Over 50 Life Insurance vs Funeral Plans | Cover Direct
Hero Image

Over 50 Life Insurance vs Funeral Plans

Becky Simmonds, author

Becky Simmonds,
16 December 2020

Reading time: 5 minutes

If you have ever thought about your funeral, even fleetingly, you have probably considered the favourite music you want played, who to invite and where you would like to be buried or have your ashes scattered.

But have you considered who will pay? Two options if you want to spare your family a bill of £9,263 - the average "cost of dying" in the UK, according to recent research* - are Over 50 Life Insurance or a Funeral Plan.

The main difference is that a Funeral Plan only covers your funeral costs, whereas an Over 50 Life Insurance payout can be used for a funeral, to pay off a mortgage, to cover family bills or to give to your dependents as a gift.

Over 50 Life Insurance

  • Specifically for those over 50
  • Provides a cash lump sum for your dependents and peace of mind for you
  • Fixed monthly premiums based on personal factors and policy terms - depending on your circumstances, these could be cheaper than monthly Funeral Plan instalments
  • Policies can be written into trust, meaning payouts can be quicker and you have greater control over your assets

Funeral Plans

  • Pay for your funeral costs in advance, freezing them at today's prices
  • No cash value, can only be used to pay for your funeral
  • Pay in full or spread the cost
  • Different packages and service levels to suit different budgets

Both offer guaranteed acceptance regardless of your health, with no medical questions.

Now you know the difference between Over 50 Life Insurance and a Funeral Plan, consider what is best for you. Get a free Over 50 Life Insurance quote now and find out how affordable it is.