Compare over 50 funeral plans
Compare multiple funeral plans for over 50s using our FCA registered broker service.
Funeral plans arranged through Reassured start from just £19.81* a month and benefit from a best price guarantee**.
With a prepaid funeral plan you can:
- Protect loved ones financially and emotionally
- Avoid rising funeral costs
- Spread the cost.
Our award-winning team can provide all the information you need to help you secure a suitable funeral plan.
And the best bit – we don’t charge you a fee for our services.
Continue reading for more information on funeral plans for over 50 and other types of funeral insurance…
Looking for a funeral plan over 50?
Funeral plans don’t differ as a result of age, meaning anyone over 50 has the same funeral plan options as anyone under 50.
But as someone over 50, you may be thinking more seriously about this type of investment.
Funeral costs have increased rapidly over the last 15 years, and the best way to avoid further increases is with a prepaid funeral plan.
This is because funeral plans lock in today’s funeral costs.
When looking to arrange your funeral plan, things you should consider are:
- The type of funeral you want
- The level of service you’ll require
- Your budget
- Your preference of funeral director.
There are many funeral plans available in the market, offering different levels of service, at varying prices.
Premium plans offer the maximum level of service and the most flexibility.
Basic plans offer the minimum services required to carry out a funeral, providing a more affordable option.
At Reassured we can help you through the whole process of arranging your funeral plan, comparing both ends of the scale.
Simply contact our award-winning team today.
Funeral plans for over 50s with Reassured
Funeral plans purchased through Reassured offer the following key benefits:
- Guarantee to cover all third-party fees
The prepaid funeral plans we provide a guarantee to cover doctor fees, minister fees and cremation or burial fees.
These costs make up to on average £838 for a cremation and £1,955 for a burial[1].
Since 2009, cremation and burial fees have risen by over 70% and this trend is set to continue.
Most funeral plans will only offer a contribution towards these costs, or no contribution at all.
This leaves essential third-party services vulnerable to rising funeral costs.
Meaning, your loved ones would have to make up the shortfall when the time comes.
With a funeral plan purchased through Reassured, you’ll have peace of mind that third-party fees are guaranteed no matter how much prices increase.
- Best price guarantee**
Reassured offer a best price guarantee with all the funeral plans we arrange.
Simply provide us with a like for like quotation on your preferred funeral plan and we’ll match it.
This offer is not applicable to plans paid for by monthly instalment plan.
- Guarantee to cover funeral costs
There are three different payment options for funeral plans arranged through Reassured.
You can pay the full cost upfront, for immediate cover.
You can pay in 12 monthly payments tax-free.
Or, you can spread the cost from 2 to 25 years in monthly instalments, (plus interest).
Funeral plans arranged through Reassured guarantee to cover your funeral costs, if:
- You pay by monthly instalments
- You pass away after the first 12 monthly payments
- All previous payments are up to date.
Whilst payment options are similar or the same for other funeral plan providers, most won’t offer this additional benefit.
Usually, if you pass away before the funeral plan is paid, loved ones would have to pay the outstanding balance for the service to go ahead.
But by taking out a funeral plan with us, and spreading the cost with an instalment plan, you’ll feel confident that your end of life wishes will still be carried out and at no extra cost to loved ones.
- FCA regulated
Reassured are registered with the Financial Conduct Authority (FCA).
The FCA regulation ensures that customers of registered businesses in the financial industry receive a standard of service and a level of protection.
This means that when using our broker service, you’ll receive only fair, correct and impartial information.
Naturally, we uphold this code of practice and level of service when handling and processing all our funeral plan enquiries.
Furthermore, all funeral plans arranged through Reassured are fully approved and regulated by the Funeral Planning Authority (FPA).
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Why take out a funeral plan over 50?
There are many benefits to having a funeral plan in place, should the worst happen.
- Avoid rising funeral costs
Many people take out a prepaid funeral plan to avoid spiralling funeral costs.
Since 2004, funeral costs have increased by over 130% and are predicted to increase a further 200% by 2036.
By paying in advance, you can freeze the cost of today’s funeral.
This is because funeral plan providers will guarantee to carry out the services agreed in your plan, no matter how much funeral prices increase.
So your funeral could take place in 5 or even 35 years time and there won’t be anything extra to pay.
- Protect loved ones financially
In a recent funeral costs survey, 1 in 8 families reported that finding the funds to pay for a loved ones’ funeral has caused them notable financial troubles.
It’s not surprising when a basic funeral costs on average £4,417 in the UK.
This is an inaccessible sum of money for many of us, particularly without the opportunity to make adequate provisions.
Many families have to borrow funds, use savings or a credit card to foot the large bill.
Taking out a funeral plan today will prevent this financial uncertainty for loved ones.
And also ensures they won’t spend more than what’s necessary on your funeral.
- Protect loved ones emotionally
A prepaid funeral plan provides you with the flexibility to arrange your own funeral, relieving this emotional burden from loved ones.
Planning a funeral can be stressful, but this weight can be lifted with the support of your nominated funeral director.
They’ll guide you through the entire process and answer any questions you have.
You’ll have the opportunity to communicate your end of life wishes and iron out any details for the day.
Your loved ones may not have the gift of time or the emotional energy to be able to plan your funeral, but with a funeral plan in place, they’ll have all the support they need when the time comes.
Cheap funeral plans for over 50s
Funeral plans usually cost between £2,000 and £4,800 depending on the level of service.
The level of service is reflected in the price, therefore the cheaper the plan the fewer the services.
Although, every funeral plan will cover the standard set of services required to carry out a basic funeral.
Some funeral plans will offer better value for money.
For example, the funeral plans that guarantee to cover third-party fees.
This is because third-party fees can cost up to £2,288 on top of a funeral plan.
Funeral plans arranged through Reassured do cover all third-party fees.
Funeral plan costs may be affected by the location of the funeral.
As some areas in the UK are more expensive for funeral services than others.
Choosing a funeral plan provider that offers fixed priced funeral plans, will avoid any unexpected price increases.
Funeral plans arranged through Reassured aren’t affected by regional variations in pricing.
Secure your over 50 funeral cover with us today from just £19.81* a month.
Joint funeral plans for over 50s
A joint funeral plan is a single funeral plan placed in two names.
This may be yourself and your partner, or for two different people such as your parents.
The funeral plan will only cover the first death and not both.
You may be comfortable with this arrangement, as at least the remaining partner will be protected financially and they won’t need to plan the others funeral.
But this means a funeral for the second death will need to be paid for by using funds available from the estate.
Whilst this is common practice, it may take a while for funds to be released due to probate, and so family members will need to cover the funeral costs in the meantime.
This is why it may be wise to have two separate forms of funeral cover in place, budget allowing.
At Reassured we provide funeral plans for individual applicants only, offering the full amount of protection for all your family.
Cancellation policies for funeral plans for over 50s
It’s not always possible to stay on top of your financial commitments and you may need to cancel your funeral plan.
Luckily, funeral plan cancellation policies tend to be quite straight forward.
Usually, if you cancel before the payment plan has ended, then all funds paid will be refunded to you, excluding a cancellation fee.
Although some cancellation fees can be up to £800, so it’s important to make note of these before taking out a plan.
You may consider transferring the funeral plan to a partner or family member instead of cancelling the plan altogether.
Or you could simply downgrade the plan to something more affordable.
This would avoid the cancellation fee and the funeral cover will remain in place.
If you’ve opted to pay by instalments, then it’s important the monthly payments are kept up to date.
Otherwise, your plan could be cancelled and your funeral won’t be covered.
Over 50s life insurance vs funeral plan
As someone over 50, you may consider an over 50s plan to cover your funeral costs.
| Funeral plan | Over 50 plan | |
|---|---|---|
| Guaranteed acceptance | ✔ | ✔ (aged 50 – 85) |
| No medical questions | ✔ | ✔ |
| Quick & easy application | ✔ | ✔ |
| Protected against inflation | ✔ | ✖ |
| Terminal illness cover | ✖ | ✔ |
| Financial Conduct Authority (FCA) registered service | ✖ | ✔ |
| Funeral Planning Authority (FPA) regulated | ✔ | ✖ |
An over 50s plan won’t provide protection from rising funeral costs but could provide a guaranteed cash pay out of up to £25,000.
This is ideal if you wish to cover funeral costs and leave behind an inheritance or clear debt.
An over 50s plan guarantees acceptance to all UK residents aged 50-85 years old.
As with a funeral plan, no medical information is required to secure cover.
An over 50s plan guarantees protection for the whole of life.
This means premium payments may need to continue until you pass away, or until you reach a certain age (such as your 90th birthday) depending on the insurer.
The sum assured remains the same, however, the total amount you pay into the policy is unknown.
With a funeral plan, you’ll know exactly how much there is to pay from the outset, plus if you choose to pay upfront in full or over 12 months then payments will be interest-free.
Contact our award-winning team today to discuss your options.
| Funeral Plan | Over 50s Plan |
|---|---|
| Pay a fixed sum in advance to cover all the key elements of your funeral | Fixed monthly premiums that never increase |
| Payment is made in one lump sum or by instalments to the plan provider or funeral director | Sum assured is usually between £5,000 and £25,000 and is guaranteed to pay out when you pass away |
| Arrange in advance all aspects of your own funeral, so loved ones don’t have to | Your beneficiaries can make the decision on how the pay out is used |
| Lock-in the price of a funeral at today’s rate; your plan will not be affected by inflation | Write in trust to avoid or minimise inheritance tax |
| Select a funeral plan to suit your budget and the level of service you wish to receive when you pass away | A medical assessment is not required to secure cover. This also makes the application process quick and simple |
| Guaranteed acceptance, regardless of your health or age | Guaranteed acceptance for 50-85 year olds |
| Cancellation flexibility on funeral plans | You could stop paying premiums by age 90 |
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The waiting period
When you take out an over 50s plan there’s a waiting period (or qualifying period) which lasts 12 or 24 months.
This is a period of time at the beginning of a policy when you’re unable to claim if you pass away of natural causes.
If you do pass away during the waiting period the premiums you’ve paid are returned to your loved ones.
A funeral plan will usually not kick in until 12 months after the start date if you’ve opted to pay by instalments.
If you were to pass away of natural causes during the initial 12 months, the funeral plan will be invalid and funds returned to your beneficiaries.
However, if you were to pass away from accidental death during the first 12 months then your plan is valid and the provider will carry out your funeral as agreed.
A funeral plan and life insurance
Depending on your available budget, it’s possible to have both a funeral plan and a life insurance policy.
For example, you may want to take out funeral cover specifically to avoid rising funeral costs and an over 50s plan to provide an inheritance.
Obviously, this would mean paying for two separate policies but would provide you with much greater coverage.
Your age
Although acceptance is guaranteed on either a funeral plan or an over 50 plan, your age could still influence the right policy for you.
For those over 60 or 70, you may find that an over 50s plan is more suitable, particularly if your health is not good.
You could pay off any outstanding debts, cover funeral costs and leave behind an inheritance to your loved ones.
If you’re over 80, you will only be accepted for an over 50s plan up to the age of 85.
What’s more, you may find that the premiums are too expensive, as you would be paying premiums for a shorter period of time than someone younger.
As a result, depending on what it is you want to protect, a funeral plan may be a better option.
Free gift incentives
You may have seen insurers offering free gift incentives to new customers if you buy life insurance direct from them.
Although this can be enticing, it’s normally best in the long-term if you choose the right policy/plan, from the right provider and view the free gift as a bonus.
Over the course of an entire term, the monetary value of a free gift usually ends up being insignificant.
Paying for your funeral with savings or investments
Starting to save now for your funeral may take many months, particularly as someone over 50 who may be retired or working shortened hours.
And the longer it takes, the more you’ll need to save in line with rising funeral costs.
In just 5 years’ time, a funeral could cost on average £1,000 more, (that’s an annual increase of 4%).
If you don’t have savings, you could spread the cost of a funeral plan with low-cost monthly instalments.
On the other hand, you may already have a nest egg ready to hand over to your family after you’re gone.
Using these savings to pay for your funeral plan in full upfront, will protect your investment from inflation.
It also means that when you pass away, the funds will be available much quicker to pay for your funeral.
This is because any savings you have are considered as part of your estate and will need to go through probate when you pass away.
Probate can take 6-9 months and sometimes years, until the funds can be released.
Our friendly team can help with any questions you may have, so contact Reassured.
Best funeral plans for over 50s
The best funeral plan for over 50s will depend on your own personal preference.
It will also depend on your available budget and your loved one’s financial circumstances.
The best funeral plan will also offer best value for money.
This means finding a funeral plan that offers the most services, at the best price.
It’s also important to ensure that a funeral plan covers all the essential costs, such as third-party fees.
As mentioned, third-party costs are increasing much the same as other funeral costs.
At Reassured, all our funeral plans guarantee to cover all third-party fees.
Get in touch today to arrange your best funeral plan over 50.
Co-op funeral plans for over 50s
Reassured compare funeral plans from the Co-op.
Funeral plans from the Co-op are considered some of the best on the market, (see top 10 funeral plans).
The Co-op Gold funeral plan has been rated 5 stars by Defaqto and both Gold and Silver plans are rated 5 stars from Fairer Finance.
The Co-op also won ‘Best Funeral Plan Provider’ Double Gold award at the moneynet.co.uk awards in 2018 and 2019.
Secure your Co-op funeral plan for over 50s from just £19.81* a month through Reassured.
Buy a funeral plan over 50
There are many funeral plans on the market offering different levels of service, at varying prices.
Searching through these may not only be daunting but also very time-consuming.
Using an FCA registered broker service, such as Reassured, can relieve you of this mundane task.
We compare multiple funeral plans on your behalf to help you find the most suitable plan.
We also offer a best price guarantee** with all our funeral plans.
So, if you’re looking for funeral plans for over 50s, challenge us today to save you money.
*Price is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,295 over 25 years (total amount repayable £6,247.40).
**Terms and conditions apply. Not applicable if paying by instalment plan.
Sources
[1] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/SL-cost-of-dying-report-2020.pdf
[2] https://www.coop.co.uk/funeralcare
Our providers
At Reassured, we will provide you with quotes from Co-op funeral care, as well as any information required regarding the best funeral plans.
This allows you to make a fully informed decision.
All of the funeral plans we provide are fully regulated by the Funeral Planning Authority (FPA) ensuring you and your money are protected.
