Funeral plans under 50 or life insurance under 50?

Funeral plans and life insurance are two different ways to protect your loved ones from future funeral costs.

Typically, life insurance is more popular with people under 50 because it’s cheaper and the pay out potential is higher.

Funeral plans are more popular with people over 50 because there are no age or health restrictions.

Funeral plans under 50 details

Funeral plans under 50

  • Allows you to plan and pay for your key funeral services in advance
  • Pays out to cover your funeral costs when you pass away
  • Guaranteed acceptance and no medical questions
  • Choice of plans available to suit different budgets
  • Flexible payment options (pay in full or in monthly instalments)
Life insurance under 50 details

Life insurance under 50

  • Pays out a cash lump sum when you pass away, which can be used to cover funeral costs
  • Can provide a financial safety net for loved ones
  • Sum assured up to £1,000,000 depending on your personal circumstances and budget
  • Term and lifelong policy options
  • Fixed monthly premiums (cost determined by health and lifestyle)

At Reassured, we can’t compare quotes for funeral plans if you’re aged under 50, but we can compare quotes for a range of life insurance policies.

The types of life insurance we can help arrange include:

  • Level term life insurance
  • Decreasing term life insurance
  • Whole of life insurance

Cover starts from just 20p-a-dayfor under 50 year olds. Make the most of our award-winning broker service to secure your free, no-obligation quotes.

Or, continue reading this guide to learn more about the cost, features and benefits of under 50 funeral plans…

What is a funeral plan under 50?

A funeral plan is a type of contract which allows you to pay a funeral provider in advance for your key funeral services.

It’s one way to protect loved ones from unexpected costs after you’re gone and allows you to plan the funeral according to your wishes.

Unlike life insurance, a funeral plan won’t pay out a fixed cash sum to your loved ones but will pay out directly to an assigned funeral director.

You choose a plan that covers the services you want and is at the price you want to pay. You can cover the cost in one single payment or spread the cost in monthly instalments.

What age can you start a funeral plan?

With most funeral plan providers, you’ll need to be at least 18 years old to buy a plan from them.

Some providers, such as Dignity, will only accept customers who are aged over 50.

Reassured is unable to help you arrange a funeral plan for under 50, however we can help you arrange a suitable life insurance policy in order to cover your funeral costs.

Get in touch with our friendly team for your free, personalised quotes.

Why buy a funeral plan under 50?

The benefits of buying a funeral plan include the following:

Peace of mind

Peace of mind knowing that your funeral costs are covered ahead of time, that your family will be protected from the inevitable financial burden and that your final wishes will be fulfilled.

Flexible payment options

You can choose to pay for a plan in one single payment or you can spread the cost in monthly payments over a payment term of 6 months to 360 months, depending on your budget and the provider.

Lock-in the cost of your funeral

A funeral plan allows you to secure the key services of your funeral director at today’s going rate, avoiding any price increases in the future.

Plan the funeral your way

You can choose a plan based on the services you want it to include and the type of send-off you want to have. Planning your own funeral in advance means less stress for your loved ones when the time comes.

What does a funeral plan cover?

A funeral plan covers the key services for either a cremation or burial. You can choose a plan based on the level of service it includes and your budget.

Funeral plan providers tend to offer three or four different types of plan: basic, standard, mid-level and comprehensive.

The comprehensive plans offer the highest level of cover and will include elements such as a high-quality coffin and limousines.

The standard services covered in most plans on the market include:

  • Transportation, care and preparation of the deceased
  • Help with all the necessary funeral arrangements
  • Professional support and guidance
  • Family viewing at the chapel of rest
  • A funeral service at the crematorium or place of worship
  • A hearse or alternative vehicle
  • A coffin
  • Full personalisation with special requests and final wishes
  • Free bereavement assistance

While a funeral plan covers the key costs and services, it won’t cover the total cost of a funeral.

For example, some plans won’t cover the full cost of essential third-party fees. These include:

  • Minister fees
  • Doctor fees
  • Cremation or burial fees

A plan also won’t cover the following elements as standard:

  • Flowers
  • Memorial
  • Extra limousines
  • Death and funeral notices
  • Catering or venue hire for the wake

How much does a funeral plan cost?

Funeral plans vary in price depending on the level of service covered in the plan and the plan provider.

The table below shows the fixed price of a funeral plan with some of the UK’s leading providers:

Basic plansStandard plansMid-level plansComprehensive plans
Co-op£3,095£3,595£3,995£4,295
Golden Leaves£3,089£3,594£3,949£4,199
Avalon£3,645N/A£3,995£4,425
Golden Charter£2,895£3,495£3,850£4,099

The information in this table was taken from the separate providers websites and is accurate as of 03/03/2022

As mentioned, you can choose to pay for a plan in one single payment or you can spread the cost in monthly instalments.

If you choose to pay by monthly instalments for a period of more than 12 months, then the provider will charge an instalment fee.

The fee is determined by the payment term (the number of years until your plan is paid off) and sometimes your age.

For example, a Co-op basic plan taken out by a 40-year old with a payment term of 25 years will cost £19.58 a month and the total amount payable will be £5,876.65.

How much does a funeral cost?

In the UK, the total cost of dying is currently £8,864[1].

This includes:

  • The average cost of a basic funeral - £4,056 (fees for the funeral director, cremation or burial, doctor, minister or celebrant)
  • The average cost of send-off elements - £2,484 (flowers, a memorial, order sheets, funeral notices etc)
  • The average cost of professional fees - £2,325 (hiring a professional to administer the estate)

A funeral plan allows you to cover the cost of some basic funeral services but won’t cover the cost of any send-off elements or professional services.

Whereas, with a life insurance policy, you may be able to secure a higher level of cover to meet all of these costs and minimise the financial impact on loved ones.

Cost of funerals infographic

How much does a funeral cost in your area?

Calculate the average cost of a funeral where you live. Select from the options below.

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Average funeral cost

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Protect loved ones from unexpected funeral costs. Arrange funeral cover today.

This calculator uses data from the SunLife Cost of Dying Report 2021 and should only be used as a guide.

Compare funeral plans under 50

The table below compares some of the main features of the funeral plans available on the market, provided by Co-op, Golden Leaves, Avalon and Golden Charter:

Co-opGolden LeavesAvalonGolden Charter
Guaranteed acceptance (no medical questions) List icon
Yes, if aged over 18
List icon
Yes, any age
List icon
Yes, any age
List icon
Yes, age restrictions apply with some payment plans
Guarantees to pay out for your chosen funeral services if you pass away before finishing your payments (if paying by monthly instalments) List icon
Yes, after one year
Cross
No, if you pass away before finishing your payments then the shortfall will need to be paid by your estate or by family
List icon
Yes, after one year
Cross
No, if you pass away before finishing your payments then the shortfall will need to be paid by your estate or by family
Accidental death cover if paying by monthly instalments List icon
Immediate cover
Cross List icon
Immediate cover
Cross
For cremation, are crematorium fees covered in full or is there a contribution towards these? List icon
Covered in full or contribution provided, depending on the plan
List icon
Covered in full or contribution provided, depending on the plan
List icon
Contribution up to £1,000
List icon
Contribution up to £1,100
For burial, are cemetery fees covered in full or is there a contribution towards these? List icon
Covered in full or contribution provided, depending on the plan
List icon
Contribution provided, depending on the plan
List icon
Contribution up to £1,000
List icon
Contribution up to £1,100
Are doctors’ fees covered in full? List icon
Yes, covered in full with select plans
Cross Cross Cross
FPA approved List icon List icon List icon List icon
Fairer Finance rating5 Stars
(Gold and Silver plans)
2 Stars
(Gold and Platinum plans)
3 Stars
(Plus and Premium plans)
2 Stars
(Premier and Select plans)

Are funeral plans under 50 safe?

Yes, typically it’s safe to purchase a funeral plan under 50 as long as the provider you choose offers the following protection:

  • Their funeral plans are currently regulated by the Funeral Planning Authority (FPA). This means that your payments are held securely in a life insurance policy or an independent trust fund until they’re needed to cover the cost of your funeral
  • Their funeral plans come with financial protection from the Financial Services Compensation Scheme (FSCS). The FSCS will compensate your loved ones if your plan provider is unable to pay out for your chosen funeral services.

From the 29th of July 2022, the funeral plan market will start to be regulated by the Financial Conduct Authority (FCA).

This means tougher regulation for funeral plan providers and a higher level of protection for funeral plan customers.

It also means that providers must be authorised by the FCA in order to continue selling their plans beyond this date.

As a result, before buying a funeral plan, make sure the provider has applied for authorisation from the FCA, so you know that your money will be safe.

You can check their application status on their website or on the application status list on the FCA website.

You may wish to wait until after the 29th of July before securing your funeral plan.

Funeral plans under 50 vs life insurance under 50

Life insurance protection tends to be the more popular option for people in their 20s, 30s and 40s.

Unlike a funeral plan, life insurance is designed to cover various financial commitments in your life as well as other costs that may arise after you pass away.

The pay out from your policy is not tied to any specific expense, therefore it can be used to cover:

  • Funeral expenses
  • Mortgage or rent
  • Household bills
  • Childcare costs
  • Daily living costs
  • Outstanding debts

Before turning 50 is the best time to take out life insurance, especially if you’re in good health, as you can benefit from the cheapest premiums.

The main differences between a funeral plan and a life insurance policy are as follows:

Funeral plansLife insurance
Can only be taken out to cover the cost of your funeral servicesCan be taken out to cover various essential costs
Pays out to an assigned funeral director when you pass awayPays out a cash lump sum to your loved ones if you pass away while the policy is active
Ensures the arrangements for your funeral are carried out according to your wishesWould need to record your final wishes separately, either in your Will or by using a funeral wishes form
Offers a choice of payment options - pay the fixed price in full or pay by monthly instalmentsA monthly premium must be paid while your policy is active
Payments end when the funeral plan has been paid in fullPremium payments continue until the policy expires or until you pass away (depending on the policy)
Does not require your medical information during the application processRequires your medical information during the application process
Automatically exempt from inheritance tax (IHT) and probateWrite in trust to avoid or minimise inheritance tax (IHT) and avoid probate (free trust writing services on most policies arranged through Reassured)


Whether a funeral plan or a life insurance policy is right for you will depend on your personal needs and budget.

While monthly life insurance premiums are usually more affordable, you may prefer to take out a funeral plan as the cost is capped.

We have this full guide to life insurance vs funeral plans if you’d like to learn more, or perhaps this guide to the benefits of life insurance will be of interest »

Types of life insurance for under 50 year olds

There are different types of life insurance to suit different circumstances and budgets.

The following policies can be arranged through Reassured:

Level term is one of the most common types of life insurance.

  • Pays out if you pass away during a set term
  • Fixed sum assured
  • Cover up to £1,000,000
  • Term length from 2 - 40 years
  • Premiums from just 20p-a-day

Decreasing term is one of the most affordable types of life insurance.

  • Pays out if you pass away during a set term
  • Decreasing sum assured
  • Cover up to £1,000,000
  • Term length from 2 - 40 years
  • Premiums from just 20p-a-day ¥

Whole of life cover is well suited to people aged over 40 who are in good health.

  • Guarantees to pay out when you pass away
  • Fixed sum assured
  • Cover up to £1,000,000
  • Premiums from just 27p-a-day ±

This type of policy is designed to replace your monthly income if you pass away.

  • Pays out tax-free monthly income if you pass away during the term
  • Pays out up to £5,000 a month
  • Term length from 2 - 40 years
  • Ideal for day to day family budgeting

As mentioned above, Reassured can also help to write most policies in trust free of charge.

Benefits of writing life insurance in trust:

  • Faster pay out to your loved ones (skip the probate process)
  • Minimise or avoid inheritance 40% tax (IHT) if your estate is worth over the £325,000 threshold
  • More control over the pay out and how it’s distributed

To learn more, contact our award-winning team and we’ll provide all the information you need to make an informed decision.

Funeral insurance under 50 through Reassured

Before reaching your 50s, it may feel too soon to start thinking about your funeral arrangements.

However, it’s never too soon to make financial provisions for your funeral and safeguard your family in the worst-case scenario if anything were to happen to you.

As mentioned, Reassured can’t arrange funeral plans for under 50 year olds but we can arrange life insurance for people under 50.

We’re an award-winning broker service with more than 10 years industry experience, helping people across the UK secure affordable financial protection for their families.

Our expert team can source multiple quotes from a panel of the UK’s biggest insurers, ensuring that you get the best deal.

Why not seize the opportunity today and contact our dedicated team? We don’t charge a fee for our award-winning service!

Sources:

*For a 50 year old buying a traditional plan with premium increases of £0.95 per year rising to £38.18 per month. Premiums will vary depending on your age and the plan you choose. Plans only available to UK residents aged 50-80. This Policy is a life insurance policy which, after the first two years following the Policy Start Date, provides a Cash Sum on your death. Pricing correct as of 1st February 2022

£19.11 per month pricing includes a £75 discount only available to Co-operative members and is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,020 over the maximum term available of 25 years (total amount repayable £5,733.40) as of 1st March 2021

[1] SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021

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