As mentioned, it’s not possible to take out an Asda funeral plan, or an Asda over 50 plan with funeral benefit option.
It’s also important to mention here that these are both very different products.
A funeral benefit is an extension of an over 50 life insurance policy, whereas a funeral plan is an actual product in itself.
Here are the key differences between each cover type:
Rising funeral costs
The average cost of a basic funeral today is currently £4,184 in the UK.
In the last 16 years, funeral costs have risen 128% and it’s likely that they’ll continue to rise in the foreseeable future.
By 2025, a basic funeral could cost more then £5,000.
However, it’s possible to avoid rising funeral costs with a prepaid funeral plan.
The services included in a plan are paid for and guaranteed at today’s prices.
This means, even as prices continue to rise, the cost of your funeral services remain fixed and there’ll be nothing more to pay towards these when the time comes.
An over 50 plan with funeral benefit option doesn’t come with this added benefit.
Read our in-depth article on the pros and cons of prepaid funeral plans »
In this case, the cover amount remains the same throughout the policy, so your pay out and funeral provider contribution are vulnerable to rising costs.
With some providers, you can opt to have an increasing cover amount in line with inflation (RPI).
However, funeral costs are rising quicker than inflation and your loved ones may still have to use more of the cash pay out towards your funeral.
Planning your own funeral
A funeral plan also allows you to make your own funeral arrangements, removing this additional pressure from loved ones.
You can plan out the ceremony to your preference with support from your funeral director.
With an over 50 plan with funeral benefit option, your family would have to make all the arrangements when the time comes.
Your individual circumstances
There are various factors that’ll determine the best solution for you.
This may include your age, smoking status and budget.
For example, it’s possible to secure up to £25,000 of cover for an over 50 plan with funeral benefit option (if you’re aged 50 - 85).
However, the older you are or if you’re a smoker, the less amount of cover you could achieve and the more expensive your premiums.
The minimum cover amount could be as low as £650, and even with the funeral provider contribution, won’t cover the average funeral cost.
It’s at this point you may consider a funeral plan which guarantees acceptance regardless of your age or smoking status.