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It can be difficult to think about death, but if you don’t consider how your funeral costs will be covered ahead of time then it could make life hard for the loved ones you leave behind.
Unfortunately, funerals are not only stressful and upsetting but also expensive for the family of the deceased, with the average funeral now costing £3,500 just for fees and cremation or burial (according to the University of Bath’s Institute for Policy Research). You can save your loved ones the money and trouble by planning and getting insurance that will cover funeral costs.
This depends on the type of life insurance cover you have chosen and if the policy you have includes a sufficient-enough payout to cover the costs of a funeral. If you choose term insurance, your loved ones will only be able to make a claim if you die inside the specified term, so if you live longer than your term dictates you could be left with nothing to cover the funeral. Therefore, we’d strongly recommend investing in both.
Alternatively, you could choose a whole of life insurance policy which would pay out a lump sum upon your death, whenever it happens. You could customise a whole of a life policy to ensure that the payout is large enough to cover funeral costs, but the downside to these policies is that they tend to have more expensive premiums because there is a guaranteed payout.
One option is to get joint funeral cover for yourself and your spouse, which will pay out a lump sum to help with funeral costs after one of the couples dies.
Joint funeral cover is usually considerably cheaper than paying for two separate funeral cover insurance policies because it will only cover funeral costs for the first policy-holder who passes away. Think carefully about whether this option would suit you, as the second policy-holder would need another option or a different insurance to cover funeral costs of their own.
Be careful when signing up to get funeral expenses cover if you’re over 65. Some plans promise a lump sum payout to help with funeral costs after your death, which may sound good but the catch is that the cost is fixed. This means that if you end up living for a long time, you will pay out a lot more money in premiums than the agreed lump sum you will receive.
For advice on funeral cover for over 65s, call 03333 440 129, or fill out the form above and one of our experts will contact you directly to discuss your requirements.
I contacted One Direct knowing that I needed a lot of different types of protection, but unsure of exactly what I required. After a conversation about my circumstances, Gareth was able to recommend the exact products that would ensure my family were well looked after if something were to happen to me. All in all, I’m very impressed with the service that One Direct provided and would happily recommend them to anyone.