Did you know that almost half (46%) of Over 50s have no funeral arrangements in place? That was the shock discovery of a survey we conducted into how we’re planning for the future in the UK.
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.
But it is alarming that we’re not addressing the risk of serious financial difficulty for our families when we die. And that’s because the cost of funerals are soaring in the UK.
The true cost of dying
While your family may be able to spread some of the costs over a few months, funeral directors will 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.
More worryingly, that average cost is rising steadily. In fact, it’s gone up by 68% in the last 10 years alone to which 81% of people have not yet saved anything towards.
Ultimately, every one of us is going to leave the cost of a funeral behind us. At British Seniors, we help you to settle that bill while you're alive and earning - through our Over 50s Life Insurance or Funeral Benefit Option.
Over 50s 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 £20,000, depending on how early you start cover. There’s no medical or lifestyle questionnaire involved, and premiums can be as low as 13p a day.
That means that even at the lower level of cover, you’re still able to leave your family some money to help towards the cost of your funeral. Increase your cover to a higher benefit amount and this can help towards any remaining expenses or debts too.
What is British Seniors Funeral Benefit Option?
Some of us want to take a more proactive approach to funeral planning. For them, we recommend our Funeral Benefit Option. And it’s FREE when you have an Over 50s Life Insurance policy from British Seniors.
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.
While you’re alive, 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 people who want to be actively in control of their own funeral arrangements.
Our Funeral Benefit Option is created in partnership with Golden Charter, one of the UK's largest funeral planning companies, who will take care of the funeral director arrangements. Your loved ones just have to make one phone call.
If you die of natural causes within the first 24 months of your Funeral Benefit, the £300 is paid directly to your next of kin. After 24 months, it’s paid to Golden Charter.
How can having a Funeral Benefit Option help?
The Funeral Benefit is a great option for anyone who wants to take responsibility for funeral arrangements from their loved ones, rather than simply covering the cost.
Because we work with a trusted funeral service provider with extensive experience of arranging funerals, your next of kin doesn’t have to go through the potentially painful process of trying to choose the ‘funeral you would have wanted’.
You can take care of it all yourself, set it up and know that all your loved ones will have to do is pick up the phone.