Funeral plans cover the cost of your funeral and applicants of any age are accepted.
Pre-paid funeral plans offer guaranteed acceptance and the cost of your plan won’t change depending on your age as it's set by the current going rate of a funeral.
This means that regardless of rising funeral costs, currently 130% over the past 16 years, you'll pay no more than today’s rate.
However, whilst age isn’t a factor with regards to cost, it may affect the length of time you have to pay into the plan.
Generally speaking, there are three payment options:
- One-off payment
- 12-monthly interest-free payments
- Low-interest instalment payment plan
Both the one-off payment and 12-monthly interest-free payment options are likely to be available for those aged 70 and over.
However, an instalment plan may prove more difficult.
The length of an instalment plan can be anywhere between 2-30 years.
When securing a funeral plan in your 70s, it's likely the term of the instalment plan will be kept minimal, that's if a plan can be offered at all.
With regards to 12-monthly interest-free payments, you're likely to be accepted if you're over 70, but if you die within the 12-month period, the balance will need to be covered by your loved ones.
Some funeral plans only cover the cost of the funeral director, not third-party fees such as venue hire and minister fees, (although a contribution may be made).
However, at Reassured, all our Co-op funeral plans come with third party fees included.
Contact us today to compare quotes and find the right plan to suit your needs.
Key benefit: You can lock in the cost of a funeral at today's rate, avoiding the spiralling cost. You can also get to determine your own ceremony.