A One Family over 50s plan automatically includes a Funeral Funding feature, provided by Golden Charter.
This is a feature that will allow the proceeds of your policy to be paid to a funeral director to help cover the cost of your funeral.
Golden Charter will also provide a £300 contribution towards the cost of your funeral.
If the proceeds are more than what’s needed for your funeral, the remaining balance will be paid to your estate.
You should be aware, that if your chosen funeral type is a direct cremation you won’t be eligible for the £300 contribution.
You also won’t be able to use this feature if you pass away within the first 2 years of your policy. Instead, 150% of the premiums you have paid will be paid out to your estate.
While this is a very generous policy add on, the contribution plus the pay out from the policy may not cover all the associated costs of a funeral.
The average cost of a funeral is currently £3,953 and the average cost of dying is now £9,200[1].
Please note: If you’d prefer that the funds from your policy go directly to your loved ones (to spend at their discretion), then you’ll need to opt out of the Funeral Funding option when taking out your plan.
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