Over 50 life insurance vs Prepaid Funeral plans

As you get older, your expression of wishes might extend further than your will. You might want those closest to you to know where you’d like to be laid to rest after you’ve died, or maybe where you'd like your ashes scattered. You might choose a certain song to play at your funeral, or a particular reading that holds a special meaning for you. 

A funeral plan could enable you to arrange the event exactly as you ‘d like. Plans may vary between providers, but they usually need to be paid for in advance. It could be reassuring to know that your loved ones won’t face unexpected costs, and that your final wishes will be recognised. 

You may be considering over 50 life insurance, which could help to ease the financial burden on your loved ones after you're gone. From supporting them with outstanding bills, to contributing to your funeral costs, it could give you some peace of mind about the future. 

Making plans to help reduce the financial burden for those you care most about could make you feel more in control of what happens after you're gone. In this article, we'll explore over 50 life cover and funeral plans. Our handy funeral cost calculator may also be useful while you weigh up your options.

Sometimes called 'whole of life cover', over 50 life insurance policies can generally be taken out from the age of 50 to 80. It lasts for as long as you live, rather than a set period of time, and pays out a small lump sum when you pass away. The small lump sum can be useful for loved ones – contributing towards costs or bills - and can also help towards funeral costs. 

Our Over 50s Life Insurance is available to anyone aged between 50 and 80, provided they're a permanent UK resident. For our Over 50s Life Insurance there is no cash-in value at any time.

In contrast, money paid out from funeral plans will only cover funeral costs. There’s a range of different plans out there, all offering different benefits. Take your time when comparing your options and always check what’s included under the terms and conditions.

Once you’ve decided on a funeral plan, you’ll either pay for it all in one go as a lump sum, or as instalments over a set period. When it’s all paid for, your provider will cover the cost of the agreed funeral services outlined in your plan. And because the amount you pay is based on funeral prices at the time you take out your cover, you’re protected against inflation.

Yes you can have both. 

An over 50 life insurance policy will pay out a small lump sum upon death. The payout can be put towards funeral costs or to support loved ones with paying outstanding bills after you're gone. This type of policy however isn't designed specifically to cover funeral costs. If you're considering making funeral arrangements in advance,  a funeral plan could help provide you and your family with peace of mind. With a variety of optional extras available, funeral costs can quickly add up. Our funeral costs calculator may help you weigh up the options and make the right decision for you.

While we don't offer funeral plans, we have Over 50s Life Insurance. This is available to permanent UK residents aged between 50 and 80.

If you're not sure what type of policy is right for you, you can reach out to a financial adviser for help. If you don't have a financial adviser, you can find one at unbiased.co.uk. Please be aware that you may need to pay for this advice.