Best Funeral Insurance UK | Everything You Need To Know

There are very few things in this world we can be certain about and unfortunately, death is one of those things. Why not make plans to relieve pressure and stress on your kin when the time comes?  This is where having funeral insurance comes in to play.

Many people often plan for their future until retirement. Very few people think about covering their funeral expenses ahead of time, but this isn’t the case with funeral insurance plans.

Choosing a funeral insurance plan means you want to live life to the fullest, but when you come to the end of the road, your family will mourn you devoid of the stresses that come with planning a funeral.

In this guide, we shall take you through the process of choosing the best funeral insurance plans for your needs and financial capabilities.

Best Funeral Insurance Plans for 2020

What is Funeral Insurance?

In a nutshell, funeral insurance simply refers to an insurance policy that pays money to your loved ones when you pass on to cater to the funeral costs. In industry corridors, funeral insurance is also known as pre-need insurance, burial insurance, or even final expense insurance.

Why use Funeral Insurance?

Funeral costs can be quite high. However, the costs mostly depend on the services and options you want during the funeral. If you choose to go grand, you will undoubtedly spend plenty of cash, but if you choose to keep the funeral private and minimal, the costs and planning will be minimal also.

Whichever type you decide, having funeral insurance protects your loved ones from having to cater to the funeral costs when you pass on. But will the money be enough for a decent funeral? Well, a decent funeral is more reason why you should get the best funeral insurance to cushion your loved ones. Like regular insurance plans, the money they get when you are no more depends on the funeral insurance plan you take out.

How does Funeral Insurance Cover Work?

Most funeral insurance will offer your family a lump sum amount after your death. This money is to cater to the cost of your funeral. Remember, the money they get varies depending on the funeral insurance plans you take.

Sometimes, depending on the funeral insurance plans you had taken, services that are not included by the funeral director get an exclusion from the funeral cover. This could include things like catering requirements or even flowers. Because of these exclusions, it is important you do your due diligence and ensure the funeral insurance you choose comes with everything important to you. If not, your family may end up footing the extra costs, which is what you are trying to avoid.

What are the Steps to Choosing the Best Funeral Insurance?

Before purchasing any funeral insurance, always go through the following steps. These factors will not only help you in reducing your funeral insurance cost but also help you get the policy that suits you and your loved ones. Remember, the most expensive plan doesn’t always equal ‘best’ for you. And often, the cheapest plan isn’t always the worst.

Step 1: Ask yourself, do I need Funeral Insurance?

The best way to answer this question is to find out if you have enough funds tucked away to cover any funeral expenses. If you don’t, then having a funeral insurance plan is a smart choice.

Step 2: Get an Estimate of all the Final Expenses

Once you have decided you’d like to take a insurance cover, it’s time to see the costings. Do you have an idea of what your funeral would look like? It could be a traditional funeral or a direct cremation.

Next, check the average cost of such a sendoff and you have an estimate of your burial expenses. Remember to include some amount to cater for any miscellaneous expenses.

Step 3: Settle on the Insurance Plan you Want

Once you have gone through steps one and two, you are now going to find a plan and insurance policy that suits your needs.

There are several policies in funeral insurance in the UK, and most of them are specialised. For instance, the ones with low coverage expect to cover only the final outlays. Now, despite the costings ensure you pick the best funeral insurance and plan for your needs.

What about Funeral Insurance for the Over 50s?

This policy is a type of insurance that is designed for individuals between the ages of 50 and 80. The funeral insurance for over 50s is a preferred choice for many senior citizens in the UK, but why would they take out this policy?

The reason is that you start by paying a fixed sum of money that never changes, and when you are no more, your dependents can get a lump sum. The funeral insurance for over 50s is just like a life cover.

If you do pass on before the end of  year as a result of an accident, your loved ones only get the sum of monthly premiums you had contributed.

How does Funeral Insurance for the Over 50s Work?

It’s quite flexible. You choose the insurance cover you want or the monthly amount you are willing to pay in premiums; that means that the price will not change over time. Also,for most insaurance plans, you are not required to answer any questions about your health, nor undergo any health checks.

What is the Financial Cost of an Over 50s Policy?

Bearing in mind that your monthly payment is constant, the figure can range from £5 to £100. If you hold the policy for 30 years or hold the plan until you get past 90, you cease to pay any premiums. And despite this, your policy continues.

Also, you are allowed to have many policies as long as the sum of the monthly premiums is less than £100.

Final Verdict

When choosing funeral cover or an insurance policy, always read the fine print carefully. Doing so will save you money, prevent your passing from being a financial burden to your family, and at the same time, get yourself a policy that is best for you.

Failure to check reviews may make you end up with policies that cater to a fraction of the expenses. Similarly, when paying in instalments over a long time, it means that the total paid may be more than the cost of a pre-paid funeral plan. For extended payments, life insurance is a better deal since, after paying the final expenses, your family can benefit from the remainder of the funds.

FAQs