderly couple holding one another as they watch their family walk in front of them in distance

With nearly four out of ten people who have arranged a funeral within the past five years needing to meet some of the costs out of their own pockets1, Funeral Insurance Plans may offer some much needed financial help. If you want to know your family will be taken care of after you’re gone, this type of plan can help to provide some protection and peace of mind. But when you have a spouse or partner to think about too, chances are they’ve got the same concerns about looking after you if they should pass away. With no way of knowing what the future could hold, you might have considered taking out a joint plan so you can share that peace of mind.

Funeral Insurance Plans

With a Funeral Insurance Plan, you can secure a set sum of money to be put toward the cost of your funeral and other expenses when you die. Through our 2022 Funeral Report, we learned that the average funeral these days can cost British families as much as £8,109 - a significant sum of money to find at short notice. But with the right cover in place, you can help prevent your family from struggling with finances while they’re grieving your loss.

Why choose a joint Funeral Insurance Plan?

Opting for a joint Funeral Insurance Plan is a way of safeguarding your family from the sudden loss of either partner. Combining your cover is one way to ensure that whatever happens, there’s some financial protection in place that could help the surviving partner pay for a funeral, or other costs that may arise. It also ensures that your loved ones can do the same after you’re both gone.

With British Seniors, a joint Funeral Insurance Plan doesn’t differ too much from a single policy. The main difference is that while there are two payouts, your paperwork and premiums are neatly combined to save you the hassle of keeping track of two policies. As long as you are both UK residents aged 50-80, you’re guaranteed acceptance. Based on our research into UK funeral costs, we offer three different levels of Funeral Insurance Plans with different life insurance benefit amounts. That way, you and your partner can easily choose the cover that suits your needs and wishes.

Bronze

  • Offers a life insurance benefit of £2,000
  • Provides a benefit amount that could help with the average cost of a direct cremation3

Silver

  • Offers a life insurance benefit of £4,000
  • Provides a benefit amount that could help with the average cost of a more ‘basic’ funeral3

Gold

  • Offers a life insurance benefit of £5,500
  • Provides a benefit amount that could help with the average cost of a funeral3

You’ll also have the option of adding an additional ‘top-up’ to whichever plan you choose, up to the maximum benefit amount for your age.

  • Customers aged 50-69 can secure up to £10,000 total
  • Customers aged 70-74 can secure up to £9,000 total
  • Customers aged 75-80 can secure up to £6,000 total

What’s more, when you choose a British Seniors plan, you’ll each receive a £135 Gift Card* to spend however you like – whether that means treating each other or yourselves.

When might a joint Funeral Insurance Plan not be suitable?

One reason you might choose an individual plan is that a joint funeral insurance plan can’t be put into Trust. This means that when it’s time to make a claim, your family’s payout could potentially be subject to Inheritance Tax if the benefit amount you’ve chosen brings the total value of your estate above £325,000. Some people choose to put their insurance policies in Trust, so that their payout will be considered a gift and won’t be taxed, and their loved ones receive the full amount after making a valid claim. If Inheritance Tax is a potential issue for you, your partner, and your family, you might want to consider whether a joint plan is the way to go. You can find more information about Trusts on our contact us page.

Other things to consider

Whichever plan and policy type you choose, there will be a few limitations to keep in mind.

Consider the benefit amount you choose as inflation may reduce its buying power over time. This may also result in the cover chosen not being enough to pay for funeral expenses in full when the time comes. With our Funeral Insurance Plans, your benefit amount and premium will automatically increase every year on the anniversary of your policy. This helps your policy keep up with rising funeral costs, and offsets some of the effects of inflation on your payout amount.

How it works is that your benefit amount will increase by 3.5% and your monthly premium will increase by 5% each year. You can choose to opt out of these increases, which means your benefit amount and premium will be fixed for that year. If you opt out of three increases in a row, your benefit and premium will be permanently fixed for the remaining duration of your policy.

British Seniors Funeral Insurance Plan is a life insurance policy designed to provide a lump sum to your loved ones to help with funeral costs and/or other expenses when the time comes. It is not a pre-paid funeral or a funeral plan.

You may pay in more than we pay out and if you stop your monthly payments, you will get nothing back.

Making changes to your Funeral Insurance Plan

No matter what you choose, you are always welcome to apply to make changes to your plan at no extra cost. If you decide you want to add or remove a life from your plan at a later date, all you need to do is get in touch and we’ll help in any way we can.

We’re here to help 

If you have questions about our Funeral Insurance Plans, our friendly, UK based team will be happy to chat about your needs or even provide you with a free, no obligations quote. Simply give us a call on 0800 803 0052.

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British Seniors, Proud to Protect

We’re here to help you protect the ones you care about most. Call our specialist UK team to explore your options and get your free quote.

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Related Guides

1

According to our 2022 British Seniors Funeral Report.

2

Based on a 50-year-old non-smoker with £1,000 of cover

3

Based on figures taken from the British Seniors Funeral Costs Report 2021. According to our report, the weighted average cost of a funeral was £5,651, the average cost of a 'basic' funeral (includes a funeral director, officiant, doctor’s fee, and a burial) was £4,068 and the average cost of a direct cremation was £2,127. These are the average costs from the years 2016-2021.