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 the recent rise of funeral costs1, Funeral Insurance Plans may present a solution for families struggling to keep up with the financial toll of losing a loved one. 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 2021 Funeral Report, we learned that the average funeral these days can cost British families as much as £7,500 - 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? 

When a couple opt for a joint Funeral Insurance Plan, they’re preparing for the fact that they don’t know which of them may pass away first. Combining your cover is one way to ensure that no matter what happens, there is some financial protection in place to help the surviving partner pay for a funeral, as well as ensuring 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, with prices starting from £4.32 per month2 depending on your age and the kind of funeral you want. You and your partner can discuss your budget and the type of funeral you would each like, and you can both choose between three packages: Bronze, Silver and Gold. 

Bronze Plan  

  • Prices start from £7.65 per month2 each 
  • Could cover funeral costs of up to £2,000, plus a good quality coffin 

Silver Plan  

  • Prices start from £14.30 per month2 each 
  • Could cover funeral costs of up to £4,000, plus a high-quality coffin 

Gold Plan  

  • Prices start from £19.28 per month2 each 
  • Could cover funeral costs of up to £5,500, plus a superior quality coffin 

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 £100 M&S 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. Depending on when you take out your plan, you may end up paying in more than we pay out and if you cancel your policy, we won’t be able to refund your premiums. You might also find that inflation changes the value of your benefit amount over time, although with our Increasing Benefit Option, we can help keep your policy up to date with the cost of living. If you choose to apply this option, we will automatically increase your benefit amount by 3.5% and your monthly premiums by 5% each year to help offset the effects of inflation. 

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 of experts will be happy to chat about your needs or even provide you with a free, no obligations quote. Simply call us for FREE on 0800 803 0052

*

£100 M&S Gift Card, for new policy holders only, after six successful monthly payments and once your total premiums paid exceeds the value of your Gift Card. View full terms and conditions here.

1

According to our 2021 British Seniors Funeral Report, the cost of funerals with burial has risen from £6,226 to £9,619 in the last 5 years. These figures are calculated by adding the average cost paid for each of the funeral director, flowers/tributes, officiant, catering, limousines/vehicles, venue, invitations/orders of service, death notices/sundries, headstone/plaque, and doctor’s fees – plus burial or cremation as appropriate. In practice, not everyone may choose every element. 

2

Based on a 50-year-old non-smoker with £1000 of cover