Did you know that almost half (46%) of aged 45-54 and 29% of those aged 55+ have no money set aside for their funeral whatsoever? This shocking stat was revealed in a recent report we conducted on funeral costs 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. It’s 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 is soaring in the UK.
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.
More worryingly, average funeral costs are rising steadily. In fact, it’s gone up by 68% in the last 10 years alone, yet 81% of people have not yet saved anything towards their 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 50s Life Insurance and our Funeral Benefit Option. With our Funeral Benefit Option, you’ll be ready for the future.
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 £10,000, depending on how early you start your cover. There are no medical or health questions to answer and premiums can be as low as 14p a day*.
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 our British Seniors Funeral Report showed that 19% of respondents wouldn’t know how to go about planning a funeral - it could be a good idea to start making your own arrangements.
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.
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.
*For a 50-year-old non-smoker with £1,000 of cover.